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REGISTERED NUMBER: SC101725 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

CRAIGNAIRN CARS LIMITED

CRAIGNAIRN CARS LIMITED (REGISTERED NUMBER: SC101725)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CRAIGNAIRN CARS LIMITED

COMPANY INFORMATION
for the year ended 31 July 2024







DIRECTOR: J Grubb





REGISTERED OFFICE: Forth Avenue Industrial Estate
Kirkcaldy
Fife
KY2 5QW





REGISTERED NUMBER: SC101725 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Viewforth House
189 Nicol Street
Kirkcaldy
Fife
KY1 1PF

CRAIGNAIRN CARS LIMITED (REGISTERED NUMBER: SC101725)

BALANCE SHEET
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 456,381 450,821
456,381 450,821

CURRENT ASSETS
Stocks 6 1,083,105 986,684
Debtors 7 39,420 54,458
Investments 8 10,000 10,000
Cash at bank and in hand 54,305 48,747
1,186,830 1,099,889
CREDITORS
Amounts falling due within one year 9 355,956 288,515
NET CURRENT ASSETS 830,874 811,374
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,287,255

1,262,195

CREDITORS
Amounts falling due after more than one
year

10

(254,056

)

(252,082

)

PROVISIONS FOR LIABILITIES 12 (26,133 ) (19,122 )
NET ASSETS 1,007,066 990,991

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,007,064 990,989
SHAREHOLDERS' FUNDS 1,007,066 990,991

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

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

CRAIGNAIRN CARS LIMITED (REGISTERED NUMBER: SC101725)

BALANCE SHEET - continued
31 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 January 2025 and were signed by:





J Grubb - Director


CRAIGNAIRN CARS LIMITED (REGISTERED NUMBER: SC101725)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2024

1. STATUTORY INFORMATION

Craignairn Cars 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. 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

TURNOVER
Turnover represents the value of car sales and servicing provided during the year, excluding VAT

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% per annum reducing balance
Fixtures and fittings - 20% per annum reducing balance
Motor vehicles - 10% on reducing balance and at variable rates on reducing balance
Computer equipment - 33% per annum on cost

Tangible fixed assets are initially recorded at cost.

IMPAIRMENT

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

CRAIGNAIRN CARS LIMITED (REGISTERED NUMBER: SC101725)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments including loans and other accounts receivable and payable, are initially measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 7 (2023 - 7 ) .

CRAIGNAIRN CARS LIMITED (REGISTERED NUMBER: SC101725)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 150,000
AMORTISATION
At 1 August 2023
and 31 July 2024 150,000
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

5. TANGIBLE FIXED ASSETS
Improvements
Heritable to Plant and
property property machinery
£    £    £   
COST
At 1 August 2023 346,434 24,028 73,628
Additions - 1,320 1,291
Disposals - - -
At 31 July 2024 346,434 25,348 74,919
DEPRECIATION
At 1 August 2023 - 1,328 33,512
Charge for year - 2,513 6,157
Eliminated on disposal - - -
At 31 July 2024 - 3,841 39,669
NET BOOK VALUE
At 31 July 2024 346,434 21,507 35,250
At 31 July 2023 346,434 22,700 40,116

CRAIGNAIRN CARS LIMITED (REGISTERED NUMBER: SC101725)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 46,350 46,243 6,896 543,579
Additions 414 20,000 374 23,399
Disposals (23,754 ) - (3,258 ) (27,012 )
At 31 July 2024 23,010 66,243 4,012 539,966
DEPRECIATION
At 1 August 2023 28,874 23,987 5,057 92,758
Charge for year 3,370 4,056 518 16,614
Eliminated on disposal (22,534 ) - (3,253 ) (25,787 )
At 31 July 2024 9,710 28,043 2,322 83,585
NET BOOK VALUE
At 31 July 2024 13,300 38,200 1,690 456,381
At 31 July 2023 17,476 22,256 1,839 450,821

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2023 22,000
Additions 20,000
At 31 July 2024 42,000
DEPRECIATION
At 1 August 2023 8,085
Charge for year 3,538
At 31 July 2024 11,623
NET BOOK VALUE
At 31 July 2024 30,377
At 31 July 2023 13,915

6. STOCKS
2024 2023
£    £   
Stocks 1,083,105 986,684

Included in 'Stock' is an amount of £95,500 (2023: £50,000) held on finance.

CRAIGNAIRN CARS LIMITED (REGISTERED NUMBER: SC101725)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 249 -
Other debtors 21,689 36,018
Prepayments 17,482 18,440
39,420 54,458

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Investments 10,000 10,000

Investments are available for sale and not for long term investment.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdraft 55,862 60,198
Hire purchase contracts 13,396 12,308
Trade creditors 59,782 77,812
Taxation and social security 47,243 32,480
Other creditors 179,673 105,717
355,956 288,515

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 207,546 237,724
Hire purchase contracts 46,510 14,358
254,056 252,082

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after more than five years
and repayable by instalments

97,243

131,762

11. SECURED DEBTS

Lenders hold a bond and floating charge over the whole assets of the company including a fixed charge over the stock as disclosed in note 8 to these accounts.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 26,133 19,122

CRAIGNAIRN CARS LIMITED (REGISTERED NUMBER: SC101725)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2023 19,122
Provided during year 7,011
Balance at 31 July 2024 26,133

The provision for deferred taxation relates to accelerated capital allowances.

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
J Grubb
Balance outstanding at start of year (14,350 ) 4,362
Amounts advanced 86,982 43,893
Amounts repaid (73,000 ) (62,605 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (368 ) (14,350 )