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Company Registration number: SC636446

Focus Motor Store Ltd

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 June 2024

 

Focus Motor Store Ltd

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 7

 

Focus Motor Store Ltd

Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

107,608

131,260

Current assets

 

Stocks

5

1,327,985

1,157,344

Debtors

6

145,448

91,272

Cash at bank and in hand

 

623,110

452,465

 

2,096,543

1,701,081

Creditors: Amounts falling due within one year

7

(679,254)

(660,859)

Net current assets

 

1,417,289

1,040,222

Total assets less current liabilities

 

1,524,897

1,171,482

Creditors: Amounts falling due after more than one year

7

(930,104)

(607,047)

Net assets

 

594,793

564,435

Capital and reserves

 

Called up share capital

195,259

195,259

Retained earnings

399,534

369,176

Shareholders' funds

 

594,793

564,435

 

Focus Motor Store Ltd

Balance Sheet as at 30 June 2024 (continued)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: SC636446

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Miss N J Fusco
Director

 

Focus Motor Store Ltd

Notes to the financial statements for the Year Ended 30 June 2024

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
51 Newall Terrace
Dumfries
DG1 1LN

These financial statements were authorised for issue by the Board on 28 August 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Focus Motor Store Ltd

Notes to the financial statements for the Year Ended 30 June 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% reducing balance

Plant and machinery

20% reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Focus Motor Store Ltd

Notes to the financial statements for the Year Ended 30 June 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 30).

 

Focus Motor Store Ltd

Notes to the financial statements for the Year Ended 30 June 2024 (continued)

4

TANGIBLE ASSETS

Fixtures, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

77,555

146,789

224,344

Additions

2,600

-

2,600

At 30 June 2024

80,155

146,789

226,944

Depreciation

At 1 July 2023

33,765

59,319

93,084

Charge for the year

8,758

17,494

26,252

At 30 June 2024

42,523

76,813

119,336

Carrying amount

At 30 June 2024

37,632

69,976

107,608

At 30 June 2023

43,790

87,470

131,260

5

STOCKS

2024
£

2023
£

Work in progress

5,519

6,508

Stocks

1,322,466

1,150,836

1,327,985

1,157,344

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

125,844

55,792

Prepayments

10,620

10,620

Other debtors

8,984

24,860

 

145,448

91,272

 

Focus Motor Store Ltd

Notes to the financial statements for the Year Ended 30 June 2024 (continued)

7

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,648

10,648

Trade creditors

 

462,990

490,562

Taxation and social security

 

119,519

83,717

Accruals and deferred income

 

5,000

293

Other creditors

 

81,097

75,639

 

679,254

660,859


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,648 (2023 - £10,648).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

9,245

19,258

Other non-current financial liabilities

 

920,859

587,789

 

930,104

607,047


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £9,245 (2023 - £19,258).

8

LOANS AND BORROWINGS

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,245

19,258

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

10,648