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REGISTERED NUMBER: SC390651 (Scotland)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Boyds Motor Engineers Ltd.

Boyds Motor Engineers Ltd. (Registered number: SC390651)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Boyds Motor Engineers Ltd.

Company Information
for the Year Ended 29 February 2024







DIRECTOR: W S Boyd





REGISTERED OFFICE: Upper Floor
82 Muir Street
Hamilton
ML3 6BJ





REGISTERED NUMBER: SC390651 (Scotland)





ACCOUNTANTS: Accountants Plus
Chartered Certified Accountants
Unit 1 Cadzow Park
82 Muir Street
Hamilton
ML3 6BJ

Boyds Motor Engineers Ltd. (Registered number: SC390651)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 55,147 30,053
55,147 30,053

CURRENT ASSETS
Stocks 15,749 27,867
Debtors 6 28,578 39,371
Cash at bank and in hand 52,052 30,377
96,379 97,615
CREDITORS
Amounts falling due within one year 7 91,612 79,398
NET CURRENT ASSETS 4,767 18,217
TOTAL ASSETS LESS CURRENT
LIABILITIES

59,914

48,270

CREDITORS
Amounts falling due after more than
one year

8

(13,950

)

(24,112

)

PROVISIONS FOR LIABILITIES (11,694 ) (4,226 )
NET ASSETS 34,270 19,932

Boyds Motor Engineers Ltd. (Registered number: SC390651)

Balance Sheet - continued
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 125 125
Retained earnings 34,145 19,807
34,270 19,932

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 director acknowledges his 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 director and authorised for issue on 15 November 2024 and were signed by:





W S Boyd - Director


Boyds Motor Engineers Ltd. (Registered number: SC390651)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Boyds Motor Engineers 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery etc - 25% on reducing balance, 20% on cost and 20% 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.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and bank balances
Cash and bank balances are measured at the transaction price.

Boyds Motor Engineers Ltd. (Registered number: SC390651)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 10,000
AMORTISATION
At 1 March 2023
and 29 February 2024 10,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

Boyds Motor Engineers Ltd. (Registered number: SC390651)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 158,208
Additions 48,896
Disposals (5,500 )
At 29 February 2024 201,604
DEPRECIATION
At 1 March 2023 128,155
Charge for year 19,302
Eliminated on disposal (1,000 )
At 29 February 2024 146,457
NET BOOK VALUE
At 29 February 2024 55,147
At 28 February 2023 30,053

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 25,262 35,773
Other debtors 280 562
Prepayments 3,036 3,036
28,578 39,371

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 10,162 9,911
Hire purchase contracts - 211
Trade creditors 36,875 36,644
Tax 19,224 14,493
Social security and other taxes 3,298 2,381
VAT 10,985 11,548
Other creditors 1,424 -
Pension 562 814
Directors' current accounts 7,114 2,048
Accrued expenses 1,968 1,348
91,612 79,398

Boyds Motor Engineers Ltd. (Registered number: SC390651)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans - 1-2 years 13,950 10,162
Bank loans - 2-5 years - 13,950
13,950 24,112