IRIS Accounts Production v24.2.0.383 SC316910 Board of Directors 1.1.23 31.12.23 31.12.23 cash and carry wholesales. true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3169102022-12-31SC3169102023-12-31SC3169102023-01-012023-12-31SC3169102021-12-31SC3169102022-01-012022-12-31SC3169102022-12-31SC316910ns15:Scotland2023-01-012023-12-31SC316910ns14:PoundSterling2023-01-012023-12-31SC316910ns10:Director12023-01-012023-12-31SC316910ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC316910ns10:FRS1022023-01-012023-12-31SC316910ns10:Audited2023-01-012023-12-31SC316910ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC316910ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-31SC316910ns10:FullAccounts2023-01-012023-12-31SC316910ns10:OrdinaryShareClass12023-01-012023-12-31SC316910ns10:Director22023-01-012023-12-31SC316910ns10:Director32023-01-012023-12-31SC316910ns10:Director42023-01-012023-12-31SC316910ns10:CompanySecretary12023-01-012023-12-31SC316910ns10:RegisteredOffice2023-01-012023-12-31SC316910ns5:CurrentFinancialInstruments2023-12-31SC316910ns5:CurrentFinancialInstruments2022-12-31SC316910ns5:Non-currentFinancialInstruments2023-12-31SC316910ns5:Non-currentFinancialInstruments2022-12-31SC316910ns5:ShareCapital2023-12-31SC316910ns5:ShareCapital2022-12-31SC316910ns5:RetainedEarningsAccumulatedLosses2023-12-31SC316910ns5:RetainedEarningsAccumulatedLosses2022-12-31SC316910ns5:ShareCapital2021-12-31SC316910ns5:RetainedEarningsAccumulatedLosses2021-12-31SC316910ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-31SC316910ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31SC31691012023-01-012023-12-31SC316910ns5:LeaseholdImprovements2023-01-012023-12-31SC316910ns5:FurnitureFittings2023-01-012023-12-31SC316910ns5:MotorVehicles2023-01-012023-12-31SC316910ns5:ComputerEquipment2023-01-012023-12-31SC316910ns10:HighestPaidDirector2023-01-012023-12-31SC316910ns5:OwnedAssets2023-01-012023-12-31SC316910ns5:OwnedAssets2022-01-012022-12-31SC316910ns5:LeasedAssets2023-01-012023-12-31SC316910ns5:LeasedAssets2022-01-012022-12-31SC31691012023-01-012023-12-31SC31691012022-01-012022-12-31SC316910ns5:HirePurchaseContracts2023-01-012023-12-31SC316910ns5:HirePurchaseContracts2022-01-012022-12-31SC316910ns10:OrdinaryShareClass12022-01-012022-12-31SC316910ns5:LeaseholdImprovements2022-12-31SC316910ns5:FurnitureFittings2022-12-31SC316910ns5:MotorVehicles2022-12-31SC316910ns5:ComputerEquipment2022-12-31SC316910ns5:LeaseholdImprovements2023-12-31SC316910ns5:FurnitureFittings2023-12-31SC316910ns5:MotorVehicles2023-12-31SC316910ns5:ComputerEquipment2023-12-31SC316910ns5:LeaseholdImprovements2022-12-31SC316910ns5:FurnitureFittings2022-12-31SC316910ns5:MotorVehicles2022-12-31SC316910ns5:ComputerEquipment2022-12-31SC316910ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-31SC316910ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-012023-12-31SC316910ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-31SC316910ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-31SC316910ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC316910ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC316910ns5:HirePurchaseContractsns5:WithinOneYear2023-12-31SC316910ns5:HirePurchaseContractsns5:WithinOneYear2022-12-31SC316910ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-31SC316910ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-31SC316910ns5:HirePurchaseContracts2023-12-31SC316910ns5:HirePurchaseContracts2022-12-31SC316910ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC316910ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC316910ns5:WithinOneYear2023-12-31SC316910ns5:WithinOneYear2022-12-31SC316910ns5:BetweenOneFiveYears2023-12-31SC316910ns5:BetweenOneFiveYears2022-12-31SC316910ns5:AllPeriods2023-12-31SC316910ns5:AllPeriods2022-12-31SC316910ns10:OrdinaryShareClass12023-12-31SC316910ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: SC316910 (Scotland)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CLYDE IMPORTERS (SCOTLAND) LIMITED

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


CLYDE IMPORTERS (SCOTLAND) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S Singh
Mrs K Kaur
B S Kohli
Mrs N K Kohli



SECRETARY: Mrs N Morrison



REGISTERED OFFICE: 17-25 MacLellan Street
Kinning Parkway Estate
Glasgow
G41 1RR



REGISTERED NUMBER: SC316910 (Scotland)



SENIOR STATUTORY AUDITOR: Douglas Paton BSc CA



AUDITORS: Bannerman Johnstone Maclay
Chartered Accountants
and Statutory Auditor
213 St Vincent Street
Glasgow
G2 5QY

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

The principal activity of the company in the year under review was that of a wholesale cash and carry.

REVIEW OF BUSINESS
The results for the year and financial position of the company is shown in the annexed financial statements. The directors are satisfied with the results for the year which saw a significant increase in the turnover of the business, albeit at a reduced margin.

Due to the nature of the business it is sheltered to some extent from the current cost of living crisis and the directors are confident that the company is in a strong position to take advantage of opportunities to grow the business in the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES
During the forthcoming year the directors consider the principal risks and uncertainties affecting the company to be:

- Managing the impact of the difficult economic conditions in respect of rising interest rates and the cost of
living crisis
- General competition in the UK marketplace

Having considered the risks to the business, the directors are of the opinion that the company can respond to and mitigate the impact of these risks and uncertainties.

KEY PERFORMANCE INDICATORS
The directors of the company regularly monitor the performance of the business with reference to key trading and financial data. Given the straightforward nature of the business, the directors are of the opinion that presenting a detailed analysis using key performance indicators is not necessary for an understanding of the development, performance, or position of the business.

ON BEHALF OF THE BOARD:





B S Kohli - Director


10 September 2024

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £8,000 (2022: £8,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S Singh
Mrs K Kaur
B S Kohli
Mrs N K Kohli

POLITICAL DONATIONS AND EXPENDITURE
No donations were made to any political party.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Bannerman Johnstone Maclay, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




B S Kohli - Director


10 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CLYDE IMPORTERS (SCOTLAND) LIMITED


Opinion
We have audited the financial statements of Clyde Importers (Scotland) Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CLYDE IMPORTERS (SCOTLAND) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector
in which it operates. We determined that the following laws and regulations were the most significant: the
Companies Act 2006 and UK corporate taxation laws.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by
making enquires to the management.
- We assessed the susceptibility of the company's financial statements to material misstatement, including how
fraud might occur. Audit procedures performed by the engagement team included:

- identifying and assessing the design and effectiveness of controls management has in place to prevent and
detect fraud;

- understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular any journal entries posted with unusual accounting
combinations; and
- assessing the extent of compliance with relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CLYDE IMPORTERS (SCOTLAND) LIMITED


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 a Report of the Auditors 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.




Douglas Paton BSc CA (Senior Statutory Auditor)
for and on behalf of Bannerman Johnstone Maclay
Chartered Accountants
and Statutory Auditor
213 St Vincent Street
Glasgow
G2 5QY

10 September 2024

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 26,298,614 17,745,587

Cost of sales 23,282,704 15,229,240
GROSS PROFIT 3,015,910 2,516,347

Administrative expenses 1,300,283 1,053,039
OPERATING PROFIT 4 1,715,627 1,463,308

Interest receivable and similar income 59,485 18,267
1,775,112 1,481,575

Interest payable and similar expenses 5 379 991
PROFIT BEFORE TAXATION 1,774,733 1,480,584

Tax on profit 6 418,903 283,443
PROFIT FOR THE FINANCIAL YEAR 1,355,830 1,197,141

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,355,830 1,197,141


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,355,830

1,197,141

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 31,016 38,773

CURRENT ASSETS
Stocks 9 2,585,808 2,434,842
Debtors 10 1,627,916 1,548,897
Cash at bank and in hand 4,894,885 3,967,707
9,108,609 7,951,446
CREDITORS
Amounts falling due within one year 11 890,015 1,086,303
NET CURRENT ASSETS 8,218,594 6,865,143
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,249,610

6,903,916

CREDITORS
Amounts falling due after more than one
year

12

-

2,136
NET ASSETS 8,249,610 6,901,780

CAPITAL AND RESERVES
Called up share capital 14 4 4
Retained earnings 15 8,249,606 6,901,776
SHAREHOLDERS' FUNDS 8,249,610 6,901,780

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





B S Kohli - Director


CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 4 5,712,635 5,712,639

Changes in equity
Dividends - (8,000 ) (8,000 )
Total comprehensive income - 1,197,141 1,197,141
Balance at 31 December 2022 4 6,901,776 6,901,780

Changes in equity
Dividends - (8,000 ) (8,000 )
Total comprehensive income - 1,355,830 1,355,830
Balance at 31 December 2023 4 8,249,606 8,249,610

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,173,708 953,888
Interest paid - (133 )
Interest element of hire purchase payments
paid

(379

)

(858

)
Tax paid (289,390 ) (227,660 )
Net cash from operating activities 883,939 725,237

Cash flows from investing activities
Interest received 59,485 18,267
Net cash from investing activities 59,485 18,267

Cash flows from financing activities
Capital repayments in year (8,246 ) (7,767 )
Equity dividends paid (8,000 ) (8,000 )
Net cash from financing activities (16,246 ) (15,767 )

Increase in cash and cash equivalents 927,178 727,737
Cash and cash equivalents at beginning of
year

2

3,967,707

3,239,970

Cash and cash equivalents at end of year 2 4,894,885 3,967,707

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,774,733 1,480,584
Depreciation charges 7,757 9,691
Finance costs 379 991
Finance income (59,485 ) (18,267 )
1,723,384 1,472,999
Increase in stocks (150,966 ) (192,814 )
Increase in trade and other debtors (79,019 ) (561,506 )
(Decrease)/increase in trade and other creditors (319,691 ) 235,209
Cash generated from operations 1,173,708 953,888

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 4,894,885 3,967,707
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 3,967,707 3,239,970


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 3,967,707 927,178 4,894,885
3,967,707 927,178 4,894,885
Debt
Finance leases (10,382 ) 8,246 (2,136 )
(10,382 ) 8,246 (2,136 )
Total 3,957,325 935,424 4,892,749

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

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


1. STATUTORY INFORMATION

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

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


Monetary amounts in these financial statements are rounded to the nearest £.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. In satisfaction of this responsibility the directors have considered the company's ability to meet its liabilities as they fall due.

The company meets its day to day working capital requirements through its significant cash reserves.

The company's going concern assessment considers its principal risks and is dependent on a number of factors including financial performance.

The current and future financial position of the company, its cash flows and liquidity have been reviewed by the directors.

Following this review, the directors are confident that the company has sufficient resources to continue to operate for the foreseeable future. Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance sheet date and the amounts reported during the year for revenue and costs. However the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions which have a significant risk of causing material adjustments to the carrying amount of assets and liabilities are as follows:

Accounting for stock

Stock is carried at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Due to the nature of the stock, the provisions made for obsolete and slow moving items is by its very nature subjective.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes.

Turnover is recognised at the point of sale.

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

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

Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 certain debtors and cash and bank balances, are initially measured at transaction price including transactions 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.

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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including certain creditors, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.


CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

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


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 720,225 537,220
Social security costs 71,736 47,560
Other pension costs 6,964 6,473
798,925 591,253

The average number of employees during the year was as follows:
2023 2022

Directors 4 4
Operational 24 21
28 25

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

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


3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 228,000 96,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
2023
£   
Emoluments etc 60,000

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 3,684 4,600
Depreciation - assets on hire purchase contracts 4,073 5,091
Auditors' remuneration 5,500 4,500
Foreign exchange differences 4,935 8,660

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest on late payment of tax - 133
Hire purchase 379 858
379 991

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 418,903 283,443
Tax on profit 418,903 283,443

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

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


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,774,733 1,480,584
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

417,435

281,311

Effects of:
Expenses not deductible for tax purposes 13 292
Income not taxable for tax purposes (360 ) -
Depreciation in excess of capital allowances 1,815 1,840
Total tax charge 418,903 283,443

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 8,000 8,000

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023
and 31 December 2023 131,041 142,984 48,320 43,520 365,865
DEPRECIATION
At 1 January 2023 131,041 130,575 26,835 38,641 327,092
Charge for year - 2,484 4,297 976 7,757
At 31 December 2023 131,041 133,059 31,132 39,617 334,849
NET BOOK VALUE
At 31 December 2023 - 9,925 17,188 3,903 31,016
At 31 December 2022 - 12,409 21,485 4,879 38,773

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

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


8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 31,820
DEPRECIATION
At 1 January 2023 11,455
Charge for year 4,073
At 31 December 2023 15,528
NET BOOK VALUE
At 31 December 2023 16,292
At 31 December 2022 20,365

9. STOCKS
2023 2022
£    £   
Stocks 2,585,808 2,434,842

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,470,390 1,132,873
Other debtors 50,102 319,000
Prepayments 107,424 97,024
1,627,916 1,548,897

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 2,136 8,246
Trade creditors 48,918 311,206
Tax 416,278 286,765
Social security and other taxes 10,120 14,215
VAT 386,513 433,432
Other creditors 5,000 5,000
Directors' loan accounts 16,000 16,000
Accrued expenses 5,050 11,439
890,015 1,086,303

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

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


12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) - 2,136

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 2,156 8,625
Between one and five years - 2,156
2,156 10,781

Finance charges repayable:
Within one year 20 379
Between one and five years - 20
20 399

Net obligations repayable:
Within one year 2,136 8,246
Between one and five years - 2,136
2,136 10,382

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 207,085
Between one and five years - 207,085
- 414,170

14. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
4 Ordinary shares £1 4 4

CLYDE IMPORTERS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC316910)

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


15. RESERVES
Retained
earnings
£   

At 1 January 2023 6,901,776
Profit for the year 1,355,830
Dividends (8,000 )
At 31 December 2023 8,249,606