Company Registration No. SC251241 (Scotland)
MVR (TURRIFF) LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
PAGES FOR FILING WITH REGISTRAR
MVR (TURRIFF) LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MVR (TURRIFF) LTD.
BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,929,517
1,630,821
Current assets
Debtors
4
46,303
75,245
Cash at bank and in hand
376,058
564,461
422,361
639,706
Creditors: amounts falling due within one year
5
(107,125)
(102,732)
Net current assets
315,236
536,974
Total assets less current liabilities
2,244,753
2,167,795
Provisions for liabilities
(80,310)
(133,007)
Net assets
2,164,443
2,034,788
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
2,164,343
2,034,688
Total equity
2,164,443
2,034,788

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 2 February 2026 and are signed on its behalf by:
Mr B C Morrison
Mr E J Morrison
Director
Director
Company Registration No. SC251241
MVR (TURRIFF) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 2 -
1
Accounting policies
Company information

MVR (Turriff) Ltd. is a private company limited by shares incorporated in Scotland. The registered office is Axis Business Centre, Thainstone, INVERURIE, AB51 5TB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for the rental and leasing of vehicles provided in the normal course of business, and is shown net of VAT and other sales related taxes. Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

1.3
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in han d.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

MVR (TURRIFF) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. The impairment loss, if any, is recognised in the profit and loss account.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MVR (TURRIFF) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2024
2,233,478
Additions
1,396,645
Disposals
(1,025,298)
At 31 July 2025
2,604,825
Depreciation and impairment
At 1 August 2024
602,657
Depreciation charged in the year
348,823
Eliminated in respect of disposals
(276,172)
At 31 July 2025
675,308
Carrying amount
At 31 July 2025
1,929,517
At 31 July 2024
1,630,821
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
45,005
74,017
Other debtors
1,298
1,228
46,303
75,245
MVR (TURRIFF) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 5 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
598
33,954
Corporation tax
94,294
37,523
Other taxation and social security
7,733
26,755
Accruals and deferred income
4,500
4,500
107,125
102,732
6
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
MVR (TURRIFF) LTD.
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 JULY 2025
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