Acorah Software Products - Accounts Production 14.6.300 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 SC491564 Mr Kevin Russell Mr Thomas Fairgrieve iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC491564 2022-11-30 SC491564 2023-11-30 SC491564 2022-12-01 2023-11-30 SC491564 frs-core:CurrentFinancialInstruments 2023-11-30 SC491564 frs-core:Non-currentFinancialInstruments 2023-11-30 SC491564 frs-core:BetweenOneFiveYears 2023-11-30 SC491564 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-11-30 SC491564 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 SC491564 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-11-30 SC491564 frs-core:MotorVehicles 2023-11-30 SC491564 frs-core:MotorVehicles 2022-12-01 2023-11-30 SC491564 frs-core:MotorVehicles 2022-11-30 SC491564 frs-core:PlantMachinery 2023-11-30 SC491564 frs-core:PlantMachinery 2022-12-01 2023-11-30 SC491564 frs-core:PlantMachinery 2022-11-30 SC491564 frs-core:WithinOneYear 2023-11-30 SC491564 frs-core:ShareCapital 2023-11-30 SC491564 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 SC491564 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC491564 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 SC491564 frs-bus:SmallEntities 2022-12-01 2023-11-30 SC491564 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 SC491564 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 SC491564 frs-bus:Director1 2022-12-01 2023-11-30 SC491564 frs-bus:Director2 2022-12-01 2023-11-30 SC491564 frs-countries:Scotland 2022-12-01 2023-11-30 SC491564 2021-11-30 SC491564 2022-11-30 SC491564 2021-12-01 2022-11-30 SC491564 frs-core:CurrentFinancialInstruments 2022-11-30 SC491564 frs-core:Non-currentFinancialInstruments 2022-11-30 SC491564 frs-core:BetweenOneFiveYears 2022-11-30 SC491564 frs-core:WithinOneYear 2022-11-30 SC491564 frs-core:ShareCapital 2022-11-30 SC491564 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: SC491564
Elite Automotive (Scotland) Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Christies
Dalgety Bay Business Centre
Sybrig House
Ridge Way
Dalgety Bay
KY11 9JN
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC491564
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 209,539 217,664
209,539 217,664
CURRENT ASSETS
Stocks 5 469,611 384,968
Debtors 6 7,707 3,943
Cash at bank and in hand 69,822 108,992
547,140 497,903
Creditors: Amounts Falling Due Within One Year 7 (412,954 ) (401,705 )
NET CURRENT ASSETS (LIABILITIES) 134,186 96,198
TOTAL ASSETS LESS CURRENT LIABILITIES 343,725 313,862
Creditors: Amounts Falling Due After More Than One Year 8 (83,843 ) (66,991 )
NET ASSETS 259,882 246,871
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 259,782 246,771
SHAREHOLDERS' FUNDS 259,882 246,871
Page 1
Page 2
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Kevin Russell
Director
Mr Thomas Fairgrieve
Director
16/04/2023
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Elite Automotive (Scotland) Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC491564 . The registered office is Dalgety Bay Business Centre, Sybrig House, Ridge Way, Dalgety Bay, Fife, KY11 9JN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation charged
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 December 2022 182,819 57,629 24,120 264,568
Additions - 782 - 782
As at 30 November 2023 182,819 58,411 24,120 265,350
Depreciation
As at 1 December 2022 - 30,819 16,085 46,904
Provided during the period - 6,898 2,009 8,907
As at 30 November 2023 - 37,717 18,094 55,811
Net Book Value
As at 30 November 2023 182,819 20,694 6,026 209,539
As at 1 December 2022 182,819 26,810 8,035 217,664
5. Stocks
2023 2022
£ £
Finished goods 469,611 384,968
6. Debtors
2023 2022
£ £
Due within one year
Corporation tax recoverable assets 6,040 -
VAT - 2,753
Other taxes and social security 1,667 1,190
7,707 3,943
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 8,583 2,750
Trade creditors 2,882 1,921
Bank loans and overdrafts 164,806 162,219
Corporation tax 10,919 7,452
VAT 3,932 -
Other creditors 5,520 4,921
Accruals and deferred income 3,328 3,278
Directors' loan accounts 212,984 219,164
412,954 401,705
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 33,813 10,542
Bank loans 50,030 56,449
83,843 66,991
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 8,583 2,750
Later than one year and not later than five years 33,813 10,542
42,396 13,292
42,396 13,292
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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