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RAINTOWN WHEELS LIMITED

Registered Number
SC727898
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

RAINTOWN WHEELS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

HARDY, Steven

Registered Address

Mckellar Accountancy, Unit Studio 2001 Mile End Mill, Abbey Mill Business Centre Ltd
12 Seedhill Road
Paisley
PA1 1JS

Registered Number

SC727898 (Scotland)
RAINTOWN WHEELS LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets316,31121,748
16,31121,748
Current assets
Debtors6,344-
Cash at bank and on hand28950
6,63350
Creditors amounts falling due within one year4(6,904)(16,021)
Net current assets (liabilities)(271)(15,971)
Total assets less current liabilities16,0405,777
Provisions for liabilities5(3,099)(4,132)
Net assets12,9411,645
Capital and reserves
Called up share capital11
Profit and loss account12,9401,644
Shareholders' funds12,9411,645
The financial statements were approved and authorised for issue by the Director on 17 February 2025, and are signed on its behalf by:
HARDY, Steven
Director
Registered Company No. SC727898
RAINTOWN WHEELS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Vehicles25
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Vehicles

Total

££
Cost or valuation
At 01 April 2328,99828,998
At 31 March 2428,99828,998
Depreciation and impairment
At 01 April 237,2507,250
Charge for year5,4375,437
At 31 March 2412,68712,687
Net book value
At 31 March 2416,31116,311
At 31 March 2321,74821,748
4.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts-50
Taxation and social security5,9502,267
Other creditors-13,704
Accrued liabilities and deferred income954-
Total6,90416,021
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.
5.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)3,0994,132
Total3,0994,132
6.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
HARDY, Steven06,34306,343
06,34306,343