REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2023 |
for |
Fruin Motors (Holdings) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2023 |
for |
Fruin Motors (Holdings) Limited |
Fruin Motors (Holdings) Limited (Registered number: SC072939) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Fruin Motors (Holdings) Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Unit 3 , 37 Rosyth Road |
Morris Park |
Glasgow |
G5 0YE |
Fruin Motors (Holdings) Limited (Registered number: SC072939) |
Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Fruin Motors (Holdings) Limited (Registered number: SC072939) |
Balance Sheet - continued |
31 October 2023 |
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 |
Fruin Motors (Holdings) Limited (Registered number: SC072939) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Fruin Motors (Holdings) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Preparation of consolidated financial statements |
The financial statements contain information about Fruin Motor (Holdings) Limited as an individual company and do not contain consolidated financial information as the parent of a group.The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
Investment property |
Investment property is shown as the most recent valuation.Any aggregate surplus or deficit arising from changes in the market value is transferred to a revaluation reserve. |
No depreciation is provided for in respect of investment properties in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).Such properties are held for their investment potential and not for consumption within the business.This is a departure from the Companies Act 2006 which requires all properties to be depreciated and the directors consider that to depreciate them would not enable the financial statements to give a true and fair view.Investment properties are stated at their market value at the balance sheet date. |
Investments |
Investments are included at cost less amounts written off.profits or losses arising from disposals of fixed assets investments are treated as part of the result from ordinary activities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
31.10.23 | 31.10.22 |
£ | £ |
Shares in group undertakings |
Other investments not loans |
Fruin Motors (Holdings) Limited (Registered number: SC072939) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
4. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Investments (neither listed nor unlisted) were as follows: |
31.10.23 | 31.10.22 |
£ | £ |
Other investments not loans | 6,729 | 6,729 |
The cost of shares in group undertakings includes £75,000 in respect of the shares held in Alexander Rankine Limited.The investment property owned by Alexander Rankine Limited is included in the Balance Sheet of that company at market value. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
The directors have confirmed that as at 31st October 2016,there has been no change to the value of the investment property. |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2011 | 127,955 |
Valuation in 2014 | 430,694 |
Valuation in 2018 | 30,000 |
588,649 |
Fruin Motors (Holdings) Limited (Registered number: SC072939) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
5. | INVESTMENT PROPERTY - continued |
If investment properties had not been revalued they would have been included at the following historical cost: |
31.10.23 | 31.10.22 |
£ | £ |
Cost | 550,408 | 550,408 |
Aggregate depreciation | (119,714 | ) | (119,714 | ) |
Investment properties were valued on an open market basis on 14 June 2011 by Allied Scotland,Chartered Surveyors . |
6. | DEBTORS |
31.10.23 | 31.10.22 |
£ | £ |
Amounts falling due within one year: |
Sundry debtors | 11,756 | 11,756 |
Directors loan account-R.Prow | 25,099 | 25,099 |
Directors loan account-J.Niven | 5,752 | 5,752 |
Loan due from related party | 688,337 | 688,337 |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Tax |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Other creditors | 2,183 | 2,183 |
Associated company - Alexander Rankine Ltd |
289,103 |
229,103 |
RM Prow Motors-Pension Scheme | (112,095 | ) | (43,206 | ) |
Tax |
Social security and other taxes |
VAT | 100,560 | 97,898 |
Accruals & deferred income |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.23 | 31.10.22 |
£ | £ |
Fruin Motors (Holdings) Limited (Registered number: SC072939) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
The company is under the control of the directors who own 76% of the issued share capital. |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 November 2022 |
and 31 October 2023 |
11. | RELATED PARTY DISCLOSURES |
Alexander Rankine Limited |
Subsidiary company. |
As at 31st October 2023,the inter-company loan amount due to the related company was as follows : |
2023 2022 |
£(289,103) £(229,103) |
Proven Properties (Scotland) Limited |
A company in which the directors are shareholders. |
As at 31st October 2023,the inter-company loan amount due from the associated company was as follows : |
2023 2022 |
£688,337 £688,337 |