IRIS Accounts Production v24.2.0.383 SC417722 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false false true false 464 464 267 731 464 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4177222023-02-28SC4177222024-02-29SC4177222023-03-012024-02-29SC4177222022-02-28SC4177222022-03-012023-02-28SC4177222023-02-28SC417722ns15:Scotland2023-03-012024-02-29SC417722ns14:PoundSterling2023-03-012024-02-29SC417722ns10:Director12023-03-012024-02-29SC417722ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29SC417722ns10:SmallEntities2023-03-012024-02-29SC417722ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC417722ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29SC417722ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29SC417722ns10:FullAccounts2023-03-012024-02-29SC41772212023-03-012024-02-29SC417722ns10:Director2422023-02-28SC417722ns10:Director2422022-02-28SC417722ns10:Director2422023-03-012024-02-29SC417722ns10:Director2422024-02-29SC417722ns10:Director2422023-02-28SC417722ns10:Director22023-03-012024-02-29SC417722ns10:RegisteredOffice2023-03-012024-02-29SC417722ns5:CurrentFinancialInstruments2024-02-29SC417722ns5:CurrentFinancialInstruments2023-02-28SC417722ns5:Non-currentFinancialInstruments2024-02-29SC417722ns5:Non-currentFinancialInstruments2023-02-28SC417722ns5:ShareCapital2024-02-29SC417722ns5:ShareCapital2023-02-28SC417722ns5:RetainedEarningsAccumulatedLosses2024-02-29SC417722ns5:RetainedEarningsAccumulatedLosses2023-02-28SC417722ns5:NetGoodwill2023-03-012024-02-29SC417722ns5:PlantMachinery2023-03-012024-02-29SC417722ns5:NetGoodwill2023-02-28SC417722ns5:NetGoodwill2024-02-29SC417722ns5:NetGoodwill2023-02-28SC417722ns5:LeaseholdImprovements2023-02-28SC417722ns5:PlantMachinery2023-02-28SC417722ns5:MotorVehicles2023-02-28SC417722ns5:LeaseholdImprovements2023-03-012024-02-29SC417722ns5:MotorVehicles2023-03-012024-02-29SC417722ns5:LeaseholdImprovements2024-02-29SC417722ns5:PlantMachinery2024-02-29SC417722ns5:MotorVehicles2024-02-29SC417722ns5:LeaseholdImprovements2023-02-28SC417722ns5:PlantMachinery2023-02-28SC417722ns5:MotorVehicles2023-02-28SC417722ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-29SC417722ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-28SC417722ns5:RetainedEarningsAccumulatedLosses2023-02-28SC417722ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-29SC4177221ns10:Director12023-02-28SC4177221ns10:Director12022-02-28SC4177221ns10:Director12023-03-012024-02-29SC4177221ns10:Director12022-03-012023-02-28SC4177221ns10:Director12024-02-29SC4177221ns10:Director12023-02-28
REGISTERED NUMBER: SC417722 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

CROFT AUTOTECH LIMITED

CROFT AUTOTECH LIMITED (REGISTERED NUMBER: SC417722)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


CROFT AUTOTECH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr S G Cheyne
Mrs V Cheyne





REGISTERED OFFICE: Hospital Road
Ellon
Aberdeenshire
AB41 9AW





REGISTERED NUMBER: SC417722 (Scotland)





ACCOUNTANTS: Bain Henry Reid
28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY

CROFT AUTOTECH LIMITED (REGISTERED NUMBER: SC417722)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 31,000 35,000
Tangible assets 5 51,135 53,610
82,135 88,610

CURRENT ASSETS
Stocks 1,500 2,500
Debtors 6 26,733 27,450
Cash at bank 75,043 49,598
103,276 79,548
CREDITORS
Amounts falling due within one year 7 70,900 65,940
NET CURRENT ASSETS 32,376 13,608
TOTAL ASSETS LESS CURRENT
LIABILITIES

114,511

102,218

CREDITORS
Amounts falling due after more than one year 8 (5,996 ) (9,422 )

PROVISIONS FOR LIABILITIES (10,379 ) (13,453 )
NET ASSETS 98,136 79,343

CROFT AUTOTECH LIMITED (REGISTERED NUMBER: SC417722)

BALANCE SHEET - continued
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 9 98,116 79,323
98,136 79,343

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 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.

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 27 November 2024 and were signed on its behalf by:





Mr S G Cheyne - Director


CROFT AUTOTECH LIMITED (REGISTERED NUMBER: SC417722)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Croft Autotech 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.

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.

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 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.

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 - 7 ) .

CROFT AUTOTECH LIMITED (REGISTERED NUMBER: SC417722)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 40,000
AMORTISATION
At 1 March 2023 5,000
Charge for year 4,000
At 29 February 2024 9,000
NET BOOK VALUE
At 29 February 2024 31,000
At 28 February 2023 35,000

5. TANGIBLE FIXED ASSETS
Tenants Plant and Motor
Improvements machinery vehicles Totals
£    £    £    £   
COST
At 1 March 2023 - 77,620 25,766 103,386
Additions 8,420 1,753 - 10,173
At 29 February 2024 8,420 79,373 25,766 113,559
DEPRECIATION
At 1 March 2023 - 43,380 6,396 49,776
Charge for year - 8,773 3,875 12,648
At 29 February 2024 - 52,153 10,271 62,424
NET BOOK VALUE
At 29 February 2024 8,420 27,220 15,495 51,135
At 28 February 2023 - 34,240 19,370 53,610

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 15,083 15,989
Other debtors 11,650 11,461
26,733 27,450

CROFT AUTOTECH LIMITED (REGISTERED NUMBER: SC417722)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 3,426 3,426
Trade creditors 28,316 24,862
Taxation 20,533 21,738
Social security and other taxes 3,866 2,192
VAT 11,781 11,453
Other creditors 654 218
Directors' current accounts 731 464
Accruals 1,593 1,587
70,900 65,940

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 5,996 9,422

9. RESERVES
Retained
earnings
£   

At 1 March 2023 79,323
Profit for the year 62,793
Dividends (44,000 )
At 29 February 2024 98,116

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits from directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr S G Cheyne and Mrs V Cheyne
Balance outstanding at start of year 464 464
Amounts advanced 267 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 731 464

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £44,000 (2023 - £60,000) were paid to the directors .

12. ULTIMATE CONTROLLING PARTY

Mr Scott Cheyne, a director, along with members of his immediate family control the company by virtue of an interest of 100% of the issued ordinary share capital.