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REGISTERED NUMBER: SC128540 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Crown Motors (A & I) Limited

Crown Motors (A & I) Limited (Registered number: SC128540)






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


Crown Motors (A & I) Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr A S Cumming
Mr G A Cumming





REGISTERED OFFICE: Hillside of Cook
Crudie
Turriff
Aberdeenshire
AB45 1HE





REGISTERED NUMBER: SC128540 (Scotland)





ACCOUNTANTS: SBP
Accountants
9 Carmelite Street
Banff
Aberdeenshire
AB45 1AF

Crown Motors (A & I) Limited (Registered number: SC128540)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 602,338 546,441

CURRENT ASSETS
Stocks 1,990,837 2,410,137
Debtors 5 295,178 395,772
Cash in hand 186 1,829
2,286,201 2,807,738
CREDITORS
Amounts falling due within one year 6 669,581 1,088,484
NET CURRENT ASSETS 1,616,620 1,719,254
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,218,958

2,265,695

CREDITORS
Amounts falling due after more than one year 7 - (272,900 )

PROVISIONS FOR LIABILITIES (9,779 ) (6,903 )
NET ASSETS 2,209,179 1,985,892

CAPITAL AND RESERVES
Called up share capital 25,000 25,000
Retained earnings 2,184,179 1,960,892
SHAREHOLDERS' FUNDS 2,209,179 1,985,892

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.

Crown Motors (A & I) Limited (Registered number: SC128540)

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 30 October 2024 and were signed on its behalf by:




Mr A S Cumming - Director



Mr G A Cumming - Director


Crown Motors (A & I) Limited (Registered number: SC128540)

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

1. STATUTORY INFORMATION

Crown Motors (A & I) 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.

Income is included within the Trading and Profit and Loss Account when the company becomes legally entitled to it and it can be quantified with a reasonable degree of accuracy.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

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.

Crown Motors (A & I) Limited (Registered number: SC128540)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 February 2023 249,566 346,187 168,228
Additions 28,517 30,500 13,595
Disposals - - (4,800 )
At 31 January 2024 278,083 376,687 177,023
DEPRECIATION
At 1 February 2023 - 85,642 143,348
Charge for year - 7,534 7,655
Eliminated on disposal - - (4,600 )
At 31 January 2024 - 93,176 146,403
NET BOOK VALUE
At 31 January 2024 278,083 283,511 30,620
At 31 January 2023 249,566 260,545 24,880

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 5,578 91,063 - 860,622
Additions - - 2,294 74,906
Disposals - - - (4,800 )
At 31 January 2024 5,578 91,063 2,294 930,728
DEPRECIATION
At 1 February 2023 5,578 79,613 - 314,181
Charge for year - 2,863 757 18,809
Eliminated on disposal - - - (4,600 )
At 31 January 2024 5,578 82,476 757 328,390
NET BOOK VALUE
At 31 January 2024 - 8,587 1,537 602,338
At 31 January 2023 - 11,450 - 546,441

Crown Motors (A & I) Limited (Registered number: SC128540)

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 108,924 217,497
Other debtors 19,865 21,412
Directors' current accounts 166,389 146,690
VAT - 10,173
295,178 395,772

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 341,565 800,569
Other loans - 78,180
Trade creditors 114,505 116,741
Tax 84,663 70,463
Social security and other taxes 7,560 9,086
VAT 93,772 -
Other creditors 14,535 6,635
Directors' current accounts 4,000 -
Accrued expenses 8,981 6,810
669,581 1,088,484

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans - 1-2 years - 272,900

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank overdrafts 68,665 726,247
Bank loans 272,900 347,222
341,565 1,073,469

The overdraft and loan are secured by a Bond and Floating Charge held over the assets of the company.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A S Cumming and Mr G A Cumming.