ACCOUNTS - Final Accounts preparation

Secured Debts

The following secured debts are included within creditors:

Registered number: SC327232

IAN GRIEVE (FALKIRK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

IAN GRIEVE (FALKIRK) LIMITED

REGISTERED NUMBER: SC327232

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		1,423,006		1,467,181
			1,423,006		1,467,181
Current assets
Stocks	5	2,250,180		2,457,873
Debtors: amounts falling due within one year	6	483,342		177,434
Cash at bank and in hand		864,018		268,118
		3,597,540		2,903,425
Creditors: amounts falling due within one year	7	(1,796,542)		(1,288,843)
Net current assets			1,800,998		1,614,582
Total assets less current liabilities			3,224,004		3,081,763
Provisions for liabilities
Deferred tax		(27,211)		(31,175)
			(27,211)		(31,175)
Net assets			3,196,793		3,050,588

Capital and reserves
Called up share capital	8	949,999	949,999
Profit and loss account		2,246,794	2,100,589
		3,196,793	3,050,588

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Alastair Grieve

Director

Date: 27 March 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Ian Grieve (Falkirk) Limited is a private company limited by shares and is incorporated in Scotland, registered number SC327232. The registered office and principal place of business is 95a Glasgow Road, Camelon, Falkirk, FK1 4JD.
The principal activity of the company in the year under review was that of the retailing and servicing of motor vehicles.
The presentation currency of the Financial Statement is Pound Sterling (£).

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

Based on current year trading, current bank balances and existing finance and facilities, the directors believe that the company will be able to meet its debts as they fall due for the period of 12 months after the approval of these financial statements. They have therefore prepared the financial statements on a going concern basis.

2.3

Significant judgements and estimates

The preparation of these financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Stock valuation

Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass’ and CAP valuation guides. The directors maintain oversight of ageing stock profiles and monthly review of any provision required is performed.

Property, Plant and Equipment assets

Property, Plant and Equipment are reviewed for impairment if events or circumstances indicate that the carrying value may not be recoverable. When an impairment review is carried out the recoverable value is determined based on value in use calculations which require estimates to be made of future cash flows.

Page 2

IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Incentives and other rebates from brand partners

The company receives income in the form of various incentives which are determined by its brand partners. The amount received is generally based on achieving specific objectives such as a specified sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and measured on either a quarterly or annual basis.
Where incentives are based on specific sales volume or the number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the later of the date the related vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or training standard, they are recognised as a reduction in cost of sales when it is reasonably certain that the incentive will be received for the relevant period.
The company may also receive contributions towards advertising, promotional and rent expenditure. Where such contributions are received they are recognised as a reduction in the related expenditure in the period to which they relate.

2.5

Turnover

Turnover from the sale of goods is recognised in the Income Statement, net of discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the buyer. In general, this occurs when vehicles or parts have been supplied or when a service has been completed.
Commission income is accounted for on a receivable basis.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution 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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

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IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2% on cost
Improvements to property	-	4% on cost
Plant and machinery	-	10% on cost
Computer equipment	-	33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 25 (2023 - 24).

Page 5

IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Tangible fixed assets

	Freehold property	Plant and machinery	Computer equipment	Improvement to property	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	1,367,773	142,144	13,984	190,020	1,713,921
Additions	-	-	6,076	-	6,076
Disposals	-	(4,306)	-	(14,860)	(19,166)
At 31 December 2024	1,367,773	137,838	20,060	175,160	1,700,831
Depreciation
At 1 January 2024	72,000	105,259	13,984	55,497	246,740
Charge for the year on owned assets	24,000	7,698	675	7,334	39,707
Disposals	-	(1,973)	-	(6,649)	(8,622)
At 31 December 2024	96,000	110,984	14,659	56,182	277,825
Net book value
At 31 December 2024	1,271,773	26,854	5,401	118,978	1,423,006
At 31 December 2023	1,295,773	36,885	-	134,523	1,467,181

5.	Stocks
		2024	2023
		£	£

Vehicle stocks	2,080,109	2,319,445
Parts stocks	170,071	138,428
	2,250,180	2,457,873

Debtors

					2024	2023
					£	£


Trade debtors	320,015	69,271
Prepayments and accrued income	163,327	108,163
	483,342	177,434

Page 6

IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	1,474,140	1,022,543
Corporation tax	92,916	123,728
Social security and other taxes	23,639	21,162
VAT	106,642	17,445
Amounts owed to related parties	21,000	21,000
Accruals	78,205	82,965
	1,796,542	1,288,843

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

949,999 (2023 - 949,999) Ordinary A Shares of £1.00 each	949,999	949,999


Vehicle funding	1,235,330	653,453
	1,235,330	653,453

Vehicle funding liabilities are secured directly against respective vehicles to which they relate.

10.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £51,529 (2023: £80,022). Amounts due to be paid to the fund at the year end amounted to £6,024 (2023: £4,793).

Page 7

IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Not later than 1 year	3,600	4,767
Later than 1 year and not later than 5 years	2,552	6,151
	6,152	10,918

12.	Related party transactions
	At the reporting date the company owed the directors £21,000 (2023: £21,000) in respect of unpaid dividends. During the year, the vehicles sales made to the Directors' members amounted to £79,931 (2023: £16,240). During the year, the vehicles purchases from Directors' members amounted to £ 0 (2023: £30,000).

13.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 27 March 2025 by Martin Johnston (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

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