KERR AND SMITH (AYR) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Company registration number SC182558 (Scotland)
PAGES FOR FILING WITH REGISTRAR
KERR AND SMITH (AYR) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
KERR AND SMITH (AYR) LIMITED
BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,343
15,817
Current assets
Debtors
5
49,511
72,854
Cash at bank and in hand
12,254
9,632
61,765
82,486
Creditors: amounts falling due within one year
6
(217,494)
(266,436)
Net current liabilities
(155,729)
(183,950)
Total assets less current liabilities
(145,386)
(168,133)
Creditors: amounts falling due after more than one year
7
-
0
(8,333)
Net liabilities
(145,386)
(176,466)
Capital and reserves
Called up share capital
200,000
200,000
Profit and loss reserves
(345,386)
(376,466)
Total equity
(145,386)
(176,466)

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.

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.

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 10 February 2026 and are signed on its behalf by:
Mr Paul Kerr
Director
Company registration number SC182558 (Scotland)
KERR AND SMITH (AYR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 2 -
1
Accounting policies
Company information

Kerr and Smith (Ayr) Limited is a private company limited by shares incorporated in Scotland. The registered office is 50 Green Street Lane, Ayr, Ayrshire, KA8 8BE.

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
Going concern

The financial statements have been prepared on a going concern basis which assumes continued financial support from the directors.true

1.3
Turnover

Turnover represents amounts receivable for aftersales services including bodyshop and heavy and light recovery net of VAT and trade discounts.

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
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.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset on a straight line basis over its expected useful life, as follows:
Plant and machinery
20% Straight Line
Motor vehicles
20% Straight Line

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.

KERR AND SMITH (AYR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.8
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.

Basic financial assets

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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
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.

KERR AND SMITH (AYR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
2
Employees

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

2025
2024
Number
Number
Total
13
14
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2024 and 31 July 2025
9,500
Amortisation and impairment
At 1 August 2024 and 31 July 2025
9,500
Carrying amount
At 31 July 2025
-
0
At 31 July 2024
-
0
4
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 August 2024 and 31 July 2025
55,565
119,880
175,445
Depreciation and impairment
At 1 August 2024
55,377
104,251
159,628
Depreciation charged in the year
188
5,286
5,474
At 31 July 2025
55,565
109,537
165,102
KERR AND SMITH (AYR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
4
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
(Continued)
- 5 -
Carrying amount
At 31 July 2025
-
0
10,343
10,343
At 31 July 2024
188
15,629
15,817
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
47,010
66,559
Other debtors
2,501
6,295
49,511
72,854

The company's trade debtors are subject to an invoice financing arrangement.

6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
8,333
10,000
Trade creditors
36,854
76,450
Taxation and social security
66,564
73,878
Other creditors
105,743
106,108
217,494
266,436

Included within "other creditors" is £11,759 relating to the invoice facility (202 4 - £19,362) which is secured over the trade debts to which it relates.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
8,333
8
Related party transactions

Other creditors due in less than one year include sums of £85,860 (2024 - £76,450) due to the directors of the company. These loans are repayable on demand and do not bear interest.

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