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REGISTERED NUMBER: SC129579















N & S MOTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024






N & S MOTORS LIMITED (REGISTERED NUMBER: SC129579)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


N & S MOTORS LIMITED (REGISTERED NUMBER: SC129579)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 76,562 52,084

CURRENT ASSETS
Stocks 61,537 53,339
Debtors 5 318,534 118,693
Cash at bank and in hand 947,869 1,082,031
1,327,940 1,254,063
CREDITORS
Amounts falling due within one year 6 235,228 279,123
NET CURRENT ASSETS 1,092,712 974,940
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,169,274

1,027,024

CREDITORS
Amounts falling due after more than one year 7 (13,897 ) (23,897 )

PROVISIONS FOR LIABILITIES (16,145 ) (5,695 )
NET ASSETS 1,139,232 997,432

CAPITAL AND RESERVES
Called up share capital 54 54
Capital redemption reserve 50 50
Retained earnings 1,139,128 997,328
SHAREHOLDERS' FUNDS 1,139,232 997,432

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

N & S MOTORS LIMITED (REGISTERED NUMBER: SC129579)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





A Nicholls - Director


N & S MOTORS LIMITED (REGISTERED NUMBER: SC129579)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

N & S Motors Limited is a private company, limited by shares, registered in Scotland. The registered office is Boghead Road, Lenzie, Glasgow, G66 4EF.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from the standard. The financial statements have been prepared under the historical cost convention.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider there are no such significant judgements.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance and 10% on cost

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, land and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less cost to sell.

N & S MOTORS LIMITED (REGISTERED NUMBER: SC129579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. 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.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

N & S MOTORS LIMITED (REGISTERED NUMBER: SC129579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 9,406 348,118 357,524
Additions - 43,029 43,029
At 29 February 2024 9,406 391,147 400,553
DEPRECIATION
At 1 March 2023 - 305,440 305,440
Charge for year - 18,551 18,551
At 29 February 2024 - 323,991 323,991
NET BOOK VALUE
At 29 February 2024 9,406 67,156 76,562
At 28 February 2023 9,406 42,678 52,084

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 54,747 45,218
Other debtors 263,787 73,475
318,534 118,693

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 102,904 113,078
Taxation and social security 112,159 115,371
Other creditors 10,165 40,674
235,228 279,123

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 13,897 23,897

N & S MOTORS LIMITED (REGISTERED NUMBER: SC129579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. LEASING AGREEMENTS

Operating lease commitments outstanding at 29 February 2024 totalled £28,345 (2023: £32,960).

9. RELATED PARTY DISCLOSURES

At the balance sheet date, the amount due to the director was £NIL (2023: £32,320). This amount is interest free, unsecured and repayable on demand.