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REGISTERED NUMBER: SC681842 (Scotland)
















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Queen Street Auto Centre Ltd

Queen Street Auto Centre Ltd (Registered number: SC681842)






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


Queen Street Auto Centre Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: G Mundt





REGISTERED OFFICE: C/O McLay, McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF





REGISTERED NUMBER: SC681842 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

Queen Street Auto Centre Ltd (Registered number: SC681842)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 8,610 9,840
Tangible assets 5 38,913 50,215
47,523 60,055

CURRENT ASSETS
Debtors 6 22,483 9,115
Cash at bank and in hand 18,587 20,927
41,070 30,042
CREDITORS
Amounts falling due within one year 7 (48,270 ) (41,202 )
NET CURRENT LIABILITIES (7,200 ) (11,160 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,323

48,895

CREDITORS
Amounts falling due after more than one
year

8

(30,371

)

(35,415

)

PROVISIONS FOR LIABILITIES (9,728 ) (12,554 )
NET ASSETS 224 926

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 223 925
224 926

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 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.

Queen Street Auto Centre Ltd (Registered number: SC681842)

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 director and authorised for issue on 18 November 2024 and were signed by:





G Mundt - Director


Queen Street Auto Centre Ltd (Registered number: SC681842)

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

1. STATUTORY INFORMATION

Queen Street Auto Centre 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.

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 2021, 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 each asset over its estimated useful life.

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.

Queen Street Auto Centre Ltd (Registered number: SC681842)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 12,300
AMORTISATION
At 1 April 2023 2,460
Charge for year 1,230
At 31 March 2024 3,690
NET BOOK VALUE
At 31 March 2024 8,610
At 31 March 2023 9,840

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 55,354
Additions 141
At 31 March 2024 55,495
DEPRECIATION
At 1 April 2023 5,139
Charge for year 11,443
At 31 March 2024 16,582
NET BOOK VALUE
At 31 March 2024 38,913
At 31 March 2023 50,215

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 4,818 1,693
Other debtors 17,665 7,422
22,483 9,115

Queen Street Auto Centre Ltd (Registered number: SC681842)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 5,044 5,044
Trade creditors 22,743 30,824
Taxation and social security 18,833 4,034
Other creditors 1,650 1,300
48,270 41,202

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 30,371 35,415

9. SECURED DEBTS

The hire purchase creditor is secured over the asset to which it relates.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the date of the accounts the director owed £17,665 to the company (2023: £4,835 owed to company). The loan is interest free and repayable by 31 December 2024.