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REGISTERED NUMBER: SC274362 (Scotland)















Financial Statements for the Year Ended 30 June 2024

for

Muirhead Auto Parts Limited

Muirhead Auto Parts Limited (Registered number: SC274362)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Muirhead Auto Parts Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Shehraz Ashaq
M Ashaq





SECRETARY: M Ashaq





REGISTERED OFFICE: C/O Rennie Smith & Co
1160 Tollcross Road
Glasgow
G32 8HE





REGISTERED NUMBER: SC274362 (Scotland)






Muirhead Auto Parts Limited (Registered number: SC274362)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 405 -
Tangible assets 5 21,920 14,244
22,325 14,244

CURRENT ASSETS
Stocks 45,000 36,000
Debtors 6 214,026 8,003
Cash at bank and in hand 387,454 586,054
646,480 630,057
CREDITORS
Amounts falling due within one year 7 133,884 159,790
NET CURRENT ASSETS 512,596 470,267
TOTAL ASSETS LESS CURRENT
LIABILITIES

534,921

484,511

PROVISIONS FOR LIABILITIES 8 4,007 2,514
NET ASSETS 530,914 481,997

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 530,814 481,897
SHAREHOLDERS' FUNDS 530,914 481,997

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Muirhead Auto Parts Limited (Registered number: SC274362)

Balance Sheet - continued
30 June 2024


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 27 June 2025 and were signed on its behalf by:





Shehraz Ashaq - Director


Muirhead Auto Parts Limited (Registered number: SC274362)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Muirhead Auto Parts 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Muirhead Auto Parts Limited (Registered number: SC274362)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 450
At 30 June 2024 450
AMORTISATION
Charge for year 45
At 30 June 2024 45
NET BOOK VALUE
At 30 June 2024 405

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 119,176
Additions 14,062
At 30 June 2024 133,238
DEPRECIATION
At 1 July 2023 104,932
Charge for year 6,386
At 30 June 2024 111,318
NET BOOK VALUE
At 30 June 2024 21,920
At 30 June 2023 14,244

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 205,399 -
Other debtors 8,627 8,003
214,026 8,003

Muirhead Auto Parts Limited (Registered number: SC274362)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,847 816
Taxation and social security 15,444 69,655
Other creditors 112,593 89,319
133,884 159,790

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 4,007 2,514

Deferred
tax
£   
Balance at 1 July 2023 2,514
Provided during year 1,493
Balance at 30 June 2024 4,007

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
M Ashaq and Shehraz Ashaq
Balance outstanding at start of year (87,384 ) (61,402 )
Amounts advanced 133,765 18,418
Amounts repaid (156,919 ) (44,400 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (110,538 ) (87,384 )

10. ULTIMATE CONTROLLING PARTY

The company was under the control of Mr M Ashaq and Mr S Ashaq throughout the year under review. Mr M Ashaq and Mr S Ashaq are both directors and shareholders.