City Quay Car Services Limited SC328786 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is The principal activity of the company during the year was motor servicing. Digita Accounts Production Advanced 6.30.9574.0 true true SC328786 2023-06-01 2024-05-31 SC328786 2024-05-31 SC328786 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC328786 core:ShareCapital 2024-05-31 SC328786 core:CurrentFinancialInstruments 2024-05-31 SC328786 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 SC328786 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 SC328786 core:Goodwill 2024-05-31 SC328786 core:FurnitureFittings 2024-05-31 SC328786 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 SC328786 core:MotorVehicles 2024-05-31 SC328786 core:PlantMachinery 2024-05-31 SC328786 bus:SmallEntities 2023-06-01 2024-05-31 SC328786 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC328786 bus:FilletedAccounts 2023-06-01 2024-05-31 SC328786 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC328786 bus:RegisteredOffice 2023-06-01 2024-05-31 SC328786 bus:Director2 2023-06-01 2024-05-31 SC328786 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC328786 core:Goodwill 2023-06-01 2024-05-31 SC328786 core:FurnitureFittings 2023-06-01 2024-05-31 SC328786 core:LandBuildings 2023-06-01 2024-05-31 SC328786 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC328786 core:MotorVehicles 2023-06-01 2024-05-31 SC328786 core:PlantMachinery 2023-06-01 2024-05-31 SC328786 core:Vehicles 2023-06-01 2024-05-31 SC328786 countries:Scotland 2023-06-01 2024-05-31 SC328786 2023-05-31 SC328786 core:FurnitureFittings 2023-05-31 SC328786 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 SC328786 core:MotorVehicles 2023-05-31 SC328786 core:PlantMachinery 2023-05-31 SC328786 2022-06-01 2023-05-31 SC328786 2023-05-31 SC328786 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC328786 core:ShareCapital 2023-05-31 SC328786 core:CurrentFinancialInstruments 2023-05-31 SC328786 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 SC328786 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 SC328786 core:FurnitureFittings 2023-05-31 SC328786 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 SC328786 core:MotorVehicles 2023-05-31 SC328786 core:PlantMachinery 2023-05-31 iso4217:GBP xbrli:pure

Registration number: SC328786

City Quay Car Services Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

 

City Quay Car Services Limited

(Registration number: SC328786)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

137,667

-

Tangible assets

6

607,614

163,649

 

745,281

163,649

Current assets

 

Stocks

7

8,474

2,356

Debtors

8

30,581

13,552

Cash at bank and in hand

 

130,234

269,097

 

169,289

285,005

Creditors: Amounts falling due within one year

9

(221,265)

(64,697)

Net current (liabilities)/assets

 

(51,976)

220,308

Total assets less current liabilities

 

693,305

383,957

Creditors: Amounts falling due after more than one year

9

(200,541)

-

Provisions for liabilities

(23,004)

-

Net assets

 

469,760

383,957

Capital and reserves

 

Called up share capital

30,000

30,000

Retained earnings

439,760

353,957

Shareholders' funds

 

469,760

383,957

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

Director's 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 Director acknowledges his 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.

 

City Quay Car Services Limited

(Registration number: SC328786)
Statement of Financial Position as at 31 May 2024

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 Director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 14 February 2025

.........................................
Mr J Ewart
Director

 

City Quay Car Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
28 Queen Street
Broughty Ferry
Dundee
DD5 1AN

The principal place of business is:
Unit 5 Fruitmarket
East Dock Street
Dundee
DD1 3JN

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

City Quay Car Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expenses for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Land and Buildings

2% straight line

Plant

25% reducing balance

Fixtures and Fittings

15% reducing balance

Motor Vehilces

20%-30% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

City Quay Car Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 15 (2023 - 5).

 

City Quay Car Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

17,612

6,542

Amortisation expense

2,333

-

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

140,000

140,000

At 31 May 2024

140,000

140,000

Amortisation

Amortisation charge

2,333

2,333

At 31 May 2024

2,333

2,333

Carrying amount

At 31 May 2024

137,667

137,667

 

City Quay Car Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 June 2023

216,940

9,554

131,155

-

Additions

339,884

15,000

86,693

20,000

At 31 May 2024

556,824

24,554

217,848

20,000

Depreciation

At 1 June 2023

60,751

7,712

125,537

-

Charge for the year

4,912

464

4,214

8,022

At 31 May 2024

65,663

8,176

129,751

8,022

Carrying amount

At 31 May 2024

491,161

16,378

88,097

11,978

At 31 May 2023

156,189

1,842

5,618

-

Total
£

Cost or valuation

At 1 June 2023

357,649

Additions

461,577

At 31 May 2024

819,226

Depreciation

At 1 June 2023

194,000

Charge for the year

17,612

At 31 May 2024

211,612

Carrying amount

At 31 May 2024

607,614

At 31 May 2023

163,649

Included within the net book value of land and buildings above is £491,161 (2023 - £156,189) in respect of leasehold land and buildings.
 

 

City Quay Car Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Stocks

2024
£

2023
£

Other inventories

8,474

2,356

8

Debtors

Current

2024
£

2023
£

Trade debtors

28,596

6,576

Prepayments

1,907

3,068

Other debtors

78

3,908

 

30,581

13,552

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

119,252

-

Trade creditors

 

49,833

14,525

Taxation and social security

 

29,239

36,171

Accruals and deferred income

 

20,454

13,226

Other creditors

 

2,487

775

 

221,265

64,697

The bank borrowings are secured by standard security held over the land and buildings.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

200,541

-

The bank borrowings are secured by standard security held over land and buildings.