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REGISTERED NUMBER: SC248431 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SHEWALTON CAR SPARES LIMITED

SHEWALTON CAR SPARES LIMITED (REGISTERED NUMBER: SC248431)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SHEWALTON CAR SPARES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mrs J Young
Mr D Young





SECRETARY: Mr D Young





REGISTERED OFFICE: 3 Metcalfe Place
Oldhall West Industrial Estate
Irvine
Ayrshire
KA11 5DF





REGISTERED NUMBER: SC248431 (Scotland)





ACCOUNTANTS: Galbraith Pritchards
20 Barns Street
Ayr
Ayrshire
KA7 1XA

SHEWALTON CAR SPARES LIMITED (REGISTERED NUMBER: SC248431)

BALANCE SHEET
31 MARCH 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,500
Tangible assets 5 76,438 78,718
76,438 80,218

CURRENT ASSETS
Stocks 31,000 31,000
Debtors 6 8,071 2,843
Cash at bank and in hand 47,891 140,728
86,962 174,571
CREDITORS
Amounts falling due within one year 7 43,168 49,521
NET CURRENT ASSETS 43,794 125,050
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,232

205,268

PROVISIONS FOR LIABILITIES 12,329 12,379
NET ASSETS 107,903 192,889

CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 9 54,612 54,612
Retained earnings 9 53,191 138,177
SHAREHOLDERS' FUNDS 107,903 192,889

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

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

SHEWALTON CAR SPARES LIMITED (REGISTERED NUMBER: SC248431)

BALANCE SHEET - continued
31 MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





Mr D Young - Director


SHEWALTON CAR SPARES LIMITED (REGISTERED NUMBER: SC248431)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Shewalton Car Spares 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 as modified by the revaluation of certain assets.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Leasehold improvements - 5% on cost
Plant and machinery - At variable rates
Motor vehicles - At variable rates
Computer equipment - 25% on reducing balance

A review of impairment is carried out at each reporting date. Where the carrying value differs from the recoverable amount the asset is impaired accordingly.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.


SHEWALTON CAR SPARES LIMITED (REGISTERED NUMBER: SC248431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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.

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.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 120,000
AMORTISATION
At 1 April 2023 118,500
Charge for year 1,500
At 31 March 2024 120,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 1,500

SHEWALTON CAR SPARES LIMITED (REGISTERED NUMBER: SC248431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Leasehold Plant and Motor Computer
improvements machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 86,391 55,354 21,000 3,084 165,829
DEPRECIATION
At 1 April 2023 72,826 12,254 - 2,031 87,111
Charge for year 2,017 - - 263 2,280
At 31 March 2024 74,843 12,254 - 2,294 89,391
NET BOOK VALUE
At 31 March 2024 11,548 43,100 21,000 790 76,438
At 31 March 2023 13,565 43,100 21,000 1,053 78,718

Cost or valuation at 31 March 2024 is represented by:

Leasehold Plant and Motor Computer
improvements machinery vehicles equipment Totals
£    £    £    £    £   
Cost 86,391 55,354 21,000 3,084 165,829

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 1,908 2,843
Tax 6,163 -
8,071 2,843

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Tax - 6,126
Social security and other taxes 2,185 1,602
VAT 13,912 16,228
Directors' current accounts 20,878 21,049
Trade creditors & accruals 6,193 4,516
43,168 49,521

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
100 Ordinary 1.00 100 100

SHEWALTON CAR SPARES LIMITED (REGISTERED NUMBER: SC248431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 138,177 54,612 192,789
Deficit for the year (39,586 ) (39,586 )
Dividends (45,400 ) (45,400 )
At 31 March 2024 53,191 54,612 107,803