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REGISTERED NUMBER: SC350519 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Craig Motors Limited

Craig Motors Limited (Registered number: SC350519)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Craig Motors Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: D Craig
Mrs L Craig
C J Craig





REGISTERED OFFICE: 1 Mansfield Park
Hawick
Roxburghshire
TD9 8AL





REGISTERED NUMBER: SC350519 (Scotland)





ACCOUNTANTS: Douglas Home & Co Ltd
Chartered Accountants
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Craig Motors Limited (Registered number: SC350519)

Statement of Financial Position
30 November 2023

30/11/23 30/11/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 57,245 59,502
57,245 59,502

CURRENT ASSETS
Inventories 18,028 686
Debtors 6 19,534 26,576
Cash at bank 125,856 127,081
163,418 154,343
CREDITORS
Amounts falling due within one year 7 147,344 125,007
NET CURRENT ASSETS 16,074 29,336
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,319

88,838

CREDITORS
Amounts falling due after more than one
year

8

(30,062

)

(40,083

)

PROVISIONS FOR LIABILITIES (6,500 ) (7,500 )
NET ASSETS 36,757 41,255

CAPITAL AND RESERVES
Called up share capital 126 126
Share premium 20,956 20,956
Retained earnings 15,675 20,173
SHAREHOLDERS' FUNDS 36,757 41,255

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Craig Motors Limited (Registered number: SC350519)

Statement of Financial Position - continued
30 November 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:





D Craig - Director


Craig Motors Limited (Registered number: SC350519)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Craig Motors Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Craig Motors Limited (Registered number: SC350519)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 17,000
AMORTISATION
At 1 December 2022
and 30 November 2023 17,000
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 December 2022 186,254
Additions 11,013
Disposals (3,478 )
At 30 November 2023 193,789
DEPRECIATION
At 1 December 2022 127,044
Charge for year 12,813
Eliminated on disposal (3,313 )
At 30 November 2023 136,544
NET BOOK VALUE
At 30 November 2023 57,245
At 30 November 2022 59,210

Craig Motors Limited (Registered number: SC350519)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Trade debtors 18,866 25,953
Other debtors 668 623
19,534 26,576

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Trade creditors 75,591 70,495
Taxation and social security 39,511 34,486
Other creditors 32,242 20,026
147,344 125,007

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/11/23 30/11/22
£    £   
Other creditors 30,062 40,083