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REGISTERED NUMBER: SC307933 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

DRUMMOND MOTOR COMPANY LIMITED

DRUMMOND MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC307933)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DRUMMOND MOTOR COMPANY LIMITED

COMPANY INFORMATION
for the year ended 30 September 2023







DIRECTORS: W A Dick
T Dick





REGISTERED OFFICE: Randolph Place
Randolph Industrial Estate
Kirkcaldy
Fife
KY1 2YX





REGISTERED NUMBER: SC307933 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Viewforth House
189 Nicol Street
Kirkcaldy
Fife
KY1 1PF

DRUMMOND MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC307933)

BALANCE SHEET
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 62,575 76,462

CURRENT ASSETS
Stocks 372,375 378,315
Debtors 5 375,320 399,335
Cash in hand 400 400
748,095 778,050
CREDITORS
Amounts falling due within one year 6 463,082 484,319
NET CURRENT ASSETS 285,013 293,731
TOTAL ASSETS LESS CURRENT
LIABILITIES

347,588

370,193

CREDITORS
Amounts falling due after more than one
year

7

(44,600

)

(76,723

)

PROVISIONS FOR LIABILITIES (9,728 ) (9,559 )
NET ASSETS 293,260 283,911

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 293,160 283,811
SHAREHOLDERS' FUNDS 293,260 283,911

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

DRUMMOND MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC307933)

BALANCE SHEET - continued
30 September 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:





W A Dick - Director


DRUMMOND MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC307933)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2023

1. STATUTORY INFORMATION

Drummond Motor Company 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax on the maintenance, repair and sale of motor vehicles and parts.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Tenants Improvements - 10% per annum on cost
Plant and machinery - 15% per annum on cost
Fixtures and fittings - 15% per annum on cost
Motor vehicles - 25% per annum on cost
Computer equipment - 33% per annum on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. The carrying values of tangible fixed assets are reviewed for impairment on an annual basis.

GRANTS
Grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Grants of a revenue nature are recognised in 'Other income' within profit or loss in the same period as the
related expenditure. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

DRUMMOND MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC307933)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

DRUMMOND MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC307933)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 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 19 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Tenants Plant and and
Improvements machinery fittings
£    £    £   
COST
At 1 October 2022 78,966 269,005 29,648
Additions - 1,825 4,626
At 30 September 2023 78,966 270,830 34,274
DEPRECIATION
At 1 October 2022 70,907 218,107 22,098
Charge for year 1,406 12,151 2,602
At 30 September 2023 72,313 230,258 24,700
NET BOOK VALUE
At 30 September 2023 6,653 40,572 9,574
At 30 September 2022 8,059 50,898 7,550

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2022 72,599 28,725 478,943
Additions - - 6,451
At 30 September 2023 72,599 28,725 485,394
DEPRECIATION
At 1 October 2022 63,845 27,524 402,481
Charge for year 3,707 472 20,338
At 30 September 2023 67,552 27,996 422,819
NET BOOK VALUE
At 30 September 2023 5,047 729 62,575
At 30 September 2022 8,754 1,201 76,462

DRUMMOND MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC307933)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 October 2022
and 30 September 2023 23,000 12,231 35,231
DEPRECIATION
At 1 October 2022
and 30 September 2023 1,150 4,128 5,278
NET BOOK VALUE
At 30 September 2023 21,850 8,103 29,953
At 30 September 2022 21,850 8,103 29,953

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 356,572 384,866
Other debtors 18,748 14,469
375,320 399,335

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 25,615 39,519
Hire purchase contracts 8,123 10,569
Trade creditors 245,564 254,099
Taxation and social security 84,810 76,771
Other creditors 98,970 103,361
463,082 484,319

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 40,000 64,000
Hire purchase contracts 4,600 12,723
44,600 76,723

DRUMMOND MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC307933)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 1,615 15,519
Bank loan 77,293 88,685
78,908 104,204

The company's bank hold a floating charge over the assets of the company.

9. OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is £2,716 (2022 - £2,488).

10. RELATED PARTY DISCLOSURES

Included in "Other creditors" is an amount of £873 (2022 - £683) due to the directors from the company. This loan is interest free and has no fixed terms of repayment.