Company Registration No. SC510747 (Scotland)
C B AUTO SERVICE (FIFE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
C B AUTO SERVICE (FIFE) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
63,260
61,524
Current assets
Stocks
342,701
353,648
Debtors
4
191,991
215,937
Cash at bank and in hand
55,823
143,812
590,515
713,397
Creditors: amounts falling due within one year
5
(246,625)
(297,779)
Net current assets
343,890
415,618
Total assets less current liabilities
407,150
477,142
Creditors: amounts falling due after more than one year
6
(20,655)
(30,167)
Provisions for liabilities
7
(6,788)
(10,087)
Net assets
379,707
436,888
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
379,706
436,887
Total equity
379,707
436,888

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 29 November 2024
Mr Colin Bryan
Director
Company Registration No. SC510747
C B AUTO SERVICE (FIFE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

C B Auto Service (Fife) Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the invoiced value of maintenance and repair services of motor vehicles provided by the company, net of Value Added Tax and trade discounts.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

1.5
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

C B AUTO SERVICE (FIFE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
9
C B AUTO SERVICE (FIFE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 December 2022
100,741
63,279
164,020
Additions
17,622
6,042
23,664
Disposals
-
0
(500)
(500)
At 30 November 2023
118,363
68,821
187,184
Depreciation and impairment
At 1 December 2022
68,828
33,668
102,496
Depreciation charged in the year
12,925
8,884
21,809
Eliminated in respect of disposals
-
0
(381)
(381)
At 30 November 2023
81,753
42,171
123,924
Carrying amount
At 30 November 2023
36,610
26,650
63,260
At 30 November 2022
31,913
29,611
61,524
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
186,679
209,645
Other debtors
2,049
2,049
Prepayments and accrued income
3,263
4,243
191,991
215,937
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases (secured)
5,512
18,519
Trade creditors
91,924
68,769
Corporation tax
21,877
49,113
Other taxation and social security
33,553
58,815
Other creditors
19,375
19,869
Directors current accounts
58,553
63,298
Accruals and deferred income
5,831
9,396
246,625
297,779
C B AUTO SERVICE (FIFE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases (secured)
3,988
3,500
Other borrowings
16,667
26,667
20,655
30,167
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
6,788
10,087
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary Share of £1 each
1
1
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
140,000
170,000
2023-11-302022-12-01false29 November 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr C BryanfalsefalseSC5107472022-12-012023-11-30SC5107472023-11-30SC5107472022-11-30SC510747core:PlantMachinery2023-11-30SC510747core:MotorVehicles2023-11-30SC510747core:PlantMachinery2022-11-30SC510747core:MotorVehicles2022-11-30SC510747core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-30SC510747core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-30SC510747core:CurrentFinancialInstruments2023-11-30SC510747core:CurrentFinancialInstruments2022-11-30SC510747core:Non-currentFinancialInstruments2023-11-30SC510747core:Non-currentFinancialInstruments2022-11-30SC510747core:ShareCapital2023-11-30SC510747core:ShareCapital2022-11-30SC510747core:RetainedEarningsAccumulatedLosses2023-11-30SC510747core:RetainedEarningsAccumulatedLosses2022-11-30SC510747bus:Director12022-12-012023-11-30SC510747core:PlantMachinery2022-12-012023-11-30SC510747core:MotorVehicles2022-12-012023-11-30SC5107472021-12-012022-11-30SC510747core:PlantMachinery2022-11-30SC510747core:MotorVehicles2022-11-30SC5107472022-11-30SC510747bus:PrivateLimitedCompanyLtd2022-12-012023-11-30SC510747bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-30SC510747bus:FRS1022022-12-012023-11-30SC510747bus:AuditExemptWithAccountantsReport2022-12-012023-11-30SC510747bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP