Company registration number SC005898 (Scotland)
SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
COMPANY INFORMATION
Directors
Mr S Burgess
Mr I Grieve
Mr S Kinghorn
Mr C McAllister
Mr A Campbell
Mr G Greenwood
Mr A McGarva
Mr E Thomson
Secretary
Ms M Gaynor
Company number
SC005898
Registered office
Palmerston House
10 The Loan
South Queensferry
EH30 9NS
Auditors
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Bankers
The Co-operative bank
PO Box 250
Delf House
Southway
Skelmersdale
WN8 6WT
The Royal Bank of Scotland
36 St Andrew Square
Edinburgh
EH2 2YB
Solicitors
Anderson Strathern LLP
1 Rutland Court
Edinburgh
EH3 8EY
SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Group balance sheet
7
Company balance sheet
8
Notes to the financial statements
9 - 16
SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and of the group continued to be that of a member body which exists to represent all aspects of the retail motor trade in Scotland. Details of the activities of the group's subsidiaries are set out in the accounts.

Results and dividends

The results for the year are set out on page 6. The directors do not recommend the payment of a dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S Burgess
Mr I Grieve
Mr S Kinghorn
Mr C McAllister
Mr C McGeoch
(Resigned 26 June 2024)
Mr A Campbell
Mr G Greenwood
Mr A McGarva
Mr A Graham
(Resigned 17 May 2023)
Mr E Thomson
Auditor

In accordance with the company's articles, a resolution proposing that Thomson Cooper be reappointed as auditor of the group will be put to the Annual General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr S Burgess
Director
4 September 2024
SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
- 3 -
Opinion

We have audited the financial statements of Scottish Motor Trade Association Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report or the Strategic Report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was capable of detecting irregularities, including fraud

We considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions and manipulating the group's key performance indicators to meet targets. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the group.

SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
- 5 -

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Croxford
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
9 September 2024
SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Notes
£
£
Turnover
5,041,948
4,666,476
Cost of sales
(3,279,701)
(3,516,842)
Gross profit
1,762,247
1,149,634
Administrative expenses
(1,465,903)
(1,563,784)
Other operating income
48,057
16,545
Operating profit/(loss)
3
344,401
(397,605)
Interest receivable and similar income
5
14,649
3,453
Interest payable and similar expenses
(90)
-
0
Profit/(loss) before taxation
358,960
(394,152)
Tax on profit/(loss)
7
-
0
-
0
Profit/(loss) for the financial year
14
358,960
(394,152)
Profit/(loss) for the financial year is all attributable to the owners of the parent company
SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
513,117
596,087
Current assets
Debtors
10
1,017,978
1,010,740
Investments
12
592,840
549,881
Cash at bank and in hand
2,365,614
1,878,493
3,976,432
3,439,114
Creditors: amounts falling due within one year
11
(1,175,301)
(1,079,913)
Net current assets
2,801,131
2,359,201
Total assets less current liabilities
3,314,248
2,955,288
Capital and reserves
Profit and loss reserves
14
3,314,248
2,955,288

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
04 September 2024
Mr S Burgess
Director
SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
513,117
596,087
Investments
9
797,556
797,556
1,310,673
1,393,643
Current assets
Debtors
10
844,083
652,494
Cash at bank and in hand
837,892
811,535
1,681,975
1,464,029
Creditors: amounts falling due within one year
11
(1,919,422)
(2,011,577)
Net current liabilities
(237,447)
(547,548)
Total assets less current liabilities
1,073,226
846,095
Capital and reserves
Profit and loss reserves
14
1,073,226
846,095

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

The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
04 September 2024
Mr S Burgess
Director
Company Registration No. SC005898
SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
1
Accounting policies
Company information

Scottish Motor Trade Association Limited (“the Company”) is a company limited by Guarantee and not having share capital. The liability of the members who constitute the Association is limited to £1 per member. The company is domiciled and incorporated in Scotland. The registered office is Palmerston House, 10 The Loan, South Queensferry, EH30 9NS.

 

The Group consists of Scottish Motor Trade Association Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes.  The company's profit for the year was £227,131 (2023 - Loss £427,817).
1.2
Basis of consolidation

The consolidated financial statements incorporate those of Scottish Motor Trade Association Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 March 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

 

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The directors have considered a period of 12 months from the date of approval of the financial statements.

SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from annual membership is deferred over the membership period and training income is recognised when the appropriate milestone has been reached.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation charge
Computer equipment
33 1/3% straight line
Fixtures and fittings
10-20% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

No depreciation is charged on the Freehold land and buildings as the directors have assessed the economic life and the current residual value of the buildings are such that any depreciation charge required would not be material.

1.6
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
1.8
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
18
17
15
13
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of tangible fixed assets
36,207
61,221
Loss/(Gain) on disposal of fixed assets
(55,557)
-
SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
4
Auditors' remuneration
2024
2023
Fees payable to the company's auditor and its associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,700
9,200
Audit of the company's subsidiaries
9,500
8,700
19,200
17,900
5
Interest receivable and similar income
2024
2023
£
£
Other interest receivable and similar income
14,649
3,453
6
Tangible fixed assets
Group
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
479,218
366,849
846,067
Additions
-
0
6,281
6,281
Disposals
-
0
(261,196)
(261,196)
At 31 March 2024
479,218
111,934
591,152
Depreciation and impairment
At 1 April 2023
-
0
249,980
249,980
Depreciation charged in the year
-
0
36,207
36,207
Eliminated in respect of disposals
-
0
(208,152)
(208,152)
At 31 March 2024
-
0
78,035
78,035
Carrying amount
At 31 March 2024
479,218
33,899
513,117
At 31 March 2023
479,218
116,869
596,087
SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Tangible fixed assets
(Continued)
- 14 -
Company
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
479,218
353,557
832,775
Additions
-
0
6,281
6,281
Disposals
-
0
(261,196)
(261,196)
At 31 March 2024
479,218
98,642
577,860
Depreciation and impairment
At 1 April 2023
-
0
236,688
236,688
Depreciation charged in the year
-
0
36,207
36,207
Eliminated in respect of disposals
-
0
(208,152)
(208,152)
At 31 March 2024
-
0
64,743
64,743
Carrying amount
At 31 March 2024
479,218
33,899
513,117
At 31 March 2023
479,218
116,869
596,087
7
Taxation
Total tax charge
-
0
-
0

No liability to corporation tax or deferred tax in the current or prior year.

8
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
592,840
549,881
-
-
9
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Investments
-
-
797,556
797,556

Details of subsidiaries are shown at note 15.

SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Fixed asset investments
(Continued)
- 15 -
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 and 31 March 2024
797,556
Carrying amount
At 31 March 2024
797,556
At 31 March 2023
797,556
10
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
580,616
539,280
145,115
44,658
Corporation tax recoverable
24,447
24,765
24,447
24,447
Amounts owed by group undertakings
-
-
314,916
181,986
Other debtors
412,915
446,695
359,605
401,403
1,017,978
1,010,740
844,083
652,494
11
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
728,695
583,387
102,767
49,974
Amounts owed to group undertakings
-
0
-
0
1,620,196
1,698,750
Corporation tax payable
-
0
5,550
-
0
-
0
Other taxation and social security
27,096
17,612
16,697
14,810
Other creditors
419,510
473,364
179,762
248,043
1,175,301
1,079,913
1,919,422
2,011,577
SCOTTISH MOTOR TRADE ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
12
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Listed Investments
592,840
549,881
-
-

Listed investments are valued by reference to quoted market prices. The historical cost of investments is £399,409 (2023 - £381,313).

13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
63,516
59,747

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

14
Reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
2,955,288
3,349,440
846,095
1,273,912
Profit/(loss) for the year
358,960
(394,152)
227,131
(427,817)
At the end of the year
3,314,248
2,955,288
1,073,226
846,095
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Scotsure Insurance Company Limited
Scotland
Investment Company
Ordinary
100.00
Scotsure MBI Limited
Scotland
Administration of mechanical breakdown insurance policies
Ordinary
100.00
SMTA (Trading Partners) Limited
Scotland
Buying group for members of SMTA
Ordinary
100.00
The Scottish Motor Show Limited
Scotland
Organisation of motor shows
Ordinary
100.00
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