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REGISTERED NUMBER: SC060106 (Scotland)














Financial Statements

for the Year Ended 31 January 2025

for

Helensburgh Motor Sales Limited

Helensburgh Motor Sales Limited (Registered number: SC060106)






Contents of the Financial Statements
for the Year Ended 31 January 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Helensburgh Motor Sales Limited

Company Information
for the Year Ended 31 January 2025







DIRECTORS: G Mulvaney FCCA
Ms K Mcguire
T Roome





SECRETARY: G Mulvaney FCCA





REGISTERED OFFICE: 5 John Street
Helensburgh
Dunbartonshire
G84 8BA





REGISTERED NUMBER: SC060106 (Scotland)





AUDITORS: Henderson & Company
Statutory Auditor
73 Union Street
Greenock
Renfrewshire
PA16 8BG

Helensburgh Motor Sales Limited (Registered number: SC060106)

Balance Sheet
31 January 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,227,789 1,275,392
Investments 5 2 2
1,227,791 1,275,394

CURRENT ASSETS
Stocks 6 968,662 1,087,485
Debtors 7 166,010 140,981
Cash at bank 458,220 242,653
1,592,892 1,471,119
CREDITORS
Amounts falling due within one year 8 1,487,065 1,373,933
NET CURRENT ASSETS 105,827 97,186
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,333,618

1,372,580

CREDITORS
Amounts falling due after more than one
year

9

(435,639

)

(478,796

)

PROVISIONS FOR LIABILITIES 12 (135,326 ) (105,120 )
NET ASSETS 762,653 788,664

CAPITAL AND RESERVES
Called up share capital 13 9,971 9,971
Revaluation reserve 14 209,535 211,589
Capital redemption reserve 15,029 15,029
Retained earnings 528,118 552,075
SHAREHOLDERS' FUNDS 762,653 788,664

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 4 June 2025 and were signed on its behalf by:





G Mulvaney FCCA - Director


Helensburgh Motor Sales Limited (Registered number: SC060106)

Notes to the Financial Statements
for the Year Ended 31 January 2025

1. STATUTORY INFORMATION

Helensburgh Motor Sales Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 1% on cost
Plant and machinery - 6.67% to 20% on cost
Fixtures and fittings - 20% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Assets held under finance leases are depreciated in the same way as owned assets.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Helensburgh Motor Sales Limited (Registered number: SC060106)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value).

When stocks are sold the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Under supply agreements with manufacturers the company has access to consignment stock. Where supply agreements do not transfer risk and rewards to the company until such time as legal title actually passes at the end of the consignment period, consignment stock is not included in the balance sheet.

Taxation
The tax expense for the year comprises current and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for all taxable timing differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount for deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recoverd.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Hire purchase and leasing commitments
Assets held under finance lease and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Operating lease payments are recognised as an expense on a straightline basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expenses on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Helensburgh Motor Sales Limited (Registered number: SC060106)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

2. ACCOUNTING POLICIES - continued

Pension costs
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. The assets of the plan are held separately from the company in independently administered funds.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position bank overdrafts are shown within borrowings in current liabilities.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value and thereafter stated at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial instruments, including preference shares that are classified as debt, are measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is initially measured at fair value and subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2024 - 35 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 February 2024 775,000 590,696 300,542 1,666,238
Additions - 30,055 - 30,055
At 31 January 2025 775,000 620,751 300,542 1,696,293
DEPRECIATION
At 1 February 2024 34,725 68,472 287,649 390,846
Charge for year 7,511 64,563 5,584 77,658
At 31 January 2025 42,236 133,035 293,233 468,504
NET BOOK VALUE
At 31 January 2025 732,764 487,716 7,309 1,227,789
At 31 January 2024 740,275 522,224 12,893 1,275,392

Helensburgh Motor Sales Limited (Registered number: SC060106)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 January 2025 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2023 131,076 - - 131,076
Cost 643,924 620,751 300,542 1,565,217
775,000 620,751 300,542 1,696,293

The properties were revalued by the directors at 31 January 2025. Their valuation was based on a report prepared by DM Hall, chartered surveyors, on 24 February 2023.


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2024
and 31 January 2025 2
NET BOOK VALUE
At 31 January 2025 2
At 31 January 2024 2

6. STOCKS
2025 2024
£    £   
Vehicles and parts 968,662 1,087,485

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 141,882 100,853
Other debtors 24,128 40,128
166,010 140,981

Helensburgh Motor Sales Limited (Registered number: SC060106)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 43,157 39,938
Trade creditors 349,353 249,333
Stocking finance 561,486 728,533
Tax 60,030 -
Social security and other taxes 118,076 60,949
Other creditors 354,963 295,180
1,487,065 1,373,933

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2025 2024
£    £   
Bank loans - 1-2 years 46,521 43,157
Bank loans - 2-5 years 162,361 148,533
Bank loans more 5 yr by instal 226,757 287,106
435,639 478,796

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 226,757 287,106

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2024
£    £   
Within one year 63,082 63,276
Between one and five years 247,325 247,846
In more than five years 90,000 150,000
400,407 461,122

11. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank loans 478,796 518,734
Stocking finance 561,486 728,533
1,040,282 1,247,267

Any bank borrowings are secured by standard securities over part of the company's heritable properties at Helensburgh and a floating charge over the general assets of the company.

Stocking finance is secured on the respective vehicles for which funds are advanced.

Helensburgh Motor Sales Limited (Registered number: SC060106)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

12. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax 135,326 105,120

Deferred
tax
£   
Balance at 1 February 2024 105,120
Charge to Income Statement during year 30,206
Balance at 31 January 2025 135,326

The deferred tax provision, which has been calculated assuming a tax rate of 25%, (2024 - 25%). The provision is comprised of accelerated capital allowances totalling £102,557 (2024 - £110,780), tax losses carried forward totalling £Nil (2024 - £38,429) and a capital gains provision of £32,769 (2024 - £32,769).

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
1,178 Ordinary £1 1,178 1,178
8,793 "A" Ordinary Shares £1 8,793 8,793
9,971 9,971

14. RESERVES
Revaluation
reserve
£   
At 1 February 2024 211,589
Transfer of additional
depreciation on revaluation (2,054 )

At 31 January 2025 209,535

15. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Henderson (Senior Statutory Auditor)
for and on behalf of Henderson & Company

16. ULTIMATE CONTROLLING PARTY

The company's ultimate parent company and controlling party is Helensburgh Motor Holdings Limited, a company incorporated in Scotland, whose registered office is 5-7 John Street, Helensburgh, G84 8EA.

Helensburgh Motor Holdings Limited is wholly owned by Helensburgh Automotive EOT Limited, whose registered office is 5 John Street, Helensburgh, G84 8BA.