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Registered number: SC465048
Killermont Motor Co Ltd
Financial Statements
For The Year Ended 31 December 2023
Murray Accountancy & Tax Services Ltd
Chartered Accountants
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: SC465048
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 600 5,060
600 5,060
CURRENT ASSETS
Stocks 5 160,624 180,624
Debtors 6 - 153
Investments 7 4,260 -
Cash at bank and in hand 14,167 10,452
179,051 191,229
Creditors: Amounts Falling Due Within One Year 8 (131,911 ) (120,752 )
NET CURRENT ASSETS (LIABILITIES) 47,140 70,477
TOTAL ASSETS LESS CURRENT LIABILITIES 47,740 75,537
Creditors: Amounts Falling Due After More Than One Year 9 (27,778 ) (33,334 )
NET ASSETS 19,962 42,203
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 19,862 42,103
SHAREHOLDERS' FUNDS 19,962 42,203
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Dara Changizi
Director
06/09/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Killermont Motor Co Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC465048 . The registered office is 14 Cartside Avenue, Inchinnan Business Park, Glasgow, Renfrewshire, PA4 9RP.
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:
Plant & Machinery 25% WDV
Motor Vehicles 25 % WDV
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2023 1,652 4,260 5,912
Disposals - (4,260 ) (4,260 )
As at 31 December 2023 1,652 - 1,652
Depreciation
As at 1 January 2023 852 - 852
Provided during the period 200 - 200
As at 31 December 2023 1,052 - 1,052
...CONTINUED
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Net Book Value
As at 31 December 2023 600 - 600
As at 1 January 2023 800 4,260 5,060
5. Stocks
2023 2022
£ £
Stock 160,624 180,624
6. Debtors
2023 2022
£ £
Due within one year
Other debtors - 90
VAT - 63
- 153
7. Current Asset Investments
2023 2022
£ £
Other investments, held for sale 4,260 -
4,260 -
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 379
Bank loans and overdrafts 8,333 8,333
Raphaelson Holdings Ltd 94,204 82,350
Accrued Charges - 316
Director's loan account 29,374 29,374
131,911 120,752
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bounce Back Loan > 1 Year 27,778 33,334
27,778 33,334
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 4