REGISTERED NUMBER: SC308626 (Scotland)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

VEHICLE SOLUTIONS (SCOTLAND) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K McGowan

Ms B Rosenthall

SECRETARY:

Ms B Rosenthall

REGISTERED OFFICE:

Unit 1

The Claremont Centre

112 Cornwall Street South

Glasgow

G41 1AA

REGISTERED NUMBER:

SC308626 (Scotland)

ACCOUNTANTS:

Gilmour Hamilton LLP

Chartered Accountants

37 Portland Road

KILMARNOCK

Ayrshire

KA1 2DJ

FIXED ASSETS

Intangible assets

4

4,000

8,000

Tangible assets

5

123,247

135,879

127,247

143,879

CURRENT ASSETS

Stocks

32,500

31,500

Debtors

197,628

98,625

Cash at bank and in hand

3,414

23,497

233,542

153,622

CREDITORS

Amounts falling due within one year

329,082

274,496

NET CURRENT LIABILITIES

(95,540

)

(120,874

)

TOTAL ASSETS LESS CURRENT LIABILITIES

31,707

23,005

CREDITORS

Amounts falling due after more than one year

(8,367

)

(20,480

)

PROVISIONS FOR LIABILITIES

(23,417

)

(33,970

)

NET LIABILITIES

(77

)

(31,445

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(177

)

(31,545

)

(77

)

(31,445

)

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

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

K McGowan - Director

1.	STATUTORY INFORMATION

Vehicle Solutions (Scotland) 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.

The financial statements are presented in pounds sterling (£) which is the functional currency of a the company and rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from sale of motor vehicles is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on collection of the vehicle.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from garage services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to stage of works carried out and costs incurred at the reporting date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of franchise territory, is being amortised over 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Leasehold property improvements

-10% on cost

Plant and machinery etc

- 33.33% on cost, 25% reducing balance, 20% on cost

and 10% on cost

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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 period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service,

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable/payable withing on year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2024 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

and 31 March 2025

109,000

AMORTISATION

At 1 April 2024

101,000

Amortisation for year

4,000

At 31 March 2025

105,000

NET BOOK VALUE

At 31 March 2025

4,000

At 31 March 2024

8,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

298,327

Additions

27,042

Disposals

(20,394

)

At 31 March 2025

304,975

DEPRECIATION

At 1 April 2024

162,448

Charge for year

39,342

Eliminated on disposal

(20,062

)

At 31 March 2025

181,728

NET BOOK VALUE

At 31 March 2025

123,247

At 31 March 2024

135,879

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

K McGowan and Ms B Rosenthall

Balance outstanding at start of year

43,285

31,716

Amounts advanced

43,196

77,086

Amounts repaid

-

(65,517

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

86,481

43,285