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Registered Number: SC520133
Scotland

 

 

 


Abridged Accounts

for the year ended 31 May 2024

for

KILGANNON MOTORS CAR SALES LTD

 
 
Notes
 
31/05/2024
£
  31/05/2023
£
Fixed assets      
Tangible fixed assets 3 743    1,013 
743    1,013 
Current assets      
Stocks 294,906    356,664 
Debtors 30,963    22,638 
Cash at bank and in hand 6,911    21,170 
332,780    400,472 
Creditors: amount falling due within one year (369,486)   (436,492)
Net current assets (36,706)   (36,020)
 
Total assets less current liabilities (35,963)   (35,007)
Creditors: amount falling due after more than one year (10,000)   (20,000)
Provisions for liabilities 24    (64)
Net assets (45,939)   (55,071)
 

Capital and reserves
     
Called up share capital 4 100    100 
Profit and loss account (46,039)   (55,171)
Shareholders' funds (45,939)   (55,071)
 


For the 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.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 23 February 2025 and were signed on its behalf by:


-------------------------------
James Gerard Kilgannon
Director
-------------------------------
Steven Clydesdale
Director
1
General Information
KILGANNON MOTORS CAR SALES LTD is a private company, limited by shares, registered in Scotland, registration number SC520133, registration address HEDGES LOAN , BANNOCKBURN, Stirling, FK7 8HX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 33% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 June 2023 2,998    1,300    9,161    13,459 
Additions      
Disposals      
At 31 May 2024 2,998    1,300    9,161    13,459 
Depreciation
At 01 June 2023 2,418    889    9,139    12,446 
Charge for year 145    103    22    270 
On disposals      
At 31 May 2024 2,563    992    9,161    12,716 
Net book values
Closing balance as at 31 May 2024 435    308      743 
Opening balance as at 01 June 2023 580    411    22    1,013 


4.

Share Capital

Allotted, called up and fully paid
31/05/2024
£
  31/05/2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

2