Company Registration No. SC668667 (Scotland)
LM Motor Company Limited
Unaudited Accounts
for the year ended 31 July 2024
LM Motor Company Limited
Unaudited Accounts
Contents
LM Motor Company Limited
Company Information
for the year ended 31 July 2024
Company Number
SC668667 (Scotland)
Registered Office
19 DEAN STREET
KILMARNOCK
KA3 1DY
SCOTLAND
Accountants
BCi Accountants
Suite 2/3 - 48
West George Street
Glasgow
Scotland
G2 1BP
LM Motor Company Limited
Accountants' report
Accountants' report to the director of LM Motor Company Limited on the preparation of the unaudited statutory accounts for the year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
LM Motor Company Limited for the year ended
31 July 2024 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of LM Motor Company Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of LM Motor Company Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LM Motor Company Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that LM Motor Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of LM Motor Company Limited. You consider that LM Motor Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of LM Motor Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
BCi Accountants
Suite 2/3 - 48
West George Street
Glasgow
Scotland
G2 1BP
28 April 2025
LM Motor Company Limited
Statement of financial position
as at 31 July 2024
Tangible assets
46,537
46,836
Inventories
448,000
305,000
Cash at bank and in hand
86,035
52,098
Creditors: amounts falling due within one year
(103,007)
(34,138)
Net current assets
441,268
341,462
Total assets less current liabilities
487,805
388,298
Creditors: amounts falling due after more than one year
(165,000)
(100,000)
Net assets
322,805
288,298
Called up share capital
80,000
80,000
Capital contribution reserve
144,926
144,926
Profit and loss account
97,879
63,372
Shareholders' funds
322,805
288,298
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 April 2025 and were signed on its behalf by
Leigh McAvoy
Director
Company Registration No. SC668667
LM Motor Company Limited
Notes to the Accounts
for the year ended 31 July 2024
LM Motor Company Limited is a private company, limited by shares, registered in Scotland, registration number SC668667. The registered office is 19 DEAN STREET, KILMARNOCK, KA3 1DY, SCOTLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. No Government Grants were received in the period.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% Straight Line Annual Depreciation
Fixtures & fittings
10% Straight Line Annual Depreciation
Computer equipment
10% Straight Line Annual Depreciation
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The financial statements have been prepared on a Going Concern Basis.
LM Motor Company Limited
Notes to the Accounts
for the year ended 31 July 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 August 2023
48,750
4,500
4,800
3,800
61,850
Additions
5,800
-
-
-
5,800
At 31 July 2024
54,550
4,500
4,800
3,800
67,650
At 1 August 2023
12,930
450
912
722
15,014
Charge for the year
4,875
450
432
342
6,099
At 31 July 2024
17,805
900
1,344
1,064
21,113
At 31 July 2024
36,745
3,600
3,456
2,736
46,537
At 31 July 2023
35,820
4,050
3,888
3,078
46,836
Finished goods
448,000
305,000
Inventory is the net value of stock vehicles held at the Balance Sheet date.
Amounts falling due after more than one year
Other debtors
10,240
18,502
7
Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
94,915
25,783
Taxes and social security
8,092
8,355
8
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
150,000
85,000
Loans from directors
15,000
15,000
9
Average number of employees
During the year the average number of employees was 5 (2023: 5).