REGISTERED NUMBER: 04409698 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Scotspeed (Uk) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Mcghee

REGISTERED OFFICE:

128 City Road

London

EC1V 2NX

REGISTERED NUMBER:

04409698 (England and Wales)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Property, plant and equipment

3

61,119

65,868

CURRENT ASSETS

Inventories

21,963

24,404

Debtors

4

282,168

156,529

Cash at bank

103,059

69,574

407,190

250,507

CREDITORS

Amounts falling due within one year

5

381,122

244,857

NET CURRENT ASSETS

26,068

5,650

TOTAL ASSETS LESS CURRENT LIABILITIES

87,187

71,518

CREDITORS

Amounts falling due after more than one year

6

116,300

44,403

NET (LIABILITIES)/ASSETS

(29,113

)

27,115

CAPITAL AND RESERVES

Called up share capital

7

1

1

Revaluation reserve

8

38,891

43,212

Retained earnings

(68,005

)

(16,098

)

SHAREHOLDERS' FUNDS

(29,113

)

27,115

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 director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 December 2025 and were signed by:

A Mcghee - Director

1.	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.

Going concern

The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services in providing motor vehicle accessories and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts,settlement discounts and volume rebates. Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

Computer equipment

-

33% on cost

Inventories

Inventories 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 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 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

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.

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.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

3.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 January 2024

153,529

4,947

158,476

Additions

5,990

262

6,252

At 31 December 2024

159,519

5,209

164,728

DEPRECIATION

At 1 January 2024

88,452

4,156

92,608

Charge for year

10,649

352

11,001

At 31 December 2024

99,101

4,508

103,609

NET BOOK VALUE

At 31 December 2024

60,418

701

61,119

At 31 December 2023

65,077

791

65,868

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

226,463

125,211

Other debtors

55,705

31,318

282,168

156,529

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

12,118

10,648

Trade creditors

268,983

148,253

Taxation and social security

35,234

71,148

Other creditors

64,787

14,808

381,122

244,857

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

7,568

17,621

Other creditors

108,732

26,782

116,300

44,403

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary

£1

1

1

8.

RESERVES

Revaluation

reserve

£

At 1 January 2024

43,212

Revaluation

(4,321

)

At 31 December 2024

38,891