REGISTERED NUMBER: SC268297 (Scotland)

Financial Statements for the Year Ended 30 June 2025

for

MEARNS MOTORS LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I S Greig

F M Greig

REGISTERED OFFICE:

26 Kirkburn

Laurencekirk

Kincardineshire

AB30 1LG

REGISTERED NUMBER:

SC268297 (Scotland)

ACCOUNTANTS:

Account Tax Ltd

Chartered Certified Accountants

12 Traill Drive

Montrose

Angus

DD10 8SW

FIXED ASSETS

Tangible assets

4

81,182

95,996

CURRENT ASSETS

Stocks

6,400

14,258

Debtors

5

41,946

40,012

Cash at bank and in hand

29,422

6,129

77,768

60,399

CREDITORS

Amounts falling due within one year

6

123,263

115,622

NET CURRENT LIABILITIES

(45,495

)

(55,223

)

TOTAL ASSETS LESS CURRENT LIABILITIES

35,687

40,773

CREDITORS

Amounts falling due after more than one year

7

27,490

40,628

NET ASSETS

8,197

145

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

8,097

45

SHAREHOLDERS' FUNDS

8,197

145

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2025 and were signed on its behalf by:

I S Greig - Director

F M Greig - Director

1.	STATUTORY INFORMATION

Mearns Motors Ltd. 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.

Plant and machinery

-

25% on cost and 25% on reducing balance

Motor vehicles

-

25% on cost and 25% on reducing balance

Computer equipment

-

25% 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 Profit & Loss Account, 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 material 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.

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 10 (2024 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 July 2024

and 30 June 2025

56,266

43,626

65,990

460

166,342

DEPRECIATION

At 1 July 2024

5,462

40,963

23,806

115

70,346

Charge for year

-

685

14,014

115

14,814

At 30 June 2025

5,462

41,648

37,820

230

85,160

NET BOOK VALUE

At 30 June 2025

50,804

1,978

28,170

230

81,182

At 30 June 2024

50,804

2,663

42,184

345

95,996

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

27,592

25,340

Other debtors

14,354

14,672

41,946

40,012

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

5,514

5,514

Hire purchase contracts

7,624

7,624

Trade creditors

81,626

92,990

Taxation and social security

26,089

7,028

Other creditors

2,410

2,466

123,263

115,622

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

21,137

26,651

Hire purchase contracts

6,353

13,977

27,490

40,628

8.	RELATED PARTY DISCLOSURES

The company was under control of F Greig and I Greig throughout the current and previous year.

During the year the director repaid the company net amounts totalling £3,240. As at 30 June 2025 included within other debtors is a balance outstanding due to the company of £0.00 (2024 - £3,240). No interest was paid on the funds advanced to the director. This is in line with HMRC guidelines.