REGISTERED NUMBER: SC337051 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

A F NOBLE & SON (PENICUIK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C R F Noble

C J Noble

REGISTERED OFFICE:

2a Eastfield Farm Road

Penicuik

Midlothian

EH26 8EZ

REGISTERED NUMBER:

SC337051 (Scotland)

ACCOUNTANTS:

S&W Partners (Scotland) Limited

Q Court

3 Quality Street

Edinburgh

EH4 5BP

FIXED ASSETS

Tangible assets

4

583,444

589,981

Investments

5

535,404

200,000

1,118,848

789,981

CURRENT ASSETS

Stocks

1,957,018

1,841,559

Debtors

6

594,068

575,881

Cash at bank

1,191,926

318,558

3,743,012

2,735,998

CREDITORS

Amounts falling due within one year

7

(2,209,812

)

(1,338,853

)

NET CURRENT ASSETS

1,533,200

1,397,145

TOTAL ASSETS LESS CURRENT LIABILITIES

2,652,048

2,187,126

PROVISIONS FOR LIABILITIES

9

(91,695

)

(106,961

)

NET ASSETS

2,560,353

2,080,165

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

2,559,353

2,079,165

2,560,353

2,080,165

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

C R F Noble - Director

C J Noble - Director

1.	STATUTORY INFORMATION

A F Noble & Son (Penicuik) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 for the sale of new and used cars and light motor vehicles, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the consideration can be reliably measured.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the Company has transferred the significant risks and rewards of ownership to the buyer;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Heritable property

-

5% per annum reducing balance

Plant and machinery

-

25% per annum reducing balance

Fixtures and fittings

-

25% per annum reducing balance

Computer equipment

-

25% per annum reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

ASSETS UNDER CONSTRUCTION

Assets under construction is valued at the lower of cost and net realisable value. Costs include all direct expenditure and attributable overheads. Net realisable value is based on estimated market value less any further costs expected to be incurred to completion. Assets under the course of construction are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use.

IMPAIRMENT OF ASSETS

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

FIXED ASSET INVESTMENTS

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax assets are only recognised 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 38 (2024 - 35 ) .

4.	TANGIBLE FIXED ASSETS

Assets

Heritable

under

Plant and

property

construction

machinery

£

£

£

COST

At 1 April 2024

270,609

-

757,347

Additions

-

15,597

79,476

At 31 March 2025

270,609

15,597

836,823

DEPRECIATION

At 1 April 2024

68,099

-

373,254

Charge for year

10,126

-

101,195

At 31 March 2025

78,225

-

474,449

NET BOOK VALUE

At 31 March 2025

192,384

15,597

362,374

At 31 March 2024

202,510

-

384,093

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

37,778

25,883

1,091,617

Additions

11,000

-

106,073

At 31 March 2025

48,778

25,883

1,197,690

DEPRECIATION

At 1 April 2024

36,260

24,023

501,636

Charge for year

824

465

112,610

At 31 March 2025

37,084

24,488

614,246

NET BOOK VALUE

At 31 March 2025

11,694

1,395

583,444

At 31 March 2024

1,518

1,860

589,981

Tangible fixed assets with a carrying value of £583,444 (2024 - £589,981) are pledged as security.

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 April 2024

200,000

Additions

335,404

At 31 March 2025

535,404

NET BOOK VALUE

At 31 March 2025

535,404

At 31 March 2024

200,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

558,239

526,602

Other debtors

35,829

49,279

594,068

575,881

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade creditors

1,503,383

1,131,164

Taxation and social security

481,129

163,762

Other creditors

225,300

43,927

2,209,812

1,338,853

Bank of Scotland PLC hold charges which cover all the property and undertaking of the company.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

as restated

£

£

Within one year

198,000

198,000

Between one and five years

363,995

563,195

561,995

761,195

9.	PROVISIONS FOR LIABILITIES

2025

2024

as restated

£

£

Deferred tax

Accelerated capital allowances

92,716

106,961

Other timing differences

(1,021

)

-

91,695

106,961

Deferred

tax

£

Balance at 1 April 2024

106,961

Credit to Statement of Income and Retained Earnings during year

(15,266

)

Balance at 31 March 2025

91,695

The reversal of deferred tax assets expected in 2026 is £1,021. This is expected to arise due to changes in the defined benefit pension liability.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within "Other creditors" is an amount of £74,358 (2024 - £nil) due to the directors. The loan is interest free and repayable on demand.