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REGISTERED NUMBER: SC234665 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Westfield Motors (Peterhead) Limited

Westfield Motors (Peterhead) Limited (Registered number: SC234665)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Westfield Motors (Peterhead) Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mrs I C Grugeon
Mr K Grugeon
Mr R Grugeon





REGISTERED OFFICE: Broad House
Broad Street
Peterhead
Aberdeenshire
AB42 1HY





REGISTERED NUMBER: SC234665 (Scotland)





ACCOUNTANTS: SBP
Accountants
Glebefield House
21 Links Terrace
Peterhead
Aberdeenshire
AB42 2XA

Westfield Motors (Peterhead) Limited (Registered number: SC234665)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 118,992 127,533

CURRENT ASSETS
Stocks 3,000 3,000
Debtors 5 367,289 356,149
Cash at bank 252,109 257,463
622,398 616,612
CREDITORS
Amounts falling due within one year 6 167,438 204,776
NET CURRENT ASSETS 454,960 411,836
TOTAL ASSETS LESS CURRENT
LIABILITIES

573,952

539,369

CREDITORS
Amounts falling due after more than one
year

7

(40,479

)

(56,188

)

PROVISIONS FOR LIABILITIES (10,762 ) (10,083 )
NET ASSETS 522,711 473,098

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 521,711 472,098
SHAREHOLDERS' FUNDS 522,711 473,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Westfield Motors (Peterhead) Limited (Registered number: SC234665)

Balance Sheet - continued
31 August 2024


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2025 and were signed on its behalf by:





Mr K Grugeon - Director


Westfield Motors (Peterhead) Limited (Registered number: SC234665)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Westfield Motors (Peterhead) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of services to customers. Revenue is recognised at the point services are provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Westfield Motors (Peterhead) Limited (Registered number: SC234665)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 135,000 31,708 52,890 2,681 222,279
Additions - 595 8,500 - 9,095
Disposals - (4,471 ) - - (4,471 )
At 31 August 2024 135,000 27,832 61,390 2,681 226,903
DEPRECIATION
At 1 September 2023 56,700 22,319 14,161 1,566 94,746
Charge for year 2,700 1,887 11,807 699 17,093
Eliminated on disposal - (3,928 ) - - (3,928 )
At 31 August 2024 59,400 20,278 25,968 2,265 107,911
NET BOOK VALUE
At 31 August 2024 75,600 7,554 35,422 416 118,992
At 31 August 2023 78,300 9,389 38,729 1,115 127,533

Westfield Motors (Peterhead) Limited (Registered number: SC234665)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 September 2023 4,295 47,890 52,185
Transfer to ownership (4,295 ) - (4,295 )
At 31 August 2024 - 47,890 47,890
DEPRECIATION
At 1 September 2023 2,888 11,973 14,861
Charge for year - 8,979 8,979
Transfer to ownership (2,888 ) - (2,888 )
At 31 August 2024 - 20,952 20,952
NET BOOK VALUE
At 31 August 2024 - 26,938 26,938
At 31 August 2023 1,407 35,917 37,324

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 19,309 37,538
Amounts owed by associates 326,717 302,475
Amounts recoverable on contract 2,150 2,600
Other debtors 19,113 13,536
367,289 356,149

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 10,206 10,100
Hire purchase contracts 5,597 5,769
Trade creditors 43,490 42,123
Tax 52,453 82,779
Social security and other taxes 3,131 3,487
VAT 18,692 27,939
Other creditors 5,341 2,544
Directors' current accounts 24,747 24,614
Accrued expenses 3,781 5,421
167,438 204,776

Westfield Motors (Peterhead) Limited (Registered number: SC234665)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans - 1-2 years 8,784 10,293
Bank loans - 2-5 years - 8,602
Hire purchase contracts 31,695 37,293
40,479 56,188

8. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank loans 18,990 28,995

Bank borrowings are secured by means of a Standard Security, Bond and Floating Charge over the company's property and assets, present and future, including uncalled capital.

9. RELATED PARTY DISCLOSURES

The company made a loan to Mayford Ltd, a company which is an associate to Westfield Motors (Peterhead) Limited. The balance due from Mayford Ltd as at 31st August 2024 was £326,717 (2023 - £302,475). No interest will be charged on the loan and the loan is repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The Company is controlled by the Directors and Shareholders.