Company registration number SC536543 (Scotland)
BARRY COOPER AUTOMOTIVES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
BARRY COOPER AUTOMOTIVES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
BARRY COOPER AUTOMOTIVES LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF BARRY COOPER AUTOMOTIVES LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Barry Cooper Automotives Limited for the year ended 31 May 2024 which comprise, the balance sheet 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 the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of Barry Cooper Automotives Limited, as a body, in accordance with the terms of our engagement letter dated 3 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Barry Cooper Automotives Limited and state those matters that we have agreed to state to the board of directors of Barry Cooper Automotives Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Barry Cooper Automotives Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Barry Cooper Automotives 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 Barry Cooper Automotives Limited. You consider that Barry Cooper Automotives 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 Barry Cooper Automotives 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.

A.J.B. Scholes Ltd
Chartered Accountants
75 High Street
Laurencekirk
AB30 1BH
28 January 2025
BARRY COOPER AUTOMOTIVES LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,000
3,000
Tangible assets
5
22,424
8,313
24,424
11,313
Current assets
Stocks
3,150
3,150
Debtors
6
202,614
263,883
Cash at bank and in hand
7,914
8,624
213,678
275,657
Creditors: amounts falling due within one year
7
(171,658)
(212,890)
Net current assets
42,020
62,767
Total assets less current liabilities
66,444
74,080
Creditors: amounts falling due after more than one year
8
(14,272)
(20,760)
Net assets
52,172
53,320
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
52,072
53,220
Total equity
52,172
53,320
BARRY COOPER AUTOMOTIVES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 28 January 2025
Mr Barry Cooper
Director
Company registration number SC536543 (Scotland)
BARRY COOPER AUTOMOTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information

Barry Cooper Automotives Limited is a private company limited by shares incorporated in Scotland. The registered office is 2 Old Aberdeen Road, Fordoun, Laurencekirk, Kincardineshire, United Kingdom, AB30 1NU.

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
Going concern

No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the director. The director is of the opinion that the company can continue to meet its obligations as they fall due for the foreseeable future. As a consequence, the director has prepared the financial statements on the going concern basis.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from services rendered is recognised when the outcome of a transaction can be measured reliably and it is probable that the economic benefit associated with the transaction will flow to the company. When the outcome of the transaction involving the rendering of services cannot be measured reliably, revenue shall be recognised only to the extent of the expenses recognised that are recoverable.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
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 machinery
15% straight line
Office equipment
20% straight line
Motor vehicles
20% straight line

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.

BARRY COOPER AUTOMOTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Financial instruments

The following assets and liabilities are classified as financial instruments, bank, trade debtors, trade creditors, hire purchase agreements, bank loans and loans to related parties. Cash at bank in the balance sheet is held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to the supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the profit and loss account. Fixed assets acquired by hire purchase agreements are measured at cost and the liability associated with the agreements is measured at the discounted amounts due. Bank loans are measured at the discounted amounts due. Loans to related parties are measured at the undiscounted amounts receivable.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

BARRY COOPER AUTOMOTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.11
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 balance sheet 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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
3
3
BARRY COOPER AUTOMOTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
10,000
Amortisation and impairment
At 1 June 2023
7,000
Amortisation charged for the year
1,000
At 31 May 2024
8,000
Carrying amount
At 31 May 2024
2,000
At 31 May 2023
3,000
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
86,885
Additions
20,004
At 31 May 2024
106,889
Depreciation and impairment
At 1 June 2023
78,572
Depreciation charged in the year
5,893
At 31 May 2024
84,465
Carrying amount
At 31 May 2024
22,424
At 31 May 2023
8,313
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
43,417
36,899
Other debtors
158,702
226,984
202,119
263,883
BARRY COOPER AUTOMOTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
6
Debtors
(Continued)
- 8 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
495
-
0
Total debtors
202,614
263,883
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,730
19,067
Trade creditors
30,089
25,978
Taxation and social security
104,665
143,565
Other creditors
15,174
24,280
171,658
212,890

Creditors falling due within one year include liabilities of £2,134 (2023: £8,657) in respect of the finance leases which are secured over the related fixed asset.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,755
20,760
Other creditors
3,517
-
0
14,272
20,760

Creditors falling due after more than one year include liabilities of £3,517 (2023: £nil) in respect of the finance leases which are secured over the related fixed asset.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
BARRY COOPER AUTOMOTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
10
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
B Cooper
2.25
105,757
14,795
1,750
(51,764)
70,538
P Cooper
2.25
60,571
577
911
(28,041)
34,018
166,328
15,372
2,661
(79,805)
104,556
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