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REGISTERED NUMBER: SC034079 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

MORAR MOTORS LIMITED

MORAR MOTORS LIMITED (REGISTERED NUMBER: SC034079)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MORAR MOTORS LIMITED

COMPANY INFORMATION
For The Year Ended 31 October 2023







DIRECTOR: Colin Pringle MacDonald





SECRETARY: Colette Rose MacDonald





REGISTERED OFFICE: The Garage
Morar
Inverness-Shire
PH40 4PA





REGISTERED NUMBER: SC034079 (Scotland)





ACCOUNTANTS: R A Clement Associates
5 Argyll Square
OBAN
Argyll
PA34 4AZ

MORAR MOTORS LIMITED (REGISTERED NUMBER: SC034079)

BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,050,478 967,953
Investment property 5 610,000 610,000
1,660,478 1,577,953

CURRENT ASSETS
Stocks 22,385 21,651
Debtors 6 173,468 145,004
Cash at bank and in hand 936,122 626,431
1,131,975 793,086
CREDITORS
Amounts falling due within one year 7 540,838 362,906
NET CURRENT ASSETS 591,137 430,180
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,251,615

2,008,133

CREDITORS
Amounts falling due after more than one year 8 (83,969 ) (146,008 )

PROVISIONS FOR LIABILITIES (212,943 ) (176,007 )
NET ASSETS 1,954,703 1,686,118

MORAR MOTORS LIMITED (REGISTERED NUMBER: SC034079)

BALANCE SHEET - continued
31 October 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 12,000 12,000
Undistributable reserves 10 155,164 160,559
Capital redemption reserve 12,507 12,507
Other reserves 7,058 7,058
Retained earnings 1,767,974 1,493,994
SHAREHOLDERS' FUNDS 1,954,703 1,686,118

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 29 July 2024 and were signed by:





Colin Pringle MacDonald - Director


MORAR MOTORS LIMITED (REGISTERED NUMBER: SC034079)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 October 2023

1. STATUTORY INFORMATION

Morar 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 as modified by the revaluation of certain assets.

The financial statements are presented in Sterling (£)

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

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.
Morar Buildings - 4% on cost
Kyle buildings - 4% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks 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 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.

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.

MORAR MOTORS LIMITED (REGISTERED NUMBER: SC034079)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

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.

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 17 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Morar Kyle Plant and
Buildings buildings machinery
£    £    £   
COST
At 1 November 2022 99,410 116,401 1,121,541
Additions - - 8,193
Disposals - - (1,200 )
At 31 October 2023 99,410 116,401 1,128,534
DEPRECIATION
At 1 November 2022 22,785 20,694 625,204
Charge for year 3,255 2,965 125,244
Eliminated on disposal - - (1,023 )
At 31 October 2023 26,040 23,659 749,425
NET BOOK VALUE
At 31 October 2023 73,370 92,742 379,109
At 31 October 2022 76,625 95,707 496,337

MORAR MOTORS LIMITED (REGISTERED NUMBER: SC034079)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 1,127,678 1,092 2,466,122
Additions 305,269 - 313,462
Disposals - - (1,200 )
At 31 October 2023 1,432,947 1,092 2,778,384
DEPRECIATION
At 1 November 2022 829,122 364 1,498,169
Charge for year 98,933 363 230,760
Eliminated on disposal - - (1,023 )
At 31 October 2023 928,055 727 1,727,906
NET BOOK VALUE
At 31 October 2023 504,892 365 1,050,478
At 31 October 2022 298,556 728 967,953

Included in cost of land and buildings is freehold land of £ 60,321 (2022 - £ 60,321 ) which is not depreciated.

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 November 2022 75,000 23,966 98,966
Transfer to ownership - (23,966 ) (23,966 )
At 31 October 2023 75,000 - 75,000
DEPRECIATION
At 1 November 2022 27,188 10,980 38,168
Charge for year 11,953 2,528 14,481
Transfer to ownership - (13,508 ) (13,508 )
At 31 October 2023 39,141 - 39,141
NET BOOK VALUE
At 31 October 2023 35,859 - 35,859
At 31 October 2022 47,812 12,986 60,798

MORAR MOTORS LIMITED (REGISTERED NUMBER: SC034079)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets included in the above which are held for use in operating leases are as follows:


£
Cost150,685

Accumulated depreciation66,149

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 610,000
NET BOOK VALUE
At 31 October 2023 610,000
At 31 October 2022 610,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2016 90,646
Valuation in 2021 80,000
Cost 439,354
610,000

The properties were revalued by the director at market value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 158,112 129,170
Amounts receivable in respect of hire purchase
contracts

3,333

6,666
Other debtors 12,023 9,168
173,468 145,004

MORAR MOTORS LIMITED (REGISTERED NUMBER: SC034079)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 49,715 48,550
Hire purchase contracts 11,330 24,095
Trade creditors 103,882 87,673
Taxation and social security 189,713 99,994
Other creditors 186,198 102,594
540,838 362,906

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 83,969 133,684
Hire purchase contracts - 12,324
83,969 146,008

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan - 1,254

Bank borrowings are secured over the garage and the showroom plus one other property. There is also a bond & floating charge over the whole of the company's assets dated 4 May 1977.

10. RESERVES
Undistributable
reserves
£   
At 1 November 2022 160,559
Deferred tax (5,395 )

At 31 October 2023 155,164