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REGISTERED NUMBER: SC144229 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LOTHIAN VEHICLE BODYBUILDERS LIMITED

LOTHIAN VEHICLE BODYBUILDERS LIMITED (REGISTERED NUMBER: SC144229)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LOTHIAN VEHICLE BODYBUILDERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: W Taylor
R Waterson
K MacDonald
M Gare
J Docherty





REGISTERED OFFICE: 8 & 9 Easter Inch Road
Easter Inch Industrial Estate
Bathgate
West Lothian
EH48 2FG





REGISTERED NUMBER: SC144229 (Scotland)





ACCOUNTANTS: MacDonald Morton Ltd
Chartered Accountants
67 March Road
Edinburgh
EH4 3SU

LOTHIAN VEHICLE BODYBUILDERS LIMITED (REGISTERED NUMBER: SC144229)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 55,727 79,024

CURRENT ASSETS
Stocks 263,329 190,719
Debtors 5 1,085,711 799,528
Cash at bank and in hand 119,705 64,816
1,468,745 1,055,063
CREDITORS
Amounts falling due within one year 6 907,119 581,333
NET CURRENT ASSETS 561,626 473,730
TOTAL ASSETS LESS CURRENT
LIABILITIES

617,353

552,754

CREDITORS
Amounts falling due after more than one year 7 (38,500 ) (60,500 )

PROVISIONS FOR LIABILITIES (12,746 ) (6,158 )
NET ASSETS 566,107 486,096

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 565,107 485,096
566,107 486,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LOTHIAN VEHICLE BODYBUILDERS LIMITED (REGISTERED NUMBER: SC144229)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:




R Waterson - Director



K MacDonald - Director


LOTHIAN VEHICLE BODYBUILDERS LIMITED (REGISTERED NUMBER: SC144229)

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

1. STATUTORY INFORMATION

Lothian Vehicle Bodybuilders 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 (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds the following basic financial instruments.

Financial assets
Cash and cash equivalents - comprise cash in hand and deposits held with banks.

Trade and other debtors are initially measured at the undiscounted amounts receivable from a customer, which is normally the invoiced price. Trade and other debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found an impairment loss is recognised.

Financial liabilities
Trade and other creditors are initially measured at the transaction price, including any transaction costs.

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 statement of financial position date.

LOTHIAN VEHICLE BODYBUILDERS LIMITED (REGISTERED NUMBER: SC144229)

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

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 138,581 171,191 47,086 24,348 381,206
Additions - 10,659 - - 10,659
At 31 December 2023 138,581 181,850 47,086 24,348 391,865
DEPRECIATION
At 1 January 2023 91,973 164,196 31,726 14,287 302,182
Charge for year 13,859 4,892 7,294 7,911 33,956
At 31 December 2023 105,832 169,088 39,020 22,198 336,138
NET BOOK VALUE
At 31 December 2023 32,749 12,762 8,066 2,150 55,727
At 31 December 2022 46,608 6,995 15,360 10,061 79,024

LOTHIAN VEHICLE BODYBUILDERS LIMITED (REGISTERED NUMBER: SC144229)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 722,094 557,243
Amounts owed by group undertakings 200,794 162,590
Amounts recoverable on contract 138,130 38,768
Other debtors 24,693 40,927
1,085,711 799,528

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 272,323 26,045
Trade creditors 217,964 227,870
Taxation and social security 173,453 112,785
Other creditors 243,379 214,633
907,119 581,333

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 38,500 60,500

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 257,656 11,378
Bank loans 53,167 75,167
310,823 86,545

The bank overdraft and bank loan are secured by a floating charge.

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The ultimate controlling party is LVB Holdings Limited.

- Block 4 Muirhead, Midfield Road, Mitchelston Industrial Estate, Kirkcaldy, KY1 3PS.