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Registration number: SC701270

Emmen Sidecars Ltd

Unaudited Filleted Financial Statements

for the Period from 1 July 2022 to 31 December 2023

 

Emmen Sidecars Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Emmen Sidecars Ltd

Company Information

Director

Mr J Higham

Registered office

 

26 Main Street
Dechmont
West Lothian
EH52 6LD

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Emmen Sidecars Ltd
for the Period Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Emmen Sidecars Ltd for the period ended 31 December 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Emmen Sidecars Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Emmen Sidecars Ltd and state those matters that we have agreed to state to the Board of Directors of Emmen Sidecars Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Emmen Sidecars Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Emmen Sidecars Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Emmen Sidecars Ltd. You consider that Emmen Sidecars Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Emmen Sidecars Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

17 September 2024

 

Emmen Sidecars Ltd

(Registration number: SC701270)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,826

-

Current assets

 

Stocks

5

2,544

-

Debtors

6

1,050

1

Cash at bank and in hand

 

3,367

-

 

6,961

1

Creditors: Amounts falling due within one year

7

(1,984)

-

Net current assets

 

4,977

1

Total assets less current liabilities

 

7,803

1

Provisions for liabilities

(706)

-

Net assets

 

7,097

1

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

7,096

-

Shareholders' funds

 

7,097

1

For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Emmen Sidecars Ltd

(Registration number: SC701270)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 17 September 2024
 

.........................................
Mr J Higham
Director

 

Emmen Sidecars Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
26 Main Street
Dechmont
West Lothian
EH52 6LD

These financial statements were authorised for issue by the director on 17 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of maintenance work and the manufacture of bodies for motor vehicles.Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Emmen Sidecars Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other tangible assets

20% straight line

 

Emmen Sidecars Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period was 1 (2022 - 1).

 

Emmen Sidecars Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

3,532

3,532

At 31 December 2023

3,532

3,532

Depreciation

Charge for the period

706

706

At 31 December 2023

706

706

Carrying amount

At 31 December 2023

2,826

2,826

5

Stocks

2023
£

2022
£

Work in progress

2,544

-

6

Debtors

2023
£

2022
£

Trade debtors

1,050

-

Other debtors

-

1

1,050

1

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,871

-

Other creditors

113

-

1,984

-

 

Emmen Sidecars Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Related party transactions

The company operates a loan account with the director, Mr J Higham.
During the year, the director advanced loans totalling £113 to the company. At the year end, the balance due to the director was £113 (2022 - £0). This loan is unsecured, interest free and has no fixed repayment terms.