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REGISTERED NUMBER: SC237681 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

FRASERBURGH CAR SALES LIMITED

FRASERBURGH CAR SALES LIMITED (REGISTERED NUMBER: SC237681)






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


FRASERBURGH CAR SALES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Mrs S Simpson
J Simpson





SECRETARY: Mrs S Simpson





REGISTERED OFFICE: South Road
Fraserburgh
Aberdeenshire
AB43 8TJ





REGISTERED NUMBER: SC237681 (Scotland)

FRASERBURGH CAR SALES LIMITED (REGISTERED NUMBER: SC237681)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 35,937 43,462
Investment property 6 125,995 125,995
161,932 169,457

CURRENT ASSETS
Stocks 338,630 397,247
Debtors 7 54,984 6,369
Cash at bank and in hand 1,269,801 1,095,284
1,663,415 1,498,900
CREDITORS
Amounts falling due within one year 8 177,685 144,741
NET CURRENT ASSETS 1,485,730 1,354,159
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,647,662

1,523,616

CREDITORS
Amounts falling due after more than one
year

9

(16,366

)

(29,566

)

PROVISIONS FOR LIABILITIES (912 ) (2,540 )
NET ASSETS 1,630,384 1,491,510

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,630,382 1,491,508
SHAREHOLDERS' FUNDS 1,630,384 1,491,510

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 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.

FRASERBURGH CAR SALES LIMITED (REGISTERED NUMBER: SC237681)

BALANCE SHEET - continued
31 OCTOBER 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 2 April 2024 and were signed on its behalf by:





J Simpson - Director


FRASERBURGH CAR SALES LIMITED (REGISTERED NUMBER: SC237681)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Fraserburgh Car Sales 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. 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.

3. ACCOUNTING POLICIES

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

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

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.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost and 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.


FRASERBURGH CAR SALES LIMITED (REGISTERED NUMBER: SC237681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 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 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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

FRASERBURGH CAR SALES LIMITED (REGISTERED NUMBER: SC237681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 50,597 29,446 80,043
DEPRECIATION
At 1 November 2022 17,295 19,286 36,581
Charge for year 1,012 6,513 7,525
At 31 October 2023 18,307 25,799 44,106
NET BOOK VALUE
At 31 October 2023 32,290 3,647 35,937
At 31 October 2022 33,302 10,160 43,462

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

Plant and
machinery
etc
£   
COST
At 1 November 2022
and 31 October 2023 19,995
DEPRECIATION
At 1 November 2022 14,997
Charge for year 4,998
At 31 October 2023 19,995
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 4,998

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 125,995
NET BOOK VALUE
At 31 October 2023 125,995
At 31 October 2022 125,995

FRASERBURGH CAR SALES LIMITED (REGISTERED NUMBER: SC237681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 5,730
Other debtors 54,984 639
54,984 6,369

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 3,200 3,200
Trade creditors 64,323 21,965
Taxation and social security 96,121 105,610
Other creditors 4,041 3,966
177,685 144,741

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 15,833 25,833
Hire purchase contracts 533 3,733
16,366 29,566

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The loan was repaid to the company post year-end.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of the fact that they own 100% of the issued share capital of the company.