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REGISTERED NUMBER: SC630432 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Chalk Auto's Ltd

Chalk Auto's Ltd (Registered number: SC630432)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Chalk Auto's Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTOR: T Chalk





REGISTERED OFFICE: Unit 2 Stranadarriff Farm
Greenock Road
Inchininnan
Renfrewshire
PA4 9LB





REGISTERED NUMBER: SC630432 (Scotland)





ACCOUNTANTS: GMH Chartered Accountants
St James Business Centre
Linwood Road
Paisley
Renfrewshire
PA3 3AT

Chalk Auto's Ltd (Registered number: SC630432)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,167 7,005

CURRENT ASSETS
Stocks 4,125 4,125
Debtors 5 8,320 2,454
Cash at bank and in hand 52,997 36,147
65,442 42,726
CREDITORS
Amounts falling due within one year 6 36,421 36,622
NET CURRENT ASSETS 29,021 6,104
TOTAL ASSETS LESS CURRENT LIABILITIES 43,188 13,109

PROVISIONS FOR LIABILITIES 8 2,692 1,330
NET ASSETS 40,496 11,779

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 40,396 11,679
40,496 11,779

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Chalk Auto's Ltd (Registered number: SC630432)

Balance Sheet - continued
31 May 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 October 2024 and were signed by:





T Chalk - Director


Chalk Auto's Ltd (Registered number: SC630432)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Chalk Auto's Ltd 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.

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.

Significant judgements and estimates
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates of judgements used in the preparation of these financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor Vehicle - 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.

Chalk Auto's Ltd (Registered number: SC630432)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs.

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit and loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the assets carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Chalk Auto's Ltd (Registered number: SC630432)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2023 11,480 - 11,480
Additions - 10,100 10,100
At 31 May 2024 11,480 10,100 21,580
DEPRECIATION
At 1 June 2023 4,475 - 4,475
Charge for year 1,401 1,537 2,938
At 31 May 2024 5,876 1,537 7,413
NET BOOK VALUE
At 31 May 2024 5,604 8,563 14,167
At 31 May 2023 7,005 - 7,005

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 2,933 820
Other debtors - 1,634
Prepayments and accrued income 5,387 -
8,320 2,454

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 12,078 6,568
Tax 7,428 5,171
Social security and other taxes 1,218 -
VAT 10,587 12,929
Directors' current accounts 5,110 5,567
Accruals and deferred income - 6,387
36,421 36,622

Chalk Auto's Ltd (Registered number: SC630432)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£    £   
Within one year 13,234 4,768
Between one and five years 13,234 23,023
In more than five years 13,234 -
39,702 27,791

8. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 2,692 1,330

Deferred
tax
£   
Balance at 1 June 2023 1,330
Provided during year 1,362
Balance at 31 May 2024 2,692

9. ULTIMATE CONTROLLING PARTY

The controlling party is T Chalk.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Chalk Auto's Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chalk Auto's Ltd for the year ended 31 May 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Chalk Auto's Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chalk Auto's Ltd and state those matters that we have agreed to state to the director of Chalk Auto's Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Chalk Auto's Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chalk Auto's Ltd. You consider that Chalk Auto's Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Chalk Auto's Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






GMH Chartered Accountants
St James Business Centre
Linwood Road
Paisley
Renfrewshire
PA3 3AT


7 October 2024