4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC679033 2023-01-01 2023-12-31 SC679033 2023-12-31 SC679033 2022-12-31 SC679033 2022-01-01 2022-12-31 SC679033 2022-12-31 SC679033 2021-12-31 SC679033 core:FurnitureFittings 2023-01-01 2023-12-31 SC679033 core:MotorVehicles 2023-01-01 2023-12-31 SC679033 bus:Director1 2023-01-01 2023-12-31 SC679033 bus:Director2 2023-01-01 2023-12-31 SC679033 core:WithinOneYear 2023-12-31 SC679033 core:WithinOneYear 2022-12-31 SC679033 core:ShareCapital 2023-12-31 SC679033 core:ShareCapital 2022-12-31 SC679033 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC679033 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC679033 bus:SmallEntities 2023-01-01 2023-12-31 SC679033 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC679033 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC679033 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC679033 bus:AbridgedAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: SC679033
West Coast Motors Ltd
Filleted Unaudited Abridged Financial Statements
For the year ended
31 December 2023
West Coast Motors Ltd
Abridged Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
3,900
13,057
Current assets
Stocks
274,617
177,650
Debtors
1,200
700
Cash at bank and in hand
62,321
18,499
---------
---------
338,138
196,849
Creditors: amounts falling due within one year
192,173
129,498
---------
---------
Net current assets
145,965
67,351
---------
--------
Total assets less current liabilities
149,865
80,408
Provisions
975
2,190
---------
--------
Net assets
148,890
78,218
---------
--------
West Coast Motors Ltd
Abridged Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
148,888
78,216
---------
--------
Shareholders funds
148,890
78,218
---------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
Mr O J Woods
Mr J A McCrindle
Director
Director
Company registration number: SC679033
West Coast Motors Ltd
Notes to the Abridged Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2/1 25 Regent Moray Street, Glasgow, G3 8AL.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
£
Cost
At 1 January 2023
16,184
Additions
1,423
Disposals
( 13,154)
--------
At 31 December 2023
4,453
--------
Depreciation
At 1 January 2023
3,127
Charge for the year
2,687
Disposals
( 5,261)
--------
At 31 December 2023
553
--------
Carrying amount
At 31 December 2023
3,900
--------
At 31 December 2022
13,057
--------
6. Charges on assets
A loan to the value of £73,249 (2022: £nil) is secured on the assets funded by this loan. The directors have personally guaranteed this loan.
7. Directors' advances, credits and guarantees
The director's loan accounts were not in debit at any point during the period.