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REGISTERED NUMBER: SC217964 (Scotland)















Unaudited Financial Statements for the Year Ended 31st July 2024

for

LOCHWINNOCH MOTORS LIMITED

LOCHWINNOCH MOTORS LIMITED (REGISTERED NUMBER: SC217964)






Contents of the Financial Statements
for the Year Ended 31st July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOCHWINNOCH MOTORS LIMITED

Company Information
for the Year Ended 31st July 2024







DIRECTORS: G Morrison
Mrs L Morrison



REGISTERED OFFICE: 45 McConnell Road
Lochwinnoch
PA12 4EB



REGISTERED NUMBER: SC217964 (Scotland)



BANKERS: The Royal Bank of Scotland
8 Church Street
Johnstone
PA5 8DX

LOCHWINNOCH MOTORS LIMITED (REGISTERED NUMBER: SC217964)

Balance Sheet
31st July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,259,220 3,070,010

CURRENT ASSETS
Stocks 974 991
Debtors 5 965,933 833,627
Cash at bank 1,609 2,128
968,516 836,746
CREDITORS
Amounts falling due within one year 6 1,640,717 1,392,998
NET CURRENT LIABILITIES (672,201 ) (556,252 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,587,019

2,513,758

CREDITORS
Amounts falling due after more than one
year

7

(826,589

)

(835,607

)

PROVISIONS FOR LIABILITIES (537,101 ) (480,634 )
NET ASSETS 1,223,329 1,197,517

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,223,327 1,197,515
SHAREHOLDERS' FUNDS 1,223,329 1,197,517

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

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

LOCHWINNOCH MOTORS LIMITED (REGISTERED NUMBER: SC217964)

Balance Sheet - continued
31st July 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 29th October 2024 and were signed on its behalf by:





G Morrison - Director


LOCHWINNOCH MOTORS LIMITED (REGISTERED NUMBER: SC217964)

Notes to the Financial Statements
for the Year Ended 31st July 2024

1. STATUTORY INFORMATION

Lochwinnoch Motors 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 15% 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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

LOCHWINNOCH MOTORS LIMITED (REGISTERED NUMBER: SC217964)

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

2. ACCOUNTING POLICIES - continued

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 15 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st August 2023 466,587 4,227,690 4,694,277
Additions - 802,235 802,235
Disposals - (396,563 ) (396,563 )
At 31st July 2024 466,587 4,633,362 5,099,949
DEPRECIATION
At 1st August 2023 24,885 1,599,382 1,624,267
Charge for year 9,331 452,384 461,715
Eliminated on disposal - (245,253 ) (245,253 )
At 31st July 2024 34,216 1,806,513 1,840,729
NET BOOK VALUE
At 31st July 2024 432,371 2,826,849 3,259,220
At 31st July 2023 441,702 2,628,308 3,070,010

LOCHWINNOCH MOTORS LIMITED (REGISTERED NUMBER: SC217964)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st August 2023 2,376,408
Additions 798,265
Transfer to ownership (915,709 )
At 31st July 2024 2,258,964
DEPRECIATION
At 1st August 2023 587,973
Charge for year 263,264
Transfer to ownership (421,220 )
At 31st July 2024 430,017
NET BOOK VALUE
At 31st July 2024 1,828,947
At 31st July 2023 1,788,435

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 859,328 735,705
Other debtors 106,605 97,922
965,933 833,627

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 560,902 482,069
Hire purchase contracts 649,153 461,721
Trade creditors 228,989 211,959
Taxation and social security 70,014 113,705
Other creditors 131,659 123,544
1,640,717 1,392,998

LOCHWINNOCH MOTORS LIMITED (REGISTERED NUMBER: SC217964)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 43,333 83,333
Hire purchase contracts 727,756 625,274
Other creditors 55,500 127,000
826,589 835,607

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 1,376,909 1,086,995
Invoice Factors 520,902 442,069
1,897,811 1,529,064

Sums due to the Invoice Factors are secured by a floating charge over the assets of the company.
The hire purchase liability is secured on the relevant assets.