Fairgrieve Automotive Ltd SC407369 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is the maintenance and repair of motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true SC407369 2023-10-01 2024-09-30 SC407369 2024-09-30 SC407369 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC407369 core:ShareCapital 2024-09-30 SC407369 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-09-30 SC407369 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-09-30 SC407369 core:CurrentFinancialInstruments 2024-09-30 SC407369 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 SC407369 core:Non-currentFinancialInstruments 2024-09-30 SC407369 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 SC407369 core:Goodwill 2024-09-30 SC407369 core:FurnitureFittingsToolsEquipment 2024-09-30 SC407369 core:LandBuildings 2024-09-30 SC407369 core:MotorVehicles 2024-09-30 SC407369 core:OtherPropertyPlantEquipment 2024-09-30 SC407369 bus:SmallEntities 2023-10-01 2024-09-30 SC407369 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC407369 bus:FilletedAccounts 2023-10-01 2024-09-30 SC407369 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 SC407369 bus:RegisteredOffice 2023-10-01 2024-09-30 SC407369 bus:Director1 2023-10-01 2024-09-30 SC407369 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC407369 core:Goodwill 2023-10-01 2024-09-30 SC407369 core:Buildings 2023-10-01 2024-09-30 SC407369 core:FurnitureFittings 2023-10-01 2024-09-30 SC407369 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 SC407369 core:LandBuildings 2023-10-01 2024-09-30 SC407369 core:MotorVehicles 2023-10-01 2024-09-30 SC407369 core:OfficeEquipment 2023-10-01 2024-09-30 SC407369 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 SC407369 core:PlantMachinery 2023-10-01 2024-09-30 SC407369 countries:Scotland 2023-10-01 2024-09-30 SC407369 2023-09-30 SC407369 core:Goodwill 2023-09-30 SC407369 core:FurnitureFittingsToolsEquipment 2023-09-30 SC407369 core:LandBuildings 2023-09-30 SC407369 core:MotorVehicles 2023-09-30 SC407369 core:OtherPropertyPlantEquipment 2023-09-30 SC407369 2022-10-01 2023-09-30 SC407369 2023-09-30 SC407369 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC407369 core:ShareCapital 2023-09-30 SC407369 core:HirePurchaseContracts core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-09-30 SC407369 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-09-30 SC407369 core:CurrentFinancialInstruments 2023-09-30 SC407369 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 SC407369 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-09-30 SC407369 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-09-30 SC407369 core:Non-currentFinancialInstruments 2023-09-30 SC407369 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 SC407369 core:Goodwill 2023-09-30 SC407369 core:FurnitureFittingsToolsEquipment 2023-09-30 SC407369 core:LandBuildings 2023-09-30 SC407369 core:MotorVehicles 2023-09-30 SC407369 core:OtherPropertyPlantEquipment 2023-09-30 SC407369 core:PreviouslyStatedAmount 2023-09-30 iso4217:GBP xbrli:pure

Registration number: SC407369

Fairgrieve Automotive Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Fairgrieve Automotive Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Fairgrieve Automotive Ltd

(Registration number: SC407369)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

9,410

Tangible assets

5

321,300

277,376

 

321,300

286,786

Current assets

 

Stocks

6

8,210

8,400

Debtors

7

9,089

8,804

Cash at bank and in hand

 

95,820

75,558

 

113,119

92,762

Creditors: Amounts falling due within one year

8

(121,275)

(117,744)

Net current liabilities

 

(8,156)

(24,982)

Total assets less current liabilities

 

313,144

261,804

Creditors: Amounts falling due after more than one year

8

(202,969)

(151,728)

Provisions for liabilities

(17,581)

(8,400)

Net assets

 

92,594

101,676

Capital and reserves

 

Called up share capital

1

1

Retained earnings

92,593

101,675

Shareholders' funds

 

92,594

101,676

For the financial year ending 30 September 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 and 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 Profit and Loss Account.

Approved and authorised by the director on 9 May 2025
 

.........................................
D Fairgrieve
Director

 

Fairgrieve Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
Longniddry Garage
Main Street
Longniddry
East Lothian
EH32 0NF

These financial statements were authorised for issue by the director on 9 May 2025.

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

 

Fairgrieve Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Property

2% straight line

Plant and machinery

20% straight line

Fixtures and fittings

20% straight line

Motor vehicles

20% straight line

Office equipment

33 1/3% straight line

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

Over 7 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Fairgrieve Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Fairgrieve Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 6).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

65,000

65,000

At 30 September 2024

65,000

65,000

Amortisation

At 1 October 2023

55,590

55,590

Amortisation charge

9,410

9,410

At 30 September 2024

65,000

65,000

Carrying amount

At 30 September 2024

-

-

At 30 September 2023

9,410

9,410

 

Fairgrieve Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

270,790

9,371

52,206

88,068

420,435

Additions

11,309

1,644

49,370

14,825

77,148

Disposals

-

-

(31,741)

-

(31,741)

At 30 September 2024

282,099

11,015

69,835

102,893

465,842

Depreciation

At 1 October 2023

31,596

8,226

48,605

54,632

143,059

Charge for the year

5,642

1,599

11,074

14,909

33,224

Eliminated on disposal

-

-

(31,741)

-

(31,741)

At 30 September 2024

37,238

9,825

27,938

69,541

144,542

Carrying amount

At 30 September 2024

244,861

1,190

41,897

33,352

321,300

At 30 September 2023

239,194

1,145

3,601

33,436

277,376

Included within the net book value of land and buildings above is £244,861 (2023 - £239,194) in respect of freehold land and buildings.
 

 

Fairgrieve Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Other inventories

8,210

8,400

7

Debtors

Current

2024
£

2023
£

Trade debtors

9,089

8,321

Other debtors

-

483

 

9,089

8,804

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

40,803

22,500

Trade creditors

 

36,871

60,259

Taxation and social security

 

42,046

29,180

Other creditors

 

1,540

5,341

Directors loan

 

15

464

 

121,275

117,744

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

202,969

151,728

 

Fairgrieve Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

170,570

151,728

Hire purchase contracts

32,399

-

202,969

151,728

2024
£

2023
£

Current loans and borrowings

Bank borrowings

30,834

22,500

Hire purchase contracts

9,969

-

40,803

22,500