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REGISTERED NUMBER: SC464679















MCKINNONS AUTO & TYRES LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






MCKINNONS AUTO & TYRES LTD (REGISTERED NUMBER: SC464679)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


MCKINNONS AUTO & TYRES LTD (REGISTERED NUMBER: SC464679)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 39,201 33,088

CURRENT ASSETS
Stocks 11,454 17,459
Debtors 5 65,610 105,599
Cash at bank and in hand 48,784 53,495
125,848 176,553
CREDITORS
Amounts falling due within one year 6 100,615 98,681
NET CURRENT ASSETS 25,233 77,872
TOTAL ASSETS LESS CURRENT
LIABILITIES

64,434

110,960

CREDITORS
Amounts falling due after more than one year 7 (1,674 ) -

PROVISIONS FOR LIABILITIES (2,362 ) (2,665 )
NET ASSETS 60,398 108,295

CAPITAL AND RESERVES
Called up share capital 100 100
Profit and loss account 60,298 108,195
SHAREHOLDERS' FUNDS 60,398 108,295

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 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.

MCKINNONS AUTO & TYRES LTD (REGISTERED NUMBER: SC464679)

BALANCE SHEET - continued
31 DECEMBER 2023


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 15 August 2024 and were signed on its behalf by:





R McKinnon Jnr - Director


MCKINNONS AUTO & TYRES LTD (REGISTERED NUMBER: SC464679)

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

1. STATUTORY INFORMATION

McKinnons Auto & Tyres Ltd is a private company, limited by shares, incorporated in Scotland. The registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These 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 that 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 comprises the invoice value of goods sold and services rendered during the year, 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.
Plant and machinery etc - 33.3% on cost and 10% on cost

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

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant 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
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell.

MCKINNONS AUTO & TYRES LTD (REGISTERED NUMBER: SC464679)

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

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 and loans to and 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.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

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

MCKINNONS AUTO & TYRES LTD (REGISTERED NUMBER: SC464679)

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 6 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 66,782
Additions 19,359
Disposals (8,882 )
At 31 December 2023 77,259
DEPRECIATION
At 1 January 2023 33,694
Charge for year 11,708
Eliminated on disposal (7,344 )
At 31 December 2023 38,058
NET BOOK VALUE
At 31 December 2023 39,201
At 31 December 2022 33,088

At the balance sheet date the net book value of assets held under hire purchase and finance lease agreements amounted to £9,375 (2022 £nil).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 63,892 64,118
Other debtors 1,718 41,481
65,610 105,599

MCKINNONS AUTO & TYRES LTD (REGISTERED NUMBER: SC464679)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 5,022 -
Trade creditors 33,680 43,730
Taxation and social security 32,392 33,961
Other creditors 29,521 20,990
100,615 98,681

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 1,674 -

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 5,022 -
Between one and five years 1,674 -
6,696 -

At the balance sheet date the company had total commitments under operating leases of £5,449 (2022: £7,372).

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 6,696 -

Hire purchase obligations are secured over the assets to which the contracts relate.

MCKINNONS AUTO & TYRES LTD (REGISTERED NUMBER: SC464679)

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

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
S McKinnon
Balance outstanding at start of year 11,997 (2,094 )
Amounts advanced 18,729 14,091
Amounts repaid (34,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,274 ) 11,997

R McKinnon Jnr
Balance outstanding at start of year 13,973 (154 )
Amounts advanced 18,775 14,127
Amounts repaid (33,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (252 ) 13,973

A K McKenzie
Balance outstanding at start of year 14,148 17
Amounts advanced 18,778 14,131
Amounts repaid (33,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (74 ) 14,148

Interest is charged on the amounts due by the directors to the company at a market rate. There are no fixed terms of repayment.