Ernie Page Motors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC064647 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Ernie Page Motors Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs E Stove

E G Page

Mrs J E Page

M Page

SECRETARY:

Mrs J E Page

REGISTERED OFFICE:

House of Lin

Clifton

By Ratho

MIDLOTHIAN

EH28 8LQ

REGISTERED NUMBER:

SC064647 (Scotland)

ACCOUNTANTS:

Gerber Landa & Gee

Chartered Accountants

Chartered Tax Advisers

Pavilion 1

Finnieston Business Park

Minerva Way

GLASGOW

G3 8AU

FIXED ASSETS

Tangible assets

4

14,349

18,013

Investment property

5

1,170,000

1,300,000

1,184,349

1,318,013

CURRENT ASSETS

Stocks

12,000

32,000

Debtors

6

48,835

10,035

Investments

7

541,741

471,711

Cash at bank

176,100

144,943

778,676

658,689

CREDITORS

Amounts falling due within one year

8

19,769

18,737

NET CURRENT ASSETS

758,907

639,952

TOTAL ASSETS LESS CURRENT LIABILITIES

1,943,256

1,957,965

PROVISIONS FOR LIABILITIES

100,927

104,650

NET ASSETS

1,842,329

1,853,315

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

9

884,301

981,230

Retained earnings

957,928

871,985

1,842,329

1,853,315

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 10 September 2019 and were signed on its behalf by:

E G Page - Director

Mrs J E Page - Director

1.	STATUTORY INFORMATION

Ernie Page Motors 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.

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

Rents received and receivable from properties are included in the profit and loss account. Provision is made for

rents due not recoverable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

Investment property

Investment properties are included at fair value. Any surplus or deficit is recognised within the income statement.

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

Investments

Short term investments are measured at market value.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest

method.

Taxation

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks

and other financial institutions.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

58,166

DEPRECIATION

At 1 April 2018

40,153

Charge for year

3,664

At 31 March 2019

43,817

NET BOOK VALUE

At 31 March 2019

14,349

At 31 March 2018

18,013

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

1,300,000

Disposals

(130,000

)

At 31 March 2019

1,170,000

NET BOOK VALUE

At 31 March 2019

1,170,000

At 31 March 2018

1,300,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Other debtors

48,835

10,035

7.	CURRENT ASSET INVESTMENTS

31.3.19

31.3.18

£

£

Listed investments

541,741

471,711

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Taxation and social security

12,962

2,803

Other creditors

6,807

15,934

19,769

18,737

9.

RESERVES

Fair

value

reserve

£

At 1 April 2018

981,230

Deferred tax movement

8,071

Revaluation reserve transfer

(105,000

)

At 31 March 2019

884,301

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2019 and

31 March 2018:

31.3.19

31.3.18

£

£

E G Page

Balance outstanding at start of year

9,069

(3,235

)

Amounts advanced

42,025

29,188

Amounts repaid

(26,364

)

(16,884

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

24,730

9,069

Mrs J E Page

Balance outstanding at start of year

965

1,012

Amounts advanced

41,608

17,028

Amounts repaid

(18,468

)

(17,075

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

24,105

965

The above loans will be fully repaid by 31 December 2019.

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £38,500 were paid to the directors .