Registered number
SC108296
Drumgelloch Motors Limited
Unaudited Filleted Accounts
31 March 2024
Drumgelloch Motors Limited
Registered number: SC108296
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 422,548 423,968
Current assets
Stocks 866,899 439,249
Debtors 5 7,300 8,989
Cash at bank and in hand 209,445 731,991
1,083,644 1,180,229
Creditors: amounts falling due within one year 6 (95,880) (160,564)
Net current assets 987,764 1,019,665
Total assets less current liabilities 1,410,312 1,443,633
Provisions for liabilities (25,158) (25,303)
Net assets 1,385,154 1,418,330
Capital and reserves
Called up share capital 36,953 36,953
Revaluation reserve 7 254,635 254,635
Profit and loss account 1,093,566 1,126,742
Shareholders' funds 1,385,154 1,418,330
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C McCrindle
Director
Approved by the board on 2 August 2024
Drumgelloch Motors Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of land and buildings and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Investment properties are stated in the balance sheet at their revalued amounts which equates to the fair value at the date of revaluation. Any revaluation increase or decrease is taken to the revaluation reserve. Other tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 30,000
At 31 March 2024 30,000
Amortisation
At 1 April 2023 30,000
At 31 March 2024 30,000
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 433,000 36,176 469,176
At 31 March 2024 433,000 36,176 469,176
Depreciation
At 1 April 2023 12,071 33,137 45,208
Charge for the year 660 760 1,420
At 31 March 2024 12,731 33,897 46,628
Net book value
At 31 March 2024 420,269 2,279 422,548
At 31 March 2023 420,929 3,039 423,968
Freehold land and buildings: 2024 2023
£ £
Historical cost 145,365 145,365
Cumulative depreciation based on historical cost - -
145,365 145,365
5 Debtors 2024 2023
£ £
Trade debtors - 1,237
Other debtors 7,300 7,752
7,300 8,989
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,031 3,173
Taxation and social security costs 2,570 71,607
Other creditors 91,279 85,784
95,880 160,564
7 Revaluation reserve 2024 2023
£ £
At 1 April 2023 254,635 254,635
At 31 March 2024 254,635 254,635
8 Other information
Drumgelloch Motors Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
c/o Barclay & Co. CA
Mill Road Industrial Estate
Linlithgow
West Lothian
EH49 7SF
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