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RETAIN AUTOMOTIVE LTD

Registered Number
SC583676
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

RETAIN AUTOMOTIVE LTD
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

Miss E K Aves

Registered Address

22 Kirk Brae
Morvern
Oban
PA80 5XW

Place of Business

37 Station Road

Harleston

Norfilk

IP20 9ES


Registered Number

SC583676 (Scotland)
RETAIN AUTOMOTIVE LTD
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Called up share capital not paid100100
Fixed assets
Tangible assets332,03439,793
32,03439,793
Current assets
Debtors292,261170,413
Cash at bank and on hand17,26935,486
309,530205,899
Creditors amounts falling due within one year4(203,702)(152,087)
Net current assets (liabilities)105,92853,912
Total assets less current liabilities137,96293,705
Creditors amounts falling due after one year5(128,816)(60,438)
Net assets9,14633,267
Capital and reserves
Called up share capital100100
Profit and loss account9,04633,167
Shareholders' funds9,14633,267
The financial statements were approved and authorised for issue by the Director on 29 July 2024, and are signed on its behalf by:
Miss E K Aves
Director
Registered Company No. SC583676
RETAIN AUTOMOTIVE LTD
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Vehicles3
Office Equipment3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242023
Average number of employees during the year3517
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 April 2328,99220,06149,053
Additions-8,1468,146
At 31 March 2428,99228,20757,199
Depreciation and impairment
At 01 April 238178,4439,260
Charge for year9,6646,24115,905
At 31 March 2410,48114,68425,165
Net book value
At 31 March 2418,51113,52332,034
At 31 March 2328,17511,61839,793
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables21,0436,920
Bank borrowings and overdrafts6,6186,618
Taxation and social security143,268133,291
Finance lease and HP contracts3,4703,470
Other creditors28,5531,038
Accrued liabilities and deferred income750750
Total203,702152,087
5.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts30,11836,736
Other creditors98,69823,702
Total128,81660,438
6.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts20,23223,702