IRIS Accounts Production v24.2.0.383 SC654143 Board of Directors Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC6541432023-02-28SC6541432024-02-29SC6541432023-03-012024-02-29SC6541432022-02-28SC6541432022-03-012023-02-28SC6541432023-02-28SC654143ns15:Scotland2023-03-012024-02-29SC654143ns14:PoundSterling2023-03-012024-02-29SC654143ns10:Director12023-03-012024-02-29SC654143ns10:Director22023-03-012024-02-29SC654143ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29SC654143ns10:SmallEntities2023-03-012024-02-29SC654143ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC654143ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29SC654143ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29SC654143ns10:FullAccounts2023-03-012024-02-29SC654143ns10:RegisteredOffice2023-03-012024-02-29SC654143ns5:CurrentFinancialInstruments2024-02-29SC654143ns5:CurrentFinancialInstruments2023-02-28SC654143ns5:ShareCapital2024-02-29SC654143ns5:ShareCapital2023-02-28SC654143ns5:CapitalRedemptionReserve2024-02-29SC654143ns5:CapitalRedemptionReserve2023-02-28SC654143ns5:RetainedEarningsAccumulatedLosses2024-02-29SC654143ns5:RetainedEarningsAccumulatedLosses2023-02-28SC654143ns5:PlantMachinery2023-03-012024-02-29SC654143ns5:LandBuildings2023-02-28SC654143ns5:PlantMachinery2023-02-28SC654143ns5:LandBuildings2023-03-012024-02-29SC654143ns5:LandBuildings2024-02-29SC654143ns5:PlantMachinery2024-02-29SC654143ns5:LandBuildings2023-02-28SC654143ns5:PlantMachinery2023-02-28SC654143ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-29SC654143ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28SC654143ns5:RetainedEarningsAccumulatedLosses2023-02-28SC654143ns5:CapitalRedemptionReserve2023-02-28SC654143ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-29SC6541431ns10:Director12023-02-28SC6541431ns10:Director12022-02-28SC6541431ns10:Director12023-03-012024-02-29SC6541431ns10:Director12022-03-012023-02-28SC6541431ns10:Director12024-02-29SC6541431ns10:Director12023-02-28SC654143ns10:Director222023-02-28SC654143ns10:Director222022-02-28SC654143ns10:Director222023-03-012024-02-29SC654143ns10:Director222022-03-012023-02-28SC654143ns10:Director222024-02-29SC654143ns10:Director222023-02-28
REGISTERED NUMBER: SC654143 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

LM AUTOS TURRIFF LTD

LM AUTOS TURRIFF LTD (REGISTERED NUMBER: SC654143)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


LM AUTOS TURRIFF LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr L W Murdoch
Mr G J Smith



REGISTERED OFFICE: Stableford
Shandscross
Turriff
Aberdeenshire
AB53 5PL



REGISTERED NUMBER: SC654143 (Scotland)



ACCOUNTANTS: Bain Henry Reid
51-53 High Street
Turriff
AB53 4EJ



BANKERS: Clydesdale Bank plc
1 Main Street
Turriff
Aberdeenshire
AB53 4AA

LM AUTOS TURRIFF LTD (REGISTERED NUMBER: SC654143)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 550,700 413,650

CURRENT ASSETS
Stocks 513,045 342,500
Debtors 5 205,383 165,543
Cash at bank 88,980 57,453
807,408 565,496
CREDITORS
Amounts falling due within one year 6 787,231 542,779
NET CURRENT ASSETS 20,177 22,717
TOTAL ASSETS LESS CURRENT
LIABILITIES

570,877

436,367

PROVISIONS FOR LIABILITIES 23,555 17,211
NET ASSETS 547,322 419,156

CAPITAL AND RESERVES
Called up share capital 85 85
Capital redemption reserve 7 15 15
Retained earnings 7 547,222 419,056
SHAREHOLDERS' FUNDS 547,322 419,156

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

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 30 September 2024 and were signed on its behalf by:



Mr L W Murdoch - Director



Mr G J Smith - Director


LM AUTOS TURRIFF LTD (REGISTERED NUMBER: SC654143)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

LM Autos Turriff 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.

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 etc - 25% on reducing balance, 25% on cost and 15% 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.

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.

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 3 (2023 - 2 ) .

LM AUTOS TURRIFF LTD (REGISTERED NUMBER: SC654143)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 353,462 97,979 451,441
Additions 127,618 67,137 194,755
Disposals - (31,888 ) (31,888 )
At 29 February 2024 481,080 133,228 614,308
DEPRECIATION
At 1 March 2023 11,642 26,149 37,791
Charge for year 11,288 20,907 32,195
Eliminated on disposal - (6,378 ) (6,378 )
At 29 February 2024 22,930 40,678 63,608
NET BOOK VALUE
At 29 February 2024 458,150 92,550 550,700
At 28 February 2023 341,820 71,830 413,650

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 203,465 162,750
Other debtors - 500
Prepayments 1,918 2,293
205,383 165,543

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 627,128 439,124
Taxation 47,027 19,552
Social security and other taxes 2,034 1,918
VAT 16,200 1,217
Pension liability 347 694
Directors' loan accounts 93,595 79,374
Accruals 900 900
787,231 542,779

7. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 March 2023 419,056 15 419,071
Profit for the year 151,966 151,966
Dividends (23,800 ) (23,800 )
At 29 February 2024 547,222 15 547,237

LM AUTOS TURRIFF LTD (REGISTERED NUMBER: SC654143)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


8. DIRECTOR'S LOANS

The following advances and credits from directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr L W Murdoch
Balance outstanding at start of year 981 129
Amounts advanced 14,421 5,042
Amounts repaid - (4,190 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,402 981

Mr G J Smith
Balance outstanding at start of year 78,393 37,750
Amounts advanced - 211,034
Amounts repaid (200 ) (170,391 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 78,193 78,393