Company registration number SC313369 (Scotland)
GORDON SMITH CAR SALES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GORDON SMITH CAR SALES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
GORDON SMITH CAR SALES LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF GORDON SMITH CAR SALES LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gordon Smith Car Sales Limited for the year ended 30 November 2024 set out on pages 2 to 7 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the board of directors of Gordon Smith Car Sales Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gordon Smith Car Sales Limited and state those matters that we have agreed to state to the board of directors of Gordon Smith Car Sales Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gordon Smith Car Sales Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Gordon Smith Car Sales Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gordon Smith Car Sales Limited. You consider that Gordon Smith Car Sales 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 financial statements of Gordon Smith Car Sales 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 financial statements.
MMG Chartered Accountants
182 High Street
Montrose
ANGUS
DD10 8PH
Scotland
2 June 2025
GORDON SMITH CAR SALES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
36,343
35,848
Current assets
Stocks
5
42,533
46,019
Debtors
6
4,792
7,287
Cash at bank and in hand
686
48,011
53,306
Creditors: amounts falling due within one year
7
(6,515)
(12,046)
Net current assets
41,496
41,260
Total assets less current liabilities
77,839
77,108
Creditors: amounts falling due after more than one year
8
(709)
Provisions for liabilities
(169)
(75)
Net assets
77,670
76,324
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
77,668
76,322
Total equity
77,670
76,324
GORDON SMITH CAR SALES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 3 -
For the financial year ended 30 November 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 of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 2 June 2025
Mr G Smith
Director
Company registration number SC313369 (Scotland)
GORDON SMITH CAR SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
1
Accounting policies
Company information
Gordon Smith Car Sales Limited is a private company limited by shares incorporated in Scotland. The registered office is Rosewood Villa, Kinnell, Crossroads, Friockheim, Angus, Scotland, DD11 4UE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover and profit on ordinary activities before taxation are attributable to car sales.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not provided
Equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
GORDON SMITH CAR SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
GORDON SMITH CAR SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
3
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
£
£
£
£
Ordinary
Interim paid
1.00
1.00
1,000
4,000
Warning: Statutory database figures exceed / (fall short of) the trial balance by:
Interim dividend paid per trial balance - ordinary
(500)
-
4
Tangible fixed assets
Freehold land and buildings
Equipment
Total
£
£
£
Cost
At 1 December 2023
35,451
1,264
36,715
Additions
664
664
At 30 November 2024
35,451
1,928
37,379
Depreciation and impairment
At 1 December 2023
867
867
Depreciation charged in the year
169
169
At 30 November 2024
1,036
1,036
Carrying amount
At 30 November 2024
35,451
892
36,343
At 30 November 2023
35,451
397
35,848
5
Stocks
2024
2023
£
£
Stocks
42,533
46,019
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
795
4,020
Other debtors
3,997
3,267
4,792
7,287
GORDON SMITH CAR SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
757
2,976
Trade creditors
2,117
5,023
Taxation and social security
2,480
2,676
Other creditors
1,161
1,371
6,515
12,046
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
709
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2