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REGISTERED NUMBER: 04409698 (England and Wales)












Financial Statements

for the Year Ended 31 December 2023

for

Scotspeed (Uk) Limited

Scotspeed (Uk) Limited (Registered number: 04409698)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Scotspeed (Uk) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: A Mcghee





REGISTERED OFFICE: 128 City Road
London
EC1V 2NX





REGISTERED NUMBER: 04409698 (England and Wales)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Scotspeed (Uk) Limited (Registered number: 04409698)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 65,868 68,423

CURRENT ASSETS
Inventories 24,404 27,115
Debtors 5 156,529 119,881
Cash at bank 69,574 42,685
250,507 189,681
CREDITORS
Amounts falling due within one year 6 244,857 224,801
NET CURRENT ASSETS/(LIABILITIES) 5,650 (35,120 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

71,518

33,303

CREDITORS
Amounts falling due after more than one year 7 44,403 59,081
NET ASSETS/(LIABILITIES) 27,115 (25,778 )

CAPITAL AND RESERVES
Called up share capital 8 1 1
Revaluation reserve 9 43,212 48,013
Retained earnings (16,098 ) (73,792 )
SHAREHOLDERS' FUNDS 27,115 (25,778 )

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 director acknowledges his 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.

Scotspeed (Uk) Limited (Registered number: 04409698)

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 September 2024 and were signed by:





A Mcghee - Director


Scotspeed (Uk) Limited (Registered number: 04409698)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Scotspeed (Uk) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Turnover is recognised at the fair value of the consideration received or receivable for goods and services in providing motor vehicle accessories and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts,settlement discounts and volume rebates. Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 - 10% on reducing balance
Computer equipment - 33% on cost

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Scotspeed (Uk) Limited (Registered number: 04409698)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and 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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023 145,729 4,547 150,276
Additions 7,800 400 8,200
At 31 December 2023 153,529 4,947 158,476
DEPRECIATION
At 1 January 2023 78,007 3,846 81,853
Charge for year 10,445 310 10,755
At 31 December 2023 88,452 4,156 92,608
NET BOOK VALUE
At 31 December 2023 65,077 791 65,868
At 31 December 2022 67,722 701 68,423

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 125,211 108,962
Other debtors 31,318 10,919
156,529 119,881

Scotspeed (Uk) Limited (Registered number: 04409698)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,648 10,648
Trade creditors 148,253 115,305
Taxation and social security 71,148 86,472
Other creditors 14,808 12,376
244,857 224,801

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 17,621 27,429
Other creditors 26,782 31,652
44,403 59,081

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

9. RESERVES
Revaluation
reserve
£   
At 1 January 2023 48,013
Revaluation (4,801 )

At 31 December 2023 43,212