Company Registration No. SC614254 (Scotland)
2.8 Motor Repairs Limited
Unaudited accounts
for the year ended 30 November 2023
2.8 Motor Repairs Limited
Unaudited accounts
Contents
2.8 Motor Repairs Limited
Company Information
for the year ended 30 November 2023
Directors
James Simpson
Madeline Simpson
Company Number
SC614254 (Scotland)
Registered Office
C/O CMM Accountancy
Beechwood Business Park North
Inverness
IV2 3BL
Accountants
CMM Accountancy (Inverness) Limited
The Green House
Beechwood Business Park North
Inverness
IV2 3BL
2.8 Motor Repairs Limited
Statement of financial position
as at 30 November 2023
Tangible assets
76,051
34,234
Cash at bank and in hand
49,977
38,168
Creditors: amounts falling due within one year
(71,270)
(47,844)
Net current assets
291
8,532
Total assets less current liabilities
76,342
42,766
Creditors: amounts falling due after more than one year
(28,875)
(12,400)
Provisions for liabilities
Deferred tax
(15,158)
(5,452)
Called up share capital
100
100
Profit and loss account
32,209
24,814
Shareholders' funds
32,309
24,914
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by
James Simpson
Director
Company Registration No. SC614254
2.8 Motor Repairs Limited
Notes to the Accounts
for the year ended 30 November 2023
2.8 Motor Repairs Limited is a private company, limited by shares, registered in Scotland, registration number SC614254. The registered office is C/O CMM Accountancy, Beechwood Business Park North, Inverness, IV2 3BL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over the life of the lease - 5 years
Plant & machinery
15% - straight line
Motor vehicles
20% - reducing balance
Computer equipment
20% - straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
2.8 Motor Repairs Limited
Notes to the Accounts
for the year ended 30 November 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 December 2022
20,604
21,441
10,488
5,880
58,413
Additions
1,520
52,723
7,020
183
61,446
Disposals
-
(1,300)
(4,533)
-
(5,833)
At 30 November 2023
22,124
72,864
12,975
6,063
114,026
At 1 December 2022
11,378
7,092
3,906
1,803
24,179
Charge for the year
4,227
9,354
1,436
1,210
16,227
On disposals
-
(406)
(2,025)
-
(2,431)
At 30 November 2023
15,605
16,040
3,317
3,013
37,975
At 30 November 2023
6,519
56,824
9,658
3,050
76,051
At 30 November 2022
9,226
14,349
6,582
4,077
34,234
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
34,006
-
- Motor vehicles
6,786
2,855
Amounts falling due within one year
Trade debtors
12,088
9,690
Accrued income and prepayments
1,496
468
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
4,800
4,800
Obligations under finance leases and hire purchase contracts
8,196
378
Trade creditors
19,041
11,692
Taxes and social security
23,453
26,547
Loans from directors
14,937
3,600
2.8 Motor Repairs Limited
Notes to the Accounts
for the year ended 30 November 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
21,275
-
8
Operating lease commitments
2023
2022
At 30 November 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
18,750
33,750
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).