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REGISTERED NUMBER: SC241096 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Jim Reid Vehicle Sales Limited

Jim Reid Vehicle Sales Limited (Registered number: SC241096)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Jim Reid Vehicle Sales Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr J G Reid
Mrs G Reid
Mrs L J Buchan
Mr P J Buchan
Mr L J Reid





REGISTERED OFFICE: 42 Queens Road
Aberdeen
AB15 4YE





REGISTERED NUMBER: SC241096 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 243,528 216,419

CURRENT ASSETS
Stocks 1,134,709 1,074,932
Debtors 5 162,351 101,109
Cash in hand 120 331
1,297,180 1,176,372
CREDITORS
Amounts falling due within one year 6 820,296 667,702
NET CURRENT ASSETS 476,884 508,670
TOTAL ASSETS LESS CURRENT
LIABILITIES

720,412

725,089

CREDITORS
Amounts falling due after more than one
year

7

(75,046

)

(98,625

)

PROVISIONS FOR LIABILITIES (42,103 ) (29,413 )
NET ASSETS 603,263 597,051

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Capital redemption reserve 10,000 10,000
Retained earnings 573,263 567,051
603,263 597,051

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

Balance Sheet - continued
31 January 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 Board of Directors and authorised for issue on 11 October 2024 and were signed on its behalf by:





Mr J G Reid - Director


Jim Reid Vehicle Sales Limited (Registered number: SC241096)

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

1. STATUTORY INFORMATION

Jim Reid Vehicle Sales 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Tenant's improvements - 25% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% 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 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

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

2. ACCOUNTING POLICIES - continued

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 19 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Tenant's Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2023 115,794 123,369 40,387 189,926 469,476
Additions 1,287 31,553 6,099 93,235 132,174
At 31 January 2024 117,081 154,922 46,486 283,161 601,650
DEPRECIATION
At 1 February 2023 68,262 104,046 28,011 52,738 253,057
Charge for year 23,850 16,023 7,586 57,606 105,065
At 31 January 2024 92,112 120,069 35,597 110,344 358,122
NET BOOK VALUE
At 31 January 2024 24,969 34,853 10,889 172,817 243,528
At 31 January 2023 47,532 19,323 12,376 137,188 216,419

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023 119,690
Additions 66,686
At 31 January 2024 186,376
DEPRECIATION
At 1 February 2023 29,923
Charge for year 39,113
At 31 January 2024 69,036
NET BOOK VALUE
At 31 January 2024 117,340
At 31 January 2023 89,767

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 128,567 45,913
Other debtors 33,784 55,196
162,351 101,109

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 408,255 361,941
Hire purchase contracts (see note 8) 59,104 19,726
Trade creditors 143,707 152,172
Taxation and social security 100,149 33,220
Other creditors 109,081 100,643
820,296 667,702

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 18,333 28,333
Hire purchase contracts (see note 8) 56,713 70,292
75,046 98,625

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.1.24 31.1.23
£    £   
Net obligations repayable:
Within one year 59,104 19,726
Between one and five years 56,713 70,292
115,817 90,018

Non-cancellable operating leases
31.1.24 31.1.23
£    £   
Within one year 70,000 70,000
Between one and five years 290,000 290,000
In more than five years 155,000 225,000
515,000 585,000

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

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

9. SECURED DEBTS

The bank overdraft is secured by a floating charge over all the assets of the company.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

31.1.24 31.1.23
£    £   
Mr J G Reid
Balance outstanding at start of year - 1,133
Amounts repaid - (1,133 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -