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SC715446falseNon-specialised wholesale trade2024-04-012025-03-31http://www.companieshouse.gov.uk/2024-03-31http://www.companieshouse.gov.uk/pt:ShareCapital2024-03-31http://www.companieshouse.gov.uk/cd:Director12024-04-012025-03-31http://www.companieshouse.gov.uk/pt:ShareCapital2025-03-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass12024-04-012025-03-31http://www.companieshouse.gov.uk/cd:RegisteredOffice2024-04-012025-03-31http://www.companieshouse.gov.uk/pt:NetGoodwill2024-03-31http://www.companieshouse.gov.uk/pt:NetGoodwill2025-03-31http://www.companieshouse.gov.uk/cd:AuditExemptWithAccountantsReport2024-04-012025-03-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2025-03-31http://www.companieshouse.gov.uk/pt:NetGoodwill2024-04-012025-03-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2024-03-31http://www.companieshouse.gov.uk/2024-04-012025-03-31http://www.companieshouse.gov.uk/2024-03-31http://www.companieshouse.gov.uk/cd:FRS1022024-04-012025-03-31http://www.companieshouse.gov.uk/2025-03-31http://www.companieshouse.gov.uk/cd:FullAccounts2024-04-012025-03-31http://www.companieshouse.gov.uk/cd:PrivateLimitedCompanyLtd2024-04-012025-03-31iso4217:GBPxbrli:sharesxbrli:pure


Registered number: SC715446






Premier Parts Scotland Ltd


FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025
























Prepared By:
Cunningham Grant
Chartered Accountants
Unit G6, The Granary Business Centre
Coal Road, Cupar
Fife
KY15 5YQ


FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025





DIRECTORS
Brian Smith


REGISTERED OFFICE
Craigie House
Fogan Drive
Drumoig
Fife
KY16 0DW


COMPANY DETAILS
Private company limited by shares registered in SC - Scotland, registered number SC715446



ACCOUNTANTS
Cunningham Grant
Chartered Accountants
Unit G6, The Granary Business Centre
Coal Road, Cupar
Fife
KY15 5YQ


FINANCIAL STATEMENTS
FOR THEYEARENDED31 MARCH 2025



CONTENTS



		Page

Directors' Report		-

Accountants' Report		-

Statement Of Comprehensive Income		-

Balance Sheet		3

Notes To The Accounts		4


The following do not form part of the statutory financial statements:

Trading And Profit And Loss Account		-

Profit And Loss Account Summaries		-


BALANCE SHEET AT 31 March 2025

			2025		2024
	Notes		£		£

FIXED ASSETS
Intangible assets	3		39,757		59,636
Tangible assets	4		39,563		36,731

			79,320		96,367

CURRENT ASSETS
Stock		68,620		63,710
Debtors	5	181,251		214,358
Cash at bank and in hand		19,910		21,605
		269,781		299,673
CREDITORS: Amounts falling due within one year	6	242,845		294,500
NET CURRENT ASSETS			26,936		5,173
TOTAL ASSETS LESS CURRENT LIABILITIES			106,256		101,540


CREDITORS: Amounts falling due after more than one year	7		8,372		6,932


PROVISIONS FOR LIABILITIES AND CHARGES			9,891		9,183

NET ASSETS			87,993		85,425

CAPITAL AND RESERVES

Called up share capital	9		1		1
Profit and loss account			87,992		85,424
SHAREHOLDERS' FUNDS			87,993		85,425

For the year ending 31 March 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.

Approved by the board on 2 December 2025 and signed on their behalf by



.............................
Brian Smith
Director




1a. General Information & Basis of Accounting
The company is limited by shares and incorporated in Scotland. The address of the registered office is given in the company information on page 1 of these financial statements.
The financial statements have been prepared in accordance with Financial Reporting Standard FRS 102 including Section 1A Small Entities, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There were no material departures from that standard.
The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1.The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise shown.




1b. Turnover
Turnover represents the amounts receivable arising from the supply of goods net of VAT and trade discounts.
Turnover 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.
Turnover is recognised as the fair value of the consideration received or receivable for services provided in the normal course of business, net of VAT and trade discounts.




1c. Goodwill
Goodwill represents the excess of the cost of acquisition over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised over its expected life, which is 5 years.




1d. Tangile Fixed Assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation has been provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant And Machinery		straight line20%
Commercial Vehicles		reducing balance25%
Fixtures And Fittings		straight line15%




1e. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.




1f. Cash And Cash Equivalents
Cash and cash equivalents are basic financial instruments which include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.




1g. Financial Instruments
Basic financial assets, which include debtors and 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.




1h. Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws 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. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.




1i. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.




1j. Leases and hire purchase agreements
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets acquired under hire purchase contracts and finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.
Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the term of the lease.




1k. Critical Accounting Estimates And Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period, or in the period of the revision and future periods where the revision affects both current and future periods.




2. EMPLOYEES

	2025	2024
	No.	No.
Average number of employees	4	6




6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
	2025	2024
	£	£
Trade creditors	95,336	118,221
Taxation and social security	38,276	43,045
Other creditors	109,233	133,234
	242,845	294,500




9. SHARE CAPITAL	2025	2024
	£	£
Allotted, issued and fully paid:
1 Class 1 shares of £1 each	1	1
	1	1




3. INTANGIBLE FIXED ASSETS

	Purchased
	Goodwill	Total
	£	£
Cost
At 1 April 2024	99,394	99,394
At 31 March 2025	99,394	99,394
Depreciation
At 1 April 2024	39,758	39,758
For the year	19,879	19,879
At 31 March 2025	59,637	59,637
Net Book Amounts
At 31 March 2025	39,757	39,757
At 31 March 2024	59,636	59,636




4. TANGIBLE FIXED ASSETS

	Plant and
	Machinery Etc.	Total
	£	£
Cost
At 1 April 2024	63,774	63,774
Additions	26,523	26,523
Disposals	(18,000)	(18,000)
At 31 March 2025	72,297	72,297
Depreciation
At 1 April 2024	27,043	27,043
Disposals	(7,876)	(7,876)
For the year	13,567	13,567
At 31 March 2025	32,734	32,734
Net Book Amounts
At 31 March 2025	39,563	39,563
At 31 March 2024	36,731	36,731




5. DEBTORS	2025	2024
	£	£

Amounts falling due within one year:
Trade debtors	180,555	214,358
Other debtors	696	-
	181,251	214,358




7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
	2025	2024
	£	£
Other creditors	8,372	6,932
	8,372	6,932


Included in other creditors are:
Obligations under hire purchase	8,372	6,932




8. SECURED CREDITORS
	2025	2024
	£	£
Amount of other creditors which are secured	15,214	9,981

Included in other creditors are obligations under hire purchase contracts secured over motor vehicles.