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Registration number: SC485167

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

Company Information

Directors

Dr Martin Peter Robinson

Mr John Robert Magnus Burns

Company secretary

Mrs Mary Hayes

Registered office

Shetland MOT & Repair
Baillister
Tingwall
Shetland
ZE2 9SH

Accountants

BML Accounts Limited 2 Harbour Street
Lerwick
Shetland
ZE1 0LR

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

(Registration number: SC485167)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

466,376

425,128

Current assets

 

Stocks

5

6,000

12,000

Debtors

6

55,889

57,323

Cash at bank and in hand

 

56,596

59,599

 

118,485

128,922

Creditors: Amounts falling due within one year

7

(115,008)

(81,737)

Net current assets

 

3,477

47,185

Total assets less current liabilities

 

469,853

472,313

Creditors: Amounts falling due after more than one year

7

(195,580)

(239,661)

Provisions for liabilities

(35,707)

(22,199)

Net assets

 

238,566

210,453

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

238,556

210,443

Shareholders' funds

 

238,566

210,453

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

(Registration number: SC485167)
Balance Sheet as at 31 August 2024

.........................................
Dr Martin Peter Robinson
Director

.........................................
Mr John Robert Magnus Burns
Director

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

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

1

General information

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

The address of its registered office is:
Shetland MOT & Repair
Baillister
Tingwall
Shetland
ZE2 9SH
Scotland

These financial statements were authorised for issue by the Board on 28 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.

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

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

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.

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

Freehold Property

4% Straight line

Plant & Machinery

15% Straight line

Office Equipment

33% Straight line

Motor Vehicles

15% Straight line

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.

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

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

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.

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.

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.

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

452,958

28,850

30,116

78,589

590,513

Additions

13,983

-

59,480

29,418

102,881

Disposals

-

-

(15,000)

-

(15,000)

At 31 August 2024

466,941

28,850

74,596

108,007

678,394

Depreciation

At 1 September 2023

92,457

25,684

8,227

39,017

165,385

Charge for the year

17,918

3,134

11,115

14,466

46,633

At 31 August 2024

110,375

28,818

19,342

53,483

212,018

Carrying amount

At 31 August 2024

356,566

32

55,254

54,524

466,376

At 31 August 2023

360,501

3,166

21,889

39,572

425,128

Included within the net book value of land and buildings above is £356,566 (2023 - £360,501) in respect of freehold land and buildings.
 

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

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

5

Stocks

2024
£

2023
£

Work in progress

3,000

-

Other inventories

3,000

12,000

6,000

12,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

50,941

56,848

Other debtors

4,948

475

 

55,889

57,323

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

62,657

31,829

Taxation and social security

 

39,147

36,855

Accruals and deferred income

 

2,600

2,500

Other creditors

 

604

553

 

115,008

81,737

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

195,580

239,661

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,500

17,500

Other borrowings

188,080

222,161

195,580

239,661

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

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

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £9,600.00 (2023 - £5,300.00) per each Ordinary

96,000

53,000

 

 

11

Related party transactions

Key management personnel

A director's loan account was overdrawn at the year end and the amount due to the company at that date was £4,949 (2023 - £475)

 

Tingwall Motor Garage Limited

trading as Shetland MOT & Repair

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

10,475

64,000

Contributions paid to money purchase schemes

158

1,608

10,633

65,608