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REGISTERED NUMBER: SC113777 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Peterhead Motors Limited

Peterhead Motors Limited (Registered number: SC113777)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Peterhead Motors Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr F Haigh
Mr A Haigh
Mr G A Haigh





REGISTERED OFFICE: South Road
Peterhead
Aberdeenshire
AB42 2XX





REGISTERED NUMBER: SC113777 (Scotland)





ACCOUNTANTS: SBP
Accountants
Glebefield House
21 Links Terrace
Peterhead
Aberdeenshire
AB42 2XA

Peterhead Motors Limited (Registered number: SC113777)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 183,800 204,269

CURRENT ASSETS
Stocks 95,845 98,054
Debtors 5 431,899 152,918
Investments 6 113,823 113,634
Cash at bank and in hand 974,227 862,107
1,615,794 1,226,713
CREDITORS
Amounts falling due within one year 7 426,849 364,759
NET CURRENT ASSETS 1,188,945 861,954
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,372,745

1,066,223

CREDITORS
Amounts falling due after more than one
year

8

(5,060

)

(6,164

)

PROVISIONS FOR LIABILITIES (24,049 ) (21,052 )
NET ASSETS 1,343,636 1,039,007

CAPITAL AND RESERVES
Called up share capital 32,500 32,500
Capital redemption reserve 32,500 32,500
Retained earnings 1,278,636 974,007
SHAREHOLDERS' FUNDS 1,343,636 1,039,007

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

Peterhead Motors Limited (Registered number: SC113777)

Balance Sheet - continued
31 January 2024


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 1 August 2024 and were signed on its behalf by:





Mr G A Haigh - Director


Peterhead Motors Limited (Registered number: SC113777)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Peterhead 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
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers. Revenue is recognised at the point of sale of goods and the point services are provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

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 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.

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

Peterhead Motors Limited (Registered number: SC113777)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

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 36 (2023 - 33 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 183,295 170,483 152,932 1,132 507,842
Additions - 21,848 35,812 2,544 60,204
Disposals - - (24,995 ) - (24,995 )
At 31 January 2024 183,295 192,331 163,749 3,676 543,051
DEPRECIATION
At 1 February 2023 126,407 117,597 58,822 747 303,573
Charge for year 3,666 25,109 38,188 1,213 68,176
Eliminated on disposal - - (12,498 ) - (12,498 )
At 31 January 2024 130,073 142,706 84,512 1,960 359,251
NET BOOK VALUE
At 31 January 2024 53,222 49,625 79,237 1,716 183,800
At 31 January 2023 56,888 52,886 94,110 385 204,269

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 126,111 140,250
Other debtors 305,788 12,668
431,899 152,918

6. CURRENT ASSET INVESTMENTS
31.1.24 31.1.23
£    £   
Unlisted investments 113,823 113,634

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 192,197 235,144
Taxation and social security 187,417 110,650
Other creditors 47,235 18,965
426,849 364,759

Peterhead Motors Limited (Registered number: SC113777)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Other creditors 5,060 6,164

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal - 1,748

9. RELATED PARTY DISCLOSURES

The company made a loan to Haigh Property Rentals Limited, a company which is an associate of Peterhead Motors Ltd. The loan balance outstanding at the balance sheet date is £292,499.

10. ULTIMATE CONTROLLING PARTY

The directors are the ultimate controlling party by virtue of their majority shareholding.