Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3102023-01-01false45111 - Sale of new cars and light motor vehicles 45112 - Sale of used cars and light motor vehicles 45200 - Maintenance and repair of motor vehicles 45320 - Retail trade of motor vehicle parts and accessories2422falsetrue SC327232 2023-01-01 2023-12-31 SC327232 2022-01-01 2022-12-31 SC327232 2023-12-31 SC327232 2022-12-31 SC327232 c:Director3 2023-01-01 2023-12-31 SC327232 d:Buildings 2023-01-01 2023-12-31 SC327232 d:Buildings 2023-12-31 SC327232 d:Buildings 2022-12-31 SC327232 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC327232 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 SC327232 d:PlantMachinery 2023-01-01 2023-12-31 SC327232 d:PlantMachinery 2023-12-31 SC327232 d:PlantMachinery 2022-12-31 SC327232 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC327232 d:OfficeEquipment 2023-12-31 SC327232 d:OfficeEquipment 2022-12-31 SC327232 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC327232 d:ComputerEquipment 2023-01-01 2023-12-31 SC327232 d:OtherPropertyPlantEquipment 2023-12-31 SC327232 d:OtherPropertyPlantEquipment 2022-12-31 SC327232 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC327232 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC327232 d:CurrentFinancialInstruments 2023-12-31 SC327232 d:CurrentFinancialInstruments 2022-12-31 SC327232 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC327232 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC327232 d:ShareCapital 2023-12-31 SC327232 d:ShareCapital 2022-12-31 SC327232 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC327232 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC327232 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC327232 c:OrdinaryShareClass1 2023-12-31 SC327232 c:OrdinaryShareClass1 2022-12-31 SC327232 c:FRS102 2023-01-01 2023-12-31 SC327232 c:Audited 2023-01-01 2023-12-31 SC327232 c:FullAccounts 2023-01-01 2023-12-31 SC327232 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC327232 d:WithinOneYear 2023-12-31 SC327232 d:WithinOneYear 2022-12-31 SC327232 d:BetweenOneFiveYears 2023-12-31 SC327232 d:BetweenOneFiveYears 2022-12-31 SC327232 d:MoreThanFiveYears 2023-12-31 SC327232 d:MoreThanFiveYears 2022-12-31 SC327232 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC327232 e:PoundSterling 2023-01-01 2023-12-31 SC327232 d:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 SC327232 d:EntityControlledByKeyManagementPersonnel1 2023-12-31 SC327232 d:EntityControlledByKeyManagementPersonnel1 2022-12-31 SC327232 d:EntityControlledByKeyManagementPersonnel1 d:SaleOrPurchaseGoods 2023-01-01 2023-12-31 SC327232 d:EntityControlledByKeyManagementPersonnel1 d:SaleOrPurchaseGoods 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Company Registration Number SC327232























IAN GRIEVE (FALKIRK) LIMITED





FINANCIAL STATEMENTS





 31 DECEMBER 2023

























 
IAN GRIEVE (FALKIRK) LIMITED
REGISTERED NUMBER: SC327232

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,467,181
1,507,242

  
1,467,181
1,507,242

Current assets
  

Stocks
 5 
2,457,873
1,937,597

Debtors: amounts falling due within one year
 6 
177,434
164,850

Cash at bank and in hand
  
268,118
611,263

  
2,903,425
2,713,710

Creditors: amounts falling due within one year
 7 
(1,288,843)
(1,420,090)

Net current assets
  
 
 
1,614,582
 
 
1,293,620

Total assets less current liabilities
  
3,081,763
2,800,862

Provisions for liabilities
  

Deferred tax
  
(31,175)
(32,418)

  
 
 
(31,175)
 
 
(32,418)

Net assets
  
3,050,588
2,768,444


Capital and reserves
  

Called up share capital 
 8 
949,999
949,999

Profit and loss account
  
2,100,589
1,818,445

  
3,050,588
2,768,444


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Alastair Grieve
Director

Date: 12 March 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
IAN GRIEVE (FALKIRK) LIMITED
 

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

1.


General information

Ian Grieve (Falkirk) Limited is a private company limited by shares and is incorporated in Scotland, registered number SC327232. The registered office and principal place of business is 95a Glasgow Road, Camelon, Falkirk, FK1 4JD.
The principal activity of the company in the year under review was that of the retailing and servicing of motor vehicles.
The presentation currency of the Financial Statement is Pound Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Based on current year trading, current bank balances and existing finance and facilities, the directors believe that the company will be able to meet its debts as they fall due for the period of 12 months after the approval of these financial statements. They have therefore prepared the financial statements on a going concern basis.

  
2.3

Significant judgements and estimates

The preparation of these financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

  
Stock valuation

Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass’ and CAP valuation guides. The directors maintain oversight of ageing stock profiles and monthly review of any provision required is performed.

  
Property, Plant and Equipment assets

Property, Plant and Equipment are reviewed for impairment if events or circumstances indicate that the carrying value may not be recoverable. When an impairment review is carried out the recoverable value is determined based on value in use calculations which require estimates to be made of future cash flows.

Page 2

 
IAN GRIEVE (FALKIRK) LIMITED
 

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

2.Accounting policies (continued)

  
2.4

Incentives and other rebates from brand partners

The company receives income in the form of various incentives which are determined by its brand partners. The amount received is generally based on achieving specific objectives such as a specified sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and measured on either a quarterly or annual basis.
Where incentives are based on specific sales volume or the number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the later of the date the related vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or training standard, they are recognised as a reduction in cost of sales when it is reasonably certain that the incentive will be received for the relevant period.
The company may also receive contributions towards advertising, promotional and rent expenditure. Where such contributions are received they are recognised as a reduction in the related expenditure in the period to which they relate.

  
2.5

Turnover

Turnover from the sale of goods is recognised in the Income Statement, net of discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the buyer. In general, this occurs when vehicles or parts have been supplied or when a service has been completed.
Commission income is accounted for on a receivable basis.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
IAN GRIEVE (FALKIRK) LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% on cost
Improvements to property
-
4% on cost
Plant and machinery
-
10% on cost
Computer equipment
-
33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
IAN GRIEVE (FALKIRK) LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.11

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.

 
2.12

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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2022 - 22).

Page 5

 
IAN GRIEVE (FALKIRK) LIMITED
 

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

4.


Tangible fixed assets





Freehold property
Improvements to property
Plant and machinery
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,367,773
190,020
142,144
13,984
1,713,921



At 31 December 2023

1,367,773
190,020
142,144
13,984
1,713,921



Depreciation


At 1 January 2023
48,000
47,896
96,799
13,984
206,679


Charge for the year on owned assets
24,000
7,601
8,460
-
40,061



At 31 December 2023

72,000
55,497
105,259
13,984
246,740



Net book value



At 31 December 2023
1,295,773
134,523
36,885
-
1,467,181



At 31 December 2022
1,319,773
142,124
45,345
-
1,507,242


5.


Stocks

2023
2022
£
£

Vehicle stocks
2,319,445
1,832,163

Parts stocks
138,428
105,434

2,457,873
1,937,597


Page 6

 
IAN GRIEVE (FALKIRK) LIMITED
 

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

6.


Debtors

2023
2022
£
£


Trade debtors
69,271
68,306

Prepayments and accrued income
108,163
96,544

177,434
164,850



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,022,543
1,165,297

Corporation tax
123,728
114,526

Social security and other taxes
21,162
19,823

VAT
17,445
27,794

Amounts owed to related parties
21,000
21,000

Accruals
82,965
71,650

1,288,843
1,420,090



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



949,999 (2022 - 949,999) Ordinary A Shares of £1.00 each
949,999
949,999



9.


Secured Debts

The following secured debts are included within creditors:


2023
2022
£
£



Vehicle funding
653,453
906,556

653,453
906,556

Vehicle funding liabilities are secured directly against respective vehicles to which they relate.

Page 7

 
IAN GRIEVE (FALKIRK) LIMITED
 

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

10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £80,022 (2022: £48,328). Amounts due to be paid to the fund at the year end amounted to £4,793 (2022: £4,634).


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
4,767
6,424

Later than 1 year and not later than 5 years
6,151
10,439

Later than 5 years
-
510

10,918
17,373


12.


Related party transactions

At the reporting date the company owed the directors £21,000 (2022: £21,000) in respect of unpaid dividends.
During the year, the vehicles sales made to the Directors' members amounted to £16,240 (2022: £30,222).
During the year, the vehicles purchases from Directors' members amounted to £30,000 (2022: £Nil).


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 12 March 2024 by Martin Johnston (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.


Page 8