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REGISTERED NUMBER: SC496593 (Scotland)















Unaudited Financial Statements for the Year Ended 28 February 2025

for

James Glen Car Sales Ltd

James Glen Car Sales Ltd (Registered number: SC496593)






Contents of the Financial Statements
for the Year Ended 28 February 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


James Glen Car Sales Ltd

Company Information
for the Year Ended 28 February 2025







DIRECTORS: S Bogan
Mrs J Bogan





REGISTERED OFFICE: Upper Floor Unit 1
82 Muir Street
Hamilton
Lanarkshire
ML3 6BJ





REGISTERED NUMBER: SC496593 (Scotland)





ACCOUNTANTS: Accountants Plus
Chartered Certified Accountants
Unit 1 Cadzow Park
82 Muir Street
Hamilton
ML3 6BJ

James Glen Car Sales Ltd (Registered number: SC496593)

Balance Sheet
28 February 2025

28.2.25 29.2.24
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 143,570 140,775

CURRENT ASSETS
Stocks 463,114 497,331
Debtors 5 10,150 415
Cash at bank and in hand 444,154 327,679
917,418 825,425
CREDITORS
Amounts falling due within one year 6 407,345 755,929
NET CURRENT ASSETS 510,073 69,496
TOTAL ASSETS LESS CURRENT
LIABILITIES

653,643

210,271

CREDITORS
Amounts falling due after more than
one year

7

(337,477

)

-

PROVISIONS FOR LIABILITIES (3,056 ) (2,545 )
NET ASSETS 313,110 207,726

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 313,010 207,626
313,110 207,726

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 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.

James Glen Car Sales Ltd (Registered number: SC496593)

Balance Sheet - continued
28 February 2025


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:





S Bogan - Director


James Glen Car Sales Ltd (Registered number: SC496593)

Notes to the Financial Statements
for the Year Ended 28 February 2025

1. STATUTORY INFORMATION

James Glen Car Sales Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

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

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and bank balances
Cash and bank balances are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


James Glen Car Sales Ltd (Registered number: SC496593)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
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 5 (2024 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2024 136,035 25,241 161,276
Additions 3,159 8,205 11,364
Disposals - (916 ) (916 )
At 28 February 2025 139,194 32,530 171,724
DEPRECIATION
At 1 March 2024 5,441 15,060 20,501
Charge for year 2,784 5,785 8,569
Eliminated on disposal - (916 ) (916 )
At 28 February 2025 8,225 19,929 28,154
NET BOOK VALUE
At 28 February 2025 130,969 12,601 143,570
At 29 February 2024 130,594 10,181 140,775

James Glen Car Sales Ltd (Registered number: SC496593)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.25 29.2.24
£    £   
Trade debtors 9,177 19
Other debtors - 396
Prepayments 973 -
10,150 415

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.25 29.2.24
£    £   
Trade creditors 97,210 36,249
Tax 77,100 59,098
Social security and other taxes 2,902 2,667
VAT 28,071 19,530
Other creditors 34,679 -
Credit card 597 1,977
Pension fund 585 558
Directors' current accounts 163,241 632,755
Accrued expenses 2,960 3,095
407,345 755,929

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
28.2.25 29.2.24
£    £   
Other creditors 337,477 -

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2025 and 29 February 2024:

28.2.25 29.2.24
£    £   
J Bogan and Mrs I Bogan
Balance outstanding at start of year (401,699 ) (358,264 )
Amounts advanced 64,222 -
Amounts repaid - (43,435 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (337,477 ) (401,699 )

James Glen Car Sales Ltd (Registered number: SC496593)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

S Bogan and Mrs J Bogan
Balance outstanding at start of year (231,057 ) (203,787 )
Amounts advanced 67,816 -
Amounts repaid - (27,270 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (163,241 ) (231,057 )