REGISTERED NUMBER: SC025065 (Scotland)

LOCHS MOTOR TRANSPORT LIMITED

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A Smith

R Macdonald

SECRETARY:

Mrs A Smith

REGISTERED OFFICE:

The Garage

Cameron Terrace

Leurbost

Lochs

Isle of Lewis

HS2 9PE

REGISTERED NUMBER:

SC025065 (Scotland)

ACCOUNTANTS:

Mann Judd Gordon Ltd

Chartered Accountants

26 Lewis Street

Stornoway

Isle of Lewis

HS1 2JF

FIXED ASSETS

Tangible assets

5

3,058,070

2,325,936

Investments

6

234,418

214,693

3,292,488

2,540,629

CURRENT ASSETS

Stocks

17,749

15,292

Debtors

7

339,298

40,212

Cash at bank

497,326

549,580

854,373

605,084

CREDITORS

Amounts falling due within one year

8

607,764

390,016

NET CURRENT ASSETS

246,609

215,068

TOTAL ASSETS LESS CURRENT LIABILITIES

3,539,097

2,755,697

CREDITORS

Amounts falling due after more than one year

9

1,584,738

1,054,226

NET ASSETS

1,954,359

1,701,471

CAPITAL AND RESERVES

Called up share capital

3,900

3,900

Retained earnings

1,950,459

1,697,571

SHAREHOLDERS' FUNDS

1,954,359

1,701,471

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

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

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 and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2025 and were signed on its behalf by:

R Macdonald - Director

1.	STATUTORY INFORMATION

Lochs Motor Transport 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 (£).

The figures in the accounts are rounded to the nearest £1.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Fixed assets and depreciation charges are subject to the application of significant judgements and estimates by the directors.

Useful economic life and residual value are estimated, which in turn determines the annual depreciation charge to be charged to the profit and loss account and the resulting net book value of assets carried in the annual balance sheet.

Turnover

Turnover comprises sales, net of value added tax, bus fares earned and bus operating subsidies received in respect of the year.

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

-

not provided

Plant and machinery

-

20% depreciation on cost

Fixtures and fittings

-

10% depreciation on cost

Motor vehicles

-

25% depreciation on reducing balance

Computer equipment

-

25% depreciation 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 and 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 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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 26 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

219,876

141,562

46,220

Additions

-

12,500

-

Disposals

-

-

-

At 31 December 2024

219,876

154,062

46,220

DEPRECIATION

At 1 January 2024

-

97,352

36,363

Charge for year

-

13,503

1,408

Eliminated on disposal

-

-

-

At 31 December 2024

-

110,855

37,771

NET BOOK VALUE

At 31 December 2024

219,876

43,207

8,449

At 31 December 2023

219,876

44,210

9,857

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

3,797,611

11,544

4,216,813

Additions

2,342,407

-

2,354,907

Disposals

(1,215,362

)

-

(1,215,362

)

At 31 December 2024

4,924,656

11,544

5,356,358

DEPRECIATION

At 1 January 2024

1,745,618

11,544

1,890,877

Charge for year

711,448

-

726,359

Eliminated on disposal

(318,948

)

-

(318,948

)

At 31 December 2024

2,138,118

11,544

2,298,288

NET BOOK VALUE

At 31 December 2024

2,786,538

-

3,058,070

At 31 December 2023

2,051,993

-

2,325,936

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2024

2,686,616

Additions

1,589,958

Disposals

(159,509

)

Transfer to ownership

(879,150

)

At 31 December 2024

3,237,915

DEPRECIATION

At 1 January 2024

1,123,693

Charge for year

570,338

Eliminated on disposal

(95,648

)

Transfer to ownership

(691,681

)

At 31 December 2024

906,702

NET BOOK VALUE

At 31 December 2024

2,331,213

At 31 December 2023

1,562,923

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

214,693

Additions

19,725

At 31 December 2024

234,418

NET BOOK VALUE

At 31 December 2024

234,418

At 31 December 2023

214,693

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

16,883

23,631

Other debtors

322,415

16,581

339,298

40,212

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

2,209

1,486

Hire purchase contracts

515,231

345,943

Trade creditors

53,458

19,110

Taxation and social security

30,392

18,577

Other creditors

6,474

4,900

607,764

390,016

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

1,468,661

934,306

Other creditors

116,077

119,920

1,584,738

1,054,226

10.	RELATED PARTY DISCLOSURES

At 31 December 2024 the sum of £ 118,795 (2023: £119,920) was due to the directors. There is no interest charged on the outstanding balance and no repayment terms are in place.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is R Macdonald.