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REGISTERED NUMBER: SC212507 (Scotland)




















BUCHANS FOR TOWBARS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






BUCHANS FOR TOWBARS LIMITED (REGISTERED NUMBER: SC212507)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

BUCHANS FOR TOWBARS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: E M Buchan





REGISTERED OFFICE: 1875 Great Western Road
Glasgow
G13 2YD





REGISTERED NUMBER: SC212507 (Scotland)





ACCOUNTANTS: JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD

BUCHANS FOR TOWBARS LIMITED (REGISTERED NUMBER: SC212507)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,346 8,461

CURRENT ASSETS
Stocks 2,270 1,890
Debtors 5 755,347 722,490
Cash in hand 1,608 -
759,225 724,380
CREDITORS
Amounts falling due within one year 6 52,684 77,176
NET CURRENT ASSETS 706,541 647,204
TOTAL ASSETS LESS CURRENT
LIABILITIES

712,887

655,665

PROVISIONS FOR LIABILITIES 8 1,493 1,608
NET ASSETS 711,394 654,057

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Retained earnings 10 701,394 644,057
SHAREHOLDERS' FUNDS 711,394 654,057

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 5 August 2024 and were signed by:





E M Buchan - Director


BUCHANS FOR TOWBARS LIMITED (REGISTERED NUMBER: SC212507)

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

1. STATUTORY INFORMATION

Buchans for Towbars 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. 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 net invoice value of goods sold and services rendered during the year, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

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.

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 2 (2022 - 2 ) .

BUCHANS FOR TOWBARS LIMITED (REGISTERED NUMBER: SC212507)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023
and 31 December 2023 6,033 4,321 20,000 25,073 55,427
DEPRECIATION
At 1 January 2023 4,568 3,170 14,155 25,073 46,966
Charge for year 367 287 1,461 - 2,115
At 31 December 2023 4,935 3,457 15,616 25,073 49,081
NET BOOK VALUE
At 31 December 2023 1,098 864 4,384 - 6,346
At 31 December 2022 1,465 1,151 5,845 - 8,461

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,828 712
Other debtors 717,061 581,889
Directors' current accounts - 105,431
Corporation tax 34,458 34,458
755,347 722,490

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,732 24,258
Trade creditors 17,385 12,678
Corporation tax 18,259 26,615
Social security and other taxes 3,514 3,995
VAT 4,048 3,405
Other creditors 1,446 3,425
Accrued charges 2,300 2,800
52,684 77,176

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 8,110

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,493 1,608

BUCHANS FOR TOWBARS LIMITED (REGISTERED NUMBER: SC212507)

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

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 1,608
Provided during year (115 )
Balance at 31 December 2023 1,493

The provision for deferred tax consists of the tax effect of timing differences in respect of the excess of taxation allowances over depreciation on fixed assets.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

10. RESERVES
Retained
earnings
£   

At 1 January 2023 644,057
Profit for the year 57,337
At 31 December 2023 701,394

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
E M Buchan
Balance outstanding at start of year 105,431 90,000
Amounts advanced - 15,431
Amounts repaid (105,431 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 105,431

The loan is unsecured, interest free and has no fixed terms of repayment.

BUCHANS FOR TOWBARS LIMITED (REGISTERED NUMBER: SC212507)

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

12. RELATED PARTY DISCLOSURES

During the year, the company incurred costs of £39,289 (2022 - £37,375) for staff costs recharged and rent and other expenses arising from the premises it shares with 4 x 4 Hire (Scotland) Limited.

At the balance sheet date the balance due to the company by 4 x 4 Hire (Scotland) Limited was £96,289 (2022 - £66,289). This is included within other debtors. 4 x 4 Hire (Scotland) Limited is a company under the control of the director E M Buchan.

Certain expenses were paid and monies received on behalf of the company during the period by Buchans for Towbars & Repairs Limited. During the year, the company made aggregate advances of £100,172 to Buchans for Towbars & Repairs Limited. The loan account balance due to the company by Buchans for Towbars and Repairs Limited at the year end was £615,772 (2022 - £515,601). This is included within other debtors. Buchans for Towbars and Repairs Limited is a company under the control of the director E M Buchan.

During the year, the company made aggregate advances of £5,000 to Accident Solutions Scotland Limited. The loan account balance due to the company by Accident Solutions Scotland Limited at the year end was £5,000 (2022 - £nil). This is included within other debtors. Accident Solutions Scotland Limited is a company under the control of the director E M Buchan.

All intercompany balances are unsecured, interest free and have no fixed terms of repayment.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
BUCHANS FOR TOWBARS LIMITED

The following reproduces the text of the report prepared for the director 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 Director 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 Buchans for Towbars Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Buchans for Towbars Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Buchans for Towbars Limited and state those matters that we have agreed to state to the director of Buchans for Towbars Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Buchans for Towbars 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 Buchans for Towbars Limited. You consider that Buchans for Towbars 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 Buchans for Towbars 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.






JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD


5 August 2024