Silverfin false false 30/03/2024 31/03/2023 30/03/2024 R A Faulkner 27/03/2013 C Milne 21/09/2016 P D Scott 27/03/2013 S F Scott 26/01/1995 C S Scott 05/10/2009 G A Scott 26/01/1995 29 October 2024 The principal activity of the Company during the financial year continued to bee that of the provision of garage services. SC155156 2024-03-30 SC155156 bus:Director1 2024-03-30 SC155156 bus:Director2 2024-03-30 SC155156 bus:Director3 2024-03-30 SC155156 bus:Director4 2024-03-30 SC155156 bus:Director5 2024-03-30 SC155156 bus:Director6 2024-03-30 SC155156 2023-03-30 SC155156 core:CurrentFinancialInstruments 2024-03-30 SC155156 core:CurrentFinancialInstruments 2023-03-30 SC155156 core:Non-currentFinancialInstruments 2024-03-30 SC155156 core:Non-currentFinancialInstruments 2023-03-30 SC155156 core:ShareCapital 2024-03-30 SC155156 core:ShareCapital 2023-03-30 SC155156 core:RetainedEarningsAccumulatedLosses 2024-03-30 SC155156 core:RetainedEarningsAccumulatedLosses 2023-03-30 SC155156 core:LandBuildings 2023-03-30 SC155156 core:OtherPropertyPlantEquipment 2023-03-30 SC155156 core:LandBuildings 2024-03-30 SC155156 core:OtherPropertyPlantEquipment 2024-03-30 SC155156 bus:OrdinaryShareClass1 2024-03-30 SC155156 core:WithinOneYear 2024-03-30 SC155156 core:WithinOneYear 2023-03-30 SC155156 core:BetweenOneFiveYears 2024-03-30 SC155156 core:BetweenOneFiveYears 2023-03-30 SC155156 core:MoreThanFiveYears 2024-03-30 SC155156 core:MoreThanFiveYears 2023-03-30 SC155156 2023-03-31 2024-03-30 SC155156 bus:FilletedAccounts 2023-03-31 2024-03-30 SC155156 bus:SmallEntities 2023-03-31 2024-03-30 SC155156 bus:AuditExemptWithAccountantsReport 2023-03-31 2024-03-30 SC155156 bus:PrivateLimitedCompanyLtd 2023-03-31 2024-03-30 SC155156 bus:Director1 2023-03-31 2024-03-30 SC155156 bus:Director2 2023-03-31 2024-03-30 SC155156 bus:Director3 2023-03-31 2024-03-30 SC155156 bus:Director4 2023-03-31 2024-03-30 SC155156 bus:Director5 2023-03-31 2024-03-30 SC155156 bus:Director6 2023-03-31 2024-03-30 SC155156 core:LandBuildings core:TopRangeValue 2023-03-31 2024-03-30 SC155156 core:OtherPropertyPlantEquipment 2023-03-31 2024-03-30 SC155156 2022-03-31 2023-03-30 SC155156 core:LandBuildings 2023-03-31 2024-03-30 SC155156 core:LandBuildings 1 2023-03-31 2024-03-30 SC155156 core:OtherPropertyPlantEquipment 1 2023-03-31 2024-03-30 SC155156 1 2023-03-31 2024-03-30 SC155156 core:CurrentFinancialInstruments 2023-03-31 2024-03-30 SC155156 core:Non-currentFinancialInstruments 2023-03-31 2024-03-30 SC155156 bus:OrdinaryShareClass1 2023-03-31 2024-03-30 SC155156 bus:OrdinaryShareClass1 2022-03-31 2023-03-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC155156 (Scotland)

ELGIN TRUCK AND VAN CENTRE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

ELGIN TRUCK AND VAN CENTRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 MARCH 2024

Contents

ELGIN TRUCK AND VAN CENTRE LIMITED

BALANCE SHEET

AS AT 30 MARCH 2024
ELGIN TRUCK AND VAN CENTRE LIMITED

BALANCE SHEET (continued)

AS AT 30 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,623,366 1,777,892
1,623,366 1,777,892
Current assets
Stocks 1,031,845 890,911
Debtors 5 935,608 776,163
Cash at bank and in hand 98,848 43,603
2,066,301 1,710,677
Creditors: amounts falling due within one year 6 ( 2,186,368) ( 1,859,280)
Net current liabilities (120,067) (148,603)
Total assets less current liabilities 1,503,299 1,629,289
Creditors: amounts falling due after more than one year 7 ( 281,569) ( 398,924)
Provision for liabilities ( 123,666) ( 119,660)
Net assets 1,098,064 1,110,705
Capital and reserves
Called-up share capital 8 100,000 100,000
Profit and loss account 998,064 1,010,705
Total shareholders' funds 1,098,064 1,110,705

For the financial year ending 30 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Elgin Truck And Van Centre Limited (registered number: SC155156) were approved and authorised for issue by the Board of Directors on 29 October 2024. They were signed on its behalf by:

C S Scott
Director
R A Faulkner
Director
ELGIN TRUCK AND VAN CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 MARCH 2024
ELGIN TRUCK AND VAN CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Elgin Truck And Van Centre Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £120,067 (2023 - £148,603). The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for provision of garage services net of VAT and trade discounts. Parts, service, bodyshop and MOT sales are recognised at the point of completion of performance. Vehicle sales are recognised on transfer of title to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 15 - 25 % reducing balance

Included within land and buildings are leasehold improvements assets which are depreciated over 15 years using the straight line method.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 65 63

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 31 March 2023 1,453,723 1,364,716 2,818,439
Additions 11,218 117,777 128,995
Disposals 0 ( 230,233) ( 230,233)
Impairment losses 0 ( 134,000) ( 134,000)
At 30 March 2024 1,464,941 1,118,260 2,583,201
Accumulated depreciation
At 31 March 2023 324,758 715,789 1,040,547
Charge for the financial year 37,261 89,078 126,339
Disposals 0 ( 207,051) ( 207,051)
At 30 March 2024 362,019 597,816 959,835
Net book value
At 30 March 2024 1,102,922 520,444 1,623,366
At 30 March 2023 1,128,965 648,927 1,777,892

5. Debtors

2024 2023
£ £
Trade debtors 841,406 694,995
Other debtors 94,202 81,168
935,608 776,163

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 118,175 113,670
Trade creditors 889,605 654,702
Amounts owed to Group undertakings 702,713 733,120
Taxation and social security 247,360 143,712
Obligations under finance leases and hire purchase contracts 67,359 49,652
Other creditors 161,156 164,424
2,186,368 1,859,280

Net obligations under hire purchase contracts are secured over the assets which the agreements relate to.

Bank loans and overdrafts are secured by a standard security over 7 Linkwood Place, Elgin and floating charges over the assets and undertakings of the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 229,582 348,155
Obligations under finance leases and hire purchase contracts 51,987 50,769
281,569 398,924

Net obligations under hire purchase contracts are secured over the assets which the agreements relate to.

Bank loans and overdrafts are secured by a standard security over 7 Linkwood Place, Elgin and floating charges over the assets and undertakings of the company.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each 100,000 100,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 85,000 85,000
between one and five years 340,000 340,000
after five years 141,667 226,667
566,667 651,667

Amounts included as repayable in greater than 5 years includes amounts due on a lease due to expire in 2030.

Other financial commitments

The company has provided the group's bankers with cross guarantees over the borrowings of other group companies. At the year end this amounted to £296,433 (2023 - £392,501). The bank holds two floating charges over the assets and undertakings of the company.

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to related parties - Key management personnel 99,512 113,912

The above balance is interest free and has no fixed terms of repayment.

The company has taken advantage of the exemption with FRS 102 Section 33 paragraph 33.1A, not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary of the group to which it is party to the transactions.

11. Ultimate controlling party

Parent Company:

Ryalsting Limited
A company registered in Scotland jointly controlled by the directors Mr G A Scott and Mrs S F Scott.