Registered number
SC679936
Polwarth Motors Limited
Filleted Accounts
30 November 2024
Polwarth Motors Limited
Registered number: SC679936
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 184,101 184,101
Current assets
Debtors 4 1 1
Cash at bank and in hand 32,646 28,091
32,647 28,092
Creditors: amounts falling due within one year 5 (37,679) (35,964)
Net current liabilities (5,032) (7,872)
Total assets less current liabilities 179,069 176,229
Creditors: amounts falling due after more than one year 6 (119,550) (123,357)
Net assets 59,519 52,872
Capital and reserves
Called up share capital 1 1
Profit and loss account 59,518 52,871
Shareholders' funds 59,519 52,872
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Craig
Director
Approved by the board on 5 February 2025
Polwarth Motors Limited
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 December 2023 184,101
At 30 November 2024 184,101
Depreciation
At 30 November 2024 -
Net book value
At 30 November 2024 184,101
At 30 November 2023 184,101
4 Debtors 2024 2023
£ £
Other debtors 1 1
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,050 3,050
Taxation and social security costs 22,291 25,576
Other creditors 7,338 7,338
37,679 35,964
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 119,550 123,357
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