Kinghorn Bodyshop Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Kinghorn Bodyshop Limited is a private company, limited by shares, incorporated in Scotland, registered number SC239366 . The registered office is Blackburn Business Park, Blackburn, Aberdeen, AB21 0PS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover includes repair work which is incomplete at the year end, where it is possible to invoice work done to date. Where it is not possible to invoice on-going repair work it is included in stocks.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets comprises carbon credits.

Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets are amorised to profit or loss on a straight line basis over their useful life of 10 years.

If the recoverable amount is estimated to be less than its carrying amount, the carrying amount will be reduced to its recoverable amount. An impariment loss is recognsied immediately in profit or loss.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	10% straight line
Plant & Machinery	15% reducing balance
Motor Vehicles	15% reducing balance
Computer Equipment	3 years to straight line

The gains or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and condition expected at the end of its useful life.

...CONTINUED

Page 3

Page 4

Kinghorn Bodyshop Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.4. Tangible Fixed Assets and Depreciation - continued

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At each reproting date, an assesment is made for impairment. Any excess in carrying amount of stocks over its estimated selling price less costs to complate and sell is recognised as an impairment loss in profit and loss.

2.6. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Page 4

Page 5

Kinghorn Bodyshop Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Taxation

The tax expense represents the sum of the tax currently payable and deferred tax movements.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that were never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and contributions actually paid are shown as either other debtors or other creditors.

2.9. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.10. Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and that obligation can be estimated reliably.

Provisions are measured as the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 21 (2023: 22)

Page 5

Page 6

Kinghorn Bodyshop Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Other
	£
Cost or Valuation
As at 1 January 2024	1,090
Additions	1,194

As at 31 December 2024	2,284

Net Book Value
As at 31 December 2024	2,284

As at 1 January 2024	1,090

5. Tangible Assets

	Land & Buildings	Plant & Machinery etc.	Total
	£	£	£
Cost
As at 1 January 2024	156,112	1,008,801	1,164,913
Additions	-	68,965	68,965
Disposals	-	(45,352 )	(45,352 )

As at 31 December 2024	156,112	1,032,414	1,188,526

Depreciation
As at 1 January 2024	99,322	441,974	541,296
Provided during the period	9,835	99,444	109,279
Disposals	-	(15,200 )	(15,200 )

As at 31 December 2024	109,157	526,218	635,375

Net Book Value
As at 31 December 2024	46,955	506,196	553,151

As at 1 January 2024	56,790	566,827	623,617

6. Stocks

	2024	2023
	£	£
Stock	101,464	148,309

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	174,174	197,305
Other debtors	42,604	72,103

	216,778	269,408

Page 6

Page 7

Kinghorn Bodyshop Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	162,427	216,350
Other loans	-	3,223
Other creditors	133,112	56,710
Taxation and social security	240,255	145,795

	535,794	422,078

A floating charge over the assets of the company has been granted in respect of the bank overdraft of £nil (2023 - £nil).

9. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Other loans	-	12,533

10. Capital Grants

	2024	2023
	£	£
Balance at 1 January 2024	23,709	30,419
Increase / (Decrease) in the year	(7,249)	(6,710)

Balance at 31 December 2024	16,460	23,709

11. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2024	114,137	114,137
Origination and reversal of timing differences	(16,870 )	(16,870 )

Balance at 31 December 2024	97,267	97,267

12. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
41 Ordinary A shares of £ 1.000 each	41	41
39 Ordinary B shares of £ 1.000 each	39	39
20 Ordinary C shares of £ 1.000 each	20	20

	100	100

Page 7

Page 8

Kinghorn Bodyshop Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

13. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	10,000	10,000

	10,000	10,000

14. Directors Advances, Credits and Guarantees

Included within debtors £2,643 is due from the directors to the company (2024 - £293 due to the directors). During the year the company paid advances of £40,936 (2024 - £49,670) to the directors, and the directors made repayments of £38,000 (2024 - £49,500) to the company.

15. Post Balance Sheet Events

After the balance sheet date, the company was acquired through a management buyout by the exisiting directors. The event ocurred after the reporting date and does not affect the amounts recognised in these financial statements.

16. Controlling Party

The company is controlled by Mr G Kinghorn and Mrs J Kinghorn, who own the majority of the called up share capital.

Page 8

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		2,284		1,090
Tangible Assets	5		553,151		623,617

			555,435		624,707
CURRENT ASSETS
Stocks	6	101,464		148,309
Debtors	7	216,778		269,408
Cash at bank and in hand		595,019		273,780

		913,261		691,497
Creditors: Amounts Falling Due Within One Year	8	(535,794 )		(422,078 )

NET CURRENT ASSETS (LIABILITIES)			377,467		269,419

TOTAL ASSETS LESS CURRENT LIABILITIES			932,902		894,126

Creditors: Amounts Falling Due After More Than One Year	9		-		(12,533 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(97,267 )		(114,137 )

NET ASSETS			835,635		767,456

CAPITAL AND RESERVES
Called up share capital	12		100		100
Profit and Loss Account			835,535		767,356

SHAREHOLDERS' FUNDS			835,635		767,456