REGISTERED NUMBER: SC243121 (Scotland)

Financial Statements for the Year Ended 31 March 2025

for

I & K Motors Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Innes

A M Smith

SECRETARY:

Ms K I Ogg

REGISTERED OFFICE:

I & K Motors Ltd

Burghmuir Way

Inverurie

Aberdeenshire

AB51 4FT

REGISTERED NUMBER:

SC243121 (Scotland)

ACCOUNTANTS:

J M Taylor

5 Rubislaw Terrace

ABERDEEN

AB10 1XE

FIXED ASSETS

Tangible assets

4

42,065

50,711

CURRENT ASSETS

Stocks

768,130

838,557

Debtors

5

659,244

480,520

Cash at bank and in hand

472,058

500,121

1,899,432

1,819,198

CREDITORS

Amounts falling due within one year

6

360,198

323,544

NET CURRENT ASSETS

1,539,234

1,495,654

TOTAL ASSETS LESS CURRENT LIABILITIES

1,581,299

1,546,365

PROVISIONS FOR LIABILITIES

7

8,442

10,471

NET ASSETS

1,572,857

1,535,894

CAPITAL AND RESERVES

Called up share capital

8

5,000

5,000

Capital redemption reserve

5,000

5,000

Retained earnings

1,562,857

1,525,894

SHAREHOLDERS' FUNDS

1,572,857

1,535,894

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.

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 23 December 2025 and were signed on its behalf by:

S Innes - Director

1.	STATUTORY INFORMATION

I & K Motors Ltd. 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

20% on cost and at varying rates 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2024 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2024

12,453

167,577

180,030

Additions

-

1,000

1,000

At 31 March 2025

12,453

168,577

181,030

DEPRECIATION

At 1 April 2024

10,169

119,150

129,319

Charge for year

249

9,397

9,646

At 31 March 2025

10,418

128,547

138,965

NET BOOK VALUE

At 31 March 2025

2,035

40,030

42,065

At 31 March 2024

2,284

48,427

50,711

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

2,840

29,851

Other debtors

656,404

450,669

659,244

480,520

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

-

51,255

Trade creditors

292,508

148,015

Taxation and social security

51,258

50,322

Other creditors

16,432

73,952

360,198

323,544

7.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

8,442

10,471

Deferred

tax

£

Balance at 1 April 2024

10,471

Accelerated capital allowances

(2,029

)

Balance at 31 March 2025

8,442

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

5,000

Ordinary

£1

5,000

5,000

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.3.25

31.3.24

£

£

S Innes

Balance outstanding at start of year

312,481

233,264

Amounts advanced

142,553

79,217

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

455,034

312,481

Interest is charged on the director's loan at HMRC approved rates.

10.	ULTIMATE CONTROLLING PARTY

During the current and previous period the company was controlled by director Mr S Innes by virtue of his 100% holding in the share capital of the company.