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REGISTERED NUMBER: SC241096 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 January 2025

for

Jim Reid Vehicle Sales Limited

Jim Reid Vehicle Sales Limited (Registered number: SC241096)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Jim Reid Vehicle Sales Limited

Company Information
for the Year Ended 31 January 2025







DIRECTORS: Mr J G Reid
Mrs G Reid
Mrs L J Buchan
Mr P J Buchan
Mr L J Reid





REGISTERED OFFICE: 42 Queens Road
Aberdeen
AB15 4YE





REGISTERED NUMBER: SC241096 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

Balance Sheet
31 January 2025

31.1.25 31.1.24
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 350,897 243,528

CURRENT ASSETS
Stocks 747,833 1,134,709
Debtors 5 191,448 162,351
Cash in hand - 120
939,281 1,297,180
CREDITORS
Amounts falling due within one year 6 261,894 820,296
NET CURRENT ASSETS 677,387 476,884
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,028,284

720,412

CREDITORS
Amounts falling due after more than one
year

7

(436,398

)

(75,046

)

PROVISIONS FOR LIABILITIES (48,887 ) (42,103 )
NET ASSETS 542,999 603,263

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Capital redemption reserve 10,000 10,000
Retained earnings 512,999 573,263
542,999 603,263

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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.

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

Balance Sheet - continued
31 January 2025


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2025 and were signed on its behalf by:





Mr J G Reid - Director


Jim Reid Vehicle Sales Limited (Registered number: SC241096)

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

1. STATUTORY INFORMATION

Jim Reid Vehicle 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.

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.

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.
Tenant's improvements - 25% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance

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 Statement of Income and Retained Earnings, 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2024 - 19 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Tenant's Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2024 117,081 154,922 46,486 283,161 601,650
Additions 14,869 15,066 3,852 299,799 333,586
Disposals - (2,000 ) - (109,998 ) (111,998 )
At 31 January 2025 131,950 167,988 50,338 472,962 823,238
DEPRECIATION
At 1 February 2024 92,112 120,069 35,597 110,344 358,122
Charge for year 25,803 18,191 8,190 112,721 164,905
Eliminated on disposal - (1,542 ) - (49,144 ) (50,686 )
At 31 January 2025 117,915 136,718 43,787 173,921 472,341
NET BOOK VALUE
At 31 January 2025 14,035 31,270 6,551 299,041 350,897
At 31 January 2024 24,969 34,853 10,889 172,817 243,528

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2024 186,376
Additions 166,154
Disposals (46,600 )
At 31 January 2025 305,930
DEPRECIATION
At 1 February 2024 69,036
Charge for year 70,114
Eliminated on disposal (26,181 )
At 31 January 2025 112,969
NET BOOK VALUE
At 31 January 2025 192,961
At 31 January 2024 117,340

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.25 31.1.24
£    £   
Trade debtors 160,062 128,567
Other debtors 31,386 33,784
191,448 162,351

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.25 31.1.24
£    £   
Bank loans and overdrafts 49,533 408,255
Hire purchase contracts (see note 8) 95,157 59,104
Trade creditors 42,108 143,707
Taxation and social security 60,397 100,149
Other creditors 14,699 109,081
261,894 820,296

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.25 31.1.24
£    £   
Bank loans 319,177 18,333
Hire purchase contracts (see note 8) 117,221 56,713
436,398 75,046

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.1.25 31.1.24
£    £   
Net obligations repayable:
Within one year 95,157 59,104
Between one and five years 117,221 56,713
212,378 115,817

Non-cancellable operating leases
31.1.25 31.1.24
£    £   
Within one year 70,000 70,000
Between one and five years 290,000 290,000
In more than five years 85,000 155,000
445,000 515,000

Jim Reid Vehicle Sales Limited (Registered number: SC241096)

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

9. SECURED DEBTS

The Company entered into a loan agreement with Clydesdale Bank PLC (trading as Virgin Money) on 7 February 2025, securing an amount of £350,000. The loan is secured and is repayable over 84 months with a fixed interest rate of 7.5% per annum.