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REGISTERED NUMBER: SC418277 (Scotland)




















BUCHANS FOR TOWBARS & REPAIRS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






BUCHANS FOR TOWBARS & REPAIRS LTD (REGISTERED NUMBER: SC418277)






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 8

BUCHANS FOR TOWBARS & REPAIRS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: E M Buchan





REGISTERED OFFICE: 1875 Great Western Road
Glasgow
G13 2YD





REGISTERED NUMBER: SC418277 (Scotland)





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

BUCHANS FOR TOWBARS & REPAIRS LTD (REGISTERED NUMBER: SC418277)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 44,423 66,635
Tangible assets 5 642,750 657,026
687,173 723,661

CURRENT ASSETS
Stocks 6 15,770 22,470
Debtors 7 599,728 516,869
615,498 539,339
CREDITORS
Amounts falling due within one year 8 963,842 1,006,748
NET CURRENT LIABILITIES (348,344 ) (467,409 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

338,829

256,252

PROVISIONS FOR LIABILITIES 10 2,214 649
NET ASSETS 336,615 255,603

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 12 336,613 255,601
SHAREHOLDERS' FUNDS 336,615 255,603

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 & REPAIRS LTD (REGISTERED NUMBER: SC418277)

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

1. STATUTORY INFORMATION

Buchans for Towbars & Repairs Ltd 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 sales value of goods and services supplied during the period, excluding value added tax.

Goodwill
Directors considered the remaining useful life of purchased goodwill which they consider to be 10 years. Goodwill is amortised equally over this period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Heritable property - 2% on cost
Improvements to property - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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

BUCHANS FOR TOWBARS & REPAIRS LTD (REGISTERED NUMBER: SC418277)

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

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 16 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 272,000
AMORTISATION
At 1 January 2023 205,365
Amortisation for year 22,212
At 31 December 2023 227,577
NET BOOK VALUE
At 31 December 2023 44,423
At 31 December 2022 66,635

5. TANGIBLE FIXED ASSETS
Improvements
Heritable to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 630,945 50,073 26,819
Additions - - 6,676
At 31 December 2023 630,945 50,073 33,495
DEPRECIATION
At 1 January 2023 4,961 41,422 22,028
Charge for year 12,619 2,163 2,867
At 31 December 2023 17,580 43,585 24,895
NET BOOK VALUE
At 31 December 2023 613,365 6,488 8,600
At 31 December 2022 625,984 8,651 4,791

BUCHANS FOR TOWBARS & REPAIRS LTD (REGISTERED NUMBER: SC418277)

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

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 25,195 14,649 22,454 770,135
Additions - - - 6,676
At 31 December 2023 25,195 14,649 22,454 776,811
DEPRECIATION
At 1 January 2023 22,094 3,687 18,917 113,109
Charge for year 775 1,644 884 20,952
At 31 December 2023 22,869 5,331 19,801 134,061
NET BOOK VALUE
At 31 December 2023 2,326 9,318 2,653 642,750
At 31 December 2022 3,101 10,962 3,537 657,026

6. STOCKS
2023 2022
£    £   
Stocks 12,070 15,070
Work-in-progress 3,700 7,400
15,770 22,470

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 270,747 265,548
Other debtors 143,881 66,428
Corporation tax - 22,093
Prepayments and accrued income 185,100 162,800
599,728 516,869

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,566 74,618
Trade creditors 76,780 97,236
Corporation tax 35,921 -
Social security and other taxes 13,256 12,485
VAT 76,225 86,034
Other creditors 738,397 628,565
Directors' current accounts 1,043 104,560
Accrued charges 18,654 3,250
963,842 1,006,748

BUCHANS FOR TOWBARS & REPAIRS LTD (REGISTERED NUMBER: SC418277)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 3,566 74,618

The director has provided a personal guarantee in respect of the bank borrowings.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,214 649

Deferred
tax
£   
Balance at 1 January 2023 649
Provided during year 1,565
Balance at 31 December 2023 2,214

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.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

12. RESERVES
Retained
earnings
£   

At 1 January 2023 255,601
Profit for the year 81,012
At 31 December 2023 336,613

13. 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 - 147,833
Amounts repaid - (147,833 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The advances and repayments are aggregated amounts for the period.

The loans are unsecured, interest free and have not fixed terms of repayment.

BUCHANS FOR TOWBARS & REPAIRS LTD (REGISTERED NUMBER: SC418277)

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

14. RELATED PARTY DISCLOSURES

The company gave loans totalling £78,932 to 4x4 Hire (Scotland) Ltd during the year. At the Balance Sheet date the company was owed £143,860 (2022 - £64,928) by 4x4 Hire (Scotland) Ltd. 4x4 Hire (Scotland) Limited is a company under the control of the director E M Buchan.

The company charged £3,600 for book-keeping services to Accident Solutions Scotland Ltd during the year under review. The company received a loan of £5,000 from Accident Solutions Scotland Ltd during the year. At the Balance Sheet date the company owed £103,933 (2022 - £98,933) to Accident Solutions Scotland Ltd. This amount is included in other creditors. Accident Solutions Scotland Ltd is a company under the control of the director E M Buchan.

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

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

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 & Repairs Ltd 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 & Repairs Ltd 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 & Repairs Ltd and state those matters that we have agreed to state to the director of Buchans for Towbars & Repairs Ltd 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 & Repairs Ltd 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 & Repairs Ltd. You consider that Buchans for Towbars & Repairs Ltd 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 & Repairs Ltd. 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