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REGISTERED NUMBER: SC032713 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2024

for

ANDREW WATT (MOTOR SPARES) LIMITED

ANDREW WATT (MOTOR SPARES) LIMITED (REGISTERED NUMBER: SC032713)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

ANDREW WATT (MOTOR SPARES) LIMITED

Company Information
for the Year Ended 30 November 2024







DIRECTOR: A J Bell





REGISTERED OFFICE: 41 Broad Street
Bridgeton
Glasgow
G40 2QR





REGISTERED NUMBER: SC032713 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

ANDREW WATT (MOTOR SPARES) LIMITED (REGISTERED NUMBER: SC032713)

Balance Sheet
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 135,508 98,104

CURRENT ASSETS
Stocks 921,675 919,146
Debtors 6 785,524 762,698
Cash at bank and in hand 2,168,882 1,740,062
3,876,081 3,421,906
CREDITORS
Amounts falling due within one year 7 1,247,324 1,134,528
NET CURRENT ASSETS 2,628,757 2,287,378
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,764,265

2,385,482

PROVISIONS FOR LIABILITIES 25,627 16,006
NET ASSETS 2,738,638 2,369,476

CAPITAL AND RESERVES
Called up share capital 1,600 1,600
Capital redemption reserve 400 400
Retained earnings 2,736,638 2,367,476
SHAREHOLDERS' FUNDS 2,738,638 2,369,476

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

ANDREW WATT (MOTOR SPARES) LIMITED (REGISTERED NUMBER: SC032713)

Balance Sheet - continued
30 November 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 6 January 2025 and were signed by:





A J Bell - Director


ANDREW WATT (MOTOR SPARES) LIMITED (REGISTERED NUMBER: SC032713)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Andrew Watt (Motor Spares) 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.

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


2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis.

Turnover and revenue recognition
Turnover is derived from the sale of motor vehicle parts and accessories.

Turnover is measured at the fair value of motor vehicle parts and accessories supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

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.
Land and buildings - Straight line over 50 years and Over the period of lease
Plant and machinery etc - 15% on cost and Straight line over 4 years

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £2,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Stocks
Stocks are valued at the lower of cost and expected selling price less costs to complete, after making due allowance for obsolete and slow moving items.

ANDREW WATT (MOTOR SPARES) LIMITED (REGISTERED NUMBER: SC032713)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

3. ACCOUNTING POLICIES - continued

Basic financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.

Recognition and measurement of financial instruments:
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Classification of financial instruments:
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Trade and other debtors:
Trade and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost, using the effective interest method. The effective interest rate is the market rate used to determine initial measurement adjusted to amortise directly attributable transaction costs.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Cash and cash equivalents:
Cash and cash equivalents comprise cash at bank and on hand and demand deposits with banks.

Trade creditors and other creditors:
Trade and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost, being transaction price less any amounts settled and the cumulative amortisation (using the effective interest method) of any difference between the amount at initial recognition and the maturity amount. The effective interest rate is the rate that discounts estimated future cash payments to the carrying amount of the financial liability.

Derecognition of financial assets and liabilities:
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some (but not substantially all) risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.


ANDREW WATT (MOTOR SPARES) LIMITED (REGISTERED NUMBER: SC032713)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

3. 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2023 - 48 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2023 438,056 381,209 819,265
Additions - 70,880 70,880
Disposals - (30,609 ) (30,609 )
At 30 November 2024 438,056 421,480 859,536
DEPRECIATION
At 1 December 2023 403,976 317,185 721,161
Charge for year 1,080 32,396 33,476
Eliminated on disposal - (30,609 ) (30,609 )
At 30 November 2024 405,056 318,972 724,028
NET BOOK VALUE
At 30 November 2024 33,000 102,508 135,508
At 30 November 2023 34,080 64,024 98,104

ANDREW WATT (MOTOR SPARES) LIMITED (REGISTERED NUMBER: SC032713)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 619,982 605,737
Other debtors 165,542 156,961
785,524 762,698

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 655,725 582,676
Taxation and social security 553,091 486,443
Other creditors 38,508 65,409
1,247,324 1,134,528

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2024 and 30 November 2023:

2024 2023
£    £   
A J Bell
Balance outstanding at start of year - 559
Amounts repaid - (559 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Andrew Watt (Motor Spares) Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Andrew Watt (Motor Spares) Limited for the year ended 30 November 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Andrew Watt (Motor Spares) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Andrew Watt (Motor Spares) Limited and state those matters that we have agreed to state to the director of Andrew Watt (Motor Spares) Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Andrew Watt (Motor Spares) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Andrew Watt (Motor Spares) Limited. You consider that Andrew Watt (Motor Spares) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Andrew Watt (Motor Spares) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


6 January 2025