ACCOUNTS - Final Accounts preparation

Secured Debts

The following secured debts are included within creditors:

Registered number: SC327232

IAN GRIEVE (FALKIRK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

IAN GRIEVE (FALKIRK) LIMITED

REGISTERED NUMBER: SC327232

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		1,382,605		1,423,006
			1,382,605		1,423,006
Current assets
Stocks	6	2,382,195		2,250,180
Debtors: amounts falling due within one year	7	442,727		483,342
Cash at bank and in hand		452,024		864,018
		3,276,946		3,597,540
Creditors: amounts falling due within one year	8	(1,355,450)		(1,796,542)
Net current assets			1,921,496		1,800,998
Total assets less current liabilities			3,304,101		3,224,004
Provisions for liabilities
Deferred tax		(24,215)		(27,211)
			(24,215)		(27,211)
Net assets			3,279,886		3,196,793

Capital and reserves
Called up share capital	9	949,999	949,999
Profit and loss account		2,329,887	2,246,794
		3,279,886	3,196,793

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Alastair Grieve

Director

Date: 19 March 2026

The notes on pages 2 to 8 form part of these financial statements.

Page 1

IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Ian Grieve (Falkirk) Limited is a private company limited by shares and is incorporated in Scotland, registered number SC327232. The registered office and principal place of business is 95a Glasgow Road, Camelon, Falkirk, FK1 4JD.
The principal activity of the company in the year under review was that of the retailing and servicing of motor vehicles.
The presentation currency of the Financial Statement is Pound Sterling (£).

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

Based on current year trading, current bank balances and existing finance and facilities, the directors believe that the company will be able to meet its debts as they fall due for the period of 12 months after the approval of these financial statements. They have therefore prepared the financial statements on a going concern basis.

2.3

Turnover

Turnover from the sale of goods is recognised in the Income Statement, net of discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the buyer. In general, this occurs when vehicles or parts have been supplied or when a service has been completed.
Commission income is accounted for on a receivable basis.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2% on cost
Improvements to property	-	4% on cost
Plant and machinery	-	10% on cost
Computer equipment	-	33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
Stock valuation
Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including CAP valuation guides. Demonstrator stock is written down monthly which is line with the industry standard. The directors maintain oversight of ageing stock profiles and a monthly review of any provision required is performed.

Property, plant and equipment assets
Property, plant and equipment are reviewed for impairment if events or circumstances indicate that the carrying value may not be recoverable. When an impairment review is carried out the recoverable value is determined based on value in use calculations which require estimates to be made of future cash flows.
Incentives and other rebates from brand partners
The company receives income in the form of various incentives which are determined by the brand partners. The amount received is generally based on achieving specific objectives such as a specified sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and measured on either a quarterly or annual basis.
Where incentives are based on a specific sales volume or number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the later of the date the related vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or training standards, they are recognised as a reduction in cost of sales when it is reasonably certain that the incentive will be received for the relevant period.
The company may also receive contributions towards advertising, promotional and rent expenditure. Where such contributions are received they are recognised as a reduction in the related expenditure in the period to which they relate.

Employees

The average monthly number of employees, including directors, during the year was 27 (2024 - 25).

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IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Tangible fixed assets

	Freehold property	Plant and machinery	Computer equipment	Improvement to property	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	1,367,773	137,838	20,060	175,160	1,700,831
At 31 December 2025	1,367,773	137,838	20,060	175,160	1,700,831
Depreciation
At 1 January 2025	96,000	110,984	14,659	56,182	277,825
Charge for the year on owned assets	23,996	7,374	2,024	7,007	40,401
At 31 December 2025	119,996	118,358	16,683	63,189	318,226
Net book value
At 31 December 2025	1,247,777	19,480	3,377	111,971	1,382,605
At 31 December 2024	1,271,774	26,854	5,401	118,977	1,423,006

6.	Stocks
		2025	2024
		£	£

Vehicle stocks	2,179,246	2,080,109
Parts stocks	202,949	170,071
	2,382,195	2,250,180

Debtors

					2025	2024
					£	£


Trade debtors	166,087	320,015
Other debtors	100,237	-
Prepayments and accrued income	176,403	163,327
	442,727	483,342

Page 6

IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	1,063,773	1,474,140
Other creditors	2,185	-
Corporation tax	71,897	92,916
Social security and other taxes	22,353	23,639
VAT	70,871	106,642
Amounts owed to related parties	21,000	21,000
Accruals and Deferred income	103,371	78,205
	1,355,450	1,796,542

9.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

949,999 (2024 - 949,999) Ordinary A Shares of £1.00 each	949,999	949,999


Vehicle funding	858,042	1,235,330
	858,042	1,235,330

Vehicle funding liabilities are secured directly against respective vehicles to which they relate.

11.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £54,158 (2024: £51,529). Amounts due to be paid to the fund at the year end amounted to £6,185 (2024: £6,024).

Page 7

IAN GRIEVE (FALKIRK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Not later than 1 year	12,159	3,600
Later than 1 year and not later than 5 years	3,864	2,552
	16,023	6,152

13.	Related party transactions
	At the reporting date the company owed the directors £21,000 (2024: £21,000) in respect of unpaid dividends. During the year, the vehicles sales made to the Directors' members amounted to £Nil (2024: £79,931). During the year, the vehicle purchases from Directors' members amounted to £Nil (2024: £Nil).

14.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.

The audit report was signed on 19 March 2026 by Martin Johnston CA (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

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