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REGISTERED NUMBER: SC258329 (Scotland)















Unaudited Financial Statements for the Year Ended 30 September 2023

for

Argyle Cars Limited
T/A
Wellman Cars

Argyle Cars Limited (Registered number: SC258329)
T/A Wellman Cars






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

Chartered Accountants' Report 9

Argyle Cars Limited
T/A Wellman Cars

Company Information
for the Year Ended 30 September 2023







DIRECTORS: G Fulston
Mrs C Welsh
C Fulston
Mrs S Henderson





SECRETARY: Mrs C Welsh





REGISTERED OFFICE: 29 Brandon Street
Hamilton
ML3 6DA





REGISTERED NUMBER: SC258329 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

Argyle Cars Limited (Registered number: SC258329)
T/A Wellman Cars

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 229 2,979
Tangible assets 6 89,576 68,672
Investments 7 5,203 5,203
95,008 76,854

CURRENT ASSETS
Debtors 8 111,802 108,455
Cash at bank and in hand 8,025 9,920
119,827 118,375
CREDITORS
Amounts falling due within one year 9 184,572 173,259
NET CURRENT LIABILITIES (64,745 ) (54,884 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,263

21,970

CREDITORS
Amounts falling due after more than one
year

10

(22,590

)

(10,267

)

PROVISIONS FOR LIABILITIES - (1,637 )
NET ASSETS 7,673 10,066

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 7,573 9,966
SHAREHOLDERS' FUNDS 7,673 10,066

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.

Argyle Cars Limited (Registered number: SC258329)
T/A Wellman Cars

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2024 and were signed on its behalf by:





G Fulston - Director


Argyle Cars Limited (Registered number: SC258329)
T/A Wellman Cars

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

1. STATUTORY INFORMATION

Argyle Cars 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as the company is being supported in the short term through a loans provided by related companies. These loans are interest free and will not be repaid until such time that the company has generated sufficient profits and funds to enable it to do so.

Turnover
Turnover is derived from taxi services supplied by the company.

Turnover is measured at the fair value of taxi services supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost and 15% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.


Argyle Cars Limited (Registered number: SC258329)
T/A Wellman Cars

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

3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement on a straight line basis.

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.

Fixed asset investments
Fixed asset investments are recognised at cost.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 19 ) .

Argyle Cars Limited (Registered number: SC258329)
T/A Wellman Cars

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

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 55,000
AMORTISATION
At 1 October 2022 52,021
Charge for year 2,750
At 30 September 2023 54,771
NET BOOK VALUE
At 30 September 2023 229
At 30 September 2022 2,979

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022 187,773
Additions 61,107
Disposals (68,637 )
At 30 September 2023 180,243
DEPRECIATION
At 1 October 2022 119,101
Charge for year 19,970
Eliminated on disposal (48,404 )
At 30 September 2023 90,667
NET BOOK VALUE
At 30 September 2023 89,576
At 30 September 2022 68,672

Argyle Cars Limited (Registered number: SC258329)
T/A Wellman Cars

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

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 61,107
At 30 September 2023 61,107
DEPRECIATION
Charge for year 5,220
At 30 September 2023 5,220
NET BOOK VALUE
At 30 September 2023 55,887

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2022
and 30 September 2023 5,203
NET BOOK VALUE
At 30 September 2023 5,203
At 30 September 2022 5,203

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 8,161
Other debtors 111,802 100,294
111,802 108,455

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,985 9,613
Hire purchase contracts 20,134 -
Taxation and social security 75,726 80,829
Other creditors 78,727 82,817
184,572 173,259

Argyle Cars Limited (Registered number: SC258329)
T/A Wellman Cars

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

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 10,267
Hire purchase contracts 22,590 -
22,590 10,267

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 9,985 19,880
Hire purchase contracts 42,724 -
52,709 19,880

The bank loan is supported by a 100% guarantee from the UK Government.
The hire purchase contracts were secured against the fixed assets of which they relate.

12. RELATED PARTY DISCLOSURES

The company operates a loan account with the directors.

At the year end, the balance due to the directors was £3,665 (2022: £1,705). This loan is unsecured, interest free and has no fixed repayment terms.


The company also operated loan accounts with related parties.

At the year end, the balance due to Argyle Cars Limited from Ful-ton Forklifts Limited was £91,910 (2022: £87,531).

At the year end, the balance due to Argyle Cars Limited from Tryus UK Spare Parts and Recycling Limited was £11,112 (2022: £11,112).

At the year end, the balance due by Argyle Cars Limited to Dunallan Property Company Limited was £37,230 (2022: £37,230).

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Argyle Cars Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Argyle Cars Limited for the year ended 30 September 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Argyle Cars Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Argyle Cars Limited and state those matters that we have agreed to state to the Board of Directors of Argyle Cars Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Argyle Cars Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Argyle Cars Limited. You consider that Argyle Cars Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Argyle Cars Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


18 July 2024