Company registration number SC289928
L & M RATTRAY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
PAGES FOR FILING WITH REGISTRAR
L & M RATTRAY LTD
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
L & M RATTRAY LTD
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
445,049
399,273
Investment properties
5
180,000
180,000
Investments
4
31,287
30,387
656,336
609,660
Current assets
Stocks
223,757
160,596
Debtors
6
61,183
47,034
Cash at bank and in hand
455,107
413,695
740,047
621,325
Creditors: amounts falling due within one year
7
(170,492)
(157,580)
Net current assets
569,555
463,745
Total assets less current liabilities
1,225,891
1,073,405
Creditors: amounts falling due after more than one year
8
(18,859)
(17,270)
Provisions for liabilities
10
(82,372)
(70,338)
Net assets
1,124,660
985,797
Capital and reserves
Allotted, called up and fully paid share capital
1,000
1,000
Profit and loss reserves
1,123,660
984,797
Total equity
1,124,660
985,797
L & M RATTRAY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2025
31 October 2025
- 2 -

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 October 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 7 April 2026 and are signed on its behalf by:
Mr M L D Rattray
Mrs S I Rattray
Director
Director
Company Registration No. SC289928
L & M RATTRAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -
1
Accounting policies
Company information

L & M Rattray Ltd is a private company limited by shares incorporated in Scotland. The registered office is Unit 4a, Achnagonalin Industrial Estate, Grantown on Spey, Moray, PH26 3TA.

1.1
Basis of preparation

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, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

Turnover represents net invoiced sales of goods and services, excluding Value Added Tax, arising from motor engineering, new and used vehicle sales, contract and private hire transport.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under contracts for the above goods and services.

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:

Freehold land and buildings
2% and 5% on cost
Plant and equipment
15% on reducing balance
Computers
15% on reducing balance
Motor vehicles
25% on 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
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Fixed asset investments are stated at fair value at the balance sheet dates.

L & M RATTRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies (Continued)
- 4 -
1.6
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). 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

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.

1.8
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.

1.9
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.

L & M RATTRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies (Continued)
- 5 -
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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
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.

1.11
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.

L & M RATTRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies (Continued)
- 6 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

As lessor

When the company acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the company allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

L & M RATTRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 7 -
2
Employees

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

2025
2024
Number
Number
Total
12
12
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2024
247,521
316,978
71,377
141,555
777,431
Additions
12,489
82,173
3,498
-
0
98,160
Disposals
-
0
-
0
-
0
(15,960)
(15,960)
At 31 October 2025
260,010
399,151
74,875
125,595
859,631
Depreciation and impairment
At 1 November 2024
28,568
212,443
46,781
90,366
378,158
Depreciation charged in the year
6,987
28,006
4,214
12,671
51,878
Eliminated in respect of disposals
-
0
-
0
-
0
(15,454)
(15,454)
At 31 October 2025
35,555
240,449
50,995
87,583
414,582
Carrying amount
At 31 October 2025
224,455
158,702
23,880
38,012
445,049
At 31 October 2024
218,953
104,535
24,596
51,189
399,273
L & M RATTRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 8 -
4
Fixed asset investments
2025
2024
£
£
Other investments other than loans
31,287
30,387
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2024
30,387
Valuation changes
900
At 31 October 2025
31,287
Carrying amount
At 31 October 2025
31,287
At 31 October 2024
30,387
5
Investment property
2025
£
Fair value
At 1 November 2024 and 31 October 2025
180,000

The investment property was revalued by the directors in October 2015 on the basis of open market value at £180,000 and they consider this to still be the value at 31 October 2025.

Investment properties are accounted for in accordance with Section 1A "Small Entities" of Financial Reporting Standard 102. No depreciation is provided in respect of such properties.

If the investment properties were stated on an historical cost basis rather than a fair value basis, the cost at 31 October 2025 would have been £129,816 (2024: £129,816) with accumulated depreciation of £28,560 (2024: £25,963) giving a net book value of £101,257 (2024: £103,853).

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
55,758
45,651
Other debtors
5,425
1,383
61,183
47,034
L & M RATTRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
52,801
61,730
Taxation and social security
77,978
52,070
Other creditors
39,713
43,780
170,492
157,580

The Bank of Scotland hold a bond and floating charge over the whole assets of the company. The Bank of Scotland also hold standard security over Units 4a and 4b Auchnagonalin, Grantown on Spey.

8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
18,859
17,270
9
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
5,994
2,661
After more than one year
6,109
3,770
12,103
6,431
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
5,994
2,661
In two to five years
6,109
3,770
12,103
6,431

Hire purchase and finance lease obligations are secured on the assets to which they relate.

10
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
11
82,372
70,338
L & M RATTRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
69,826
57,792
Revaluations
12,546
12,546
82,372
70,338
2025
Movements in the year:
£
Liability at 1 November 2024
70,338
Charge to profit or loss
12,034
Liability at 31 October 2025
82,372
12
Reserves

Included in the Profit & Loss Account reserves are non-distributable reserves of £48,925 (2024: £48,025).

13
Related party transactions

At 31 October 2025 the company owed the directors £25,816 (2024: £34,160, this is included in other creditors. This loan is unsecured, interest-free and has no fixed terms of repayment.

At 31 October 2025 Mackenzie Harris Ltd a company in which the directors are also directors and shareholders was owed £451 (2024: £199) from L & M Rattray Ltd and this is included in other creditors. This loan is unsecured, interest-free and has no fixed terms of repayment.

2025-10-31 2024-11-01 false false false 07 April 2026 CCH Software CCH Accounts Production 2026.100 The principal activity of the company in the year under review was that of motor engineering, new and used vehicle sales.
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