Westfield Motors (Peterhead) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC234665 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 August 2019

for

Westfield Motors (Peterhead) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs I C Grugeon

K Grugeon

R Grugeon

SECRETARY:

Masson Glennie LLP

REGISTERED OFFICE:

Broad House

Broad Street

Peterhead

Aberdeenshire

AB42 1HY

REGISTERED NUMBER:

SC234665 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Tangible assets

4

122,002

104,313

CURRENT ASSETS

Stocks

3,500

3,500

Debtors

5

166,844

175,214

Cash at bank and in hand

96,228

50,757

266,572

229,471

CREDITORS

Amounts falling due within one year

6

137,646

113,722

NET CURRENT ASSETS

128,926

115,749

TOTAL ASSETS LESS CURRENT LIABILITIES

250,928

220,062

CREDITORS

Amounts falling due after more than one year

7

23,221

-

NET ASSETS

227,707

220,062

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

226,707

219,062

SHAREHOLDERS' FUNDS

227,707

220,062

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2020 and were signed on its behalf by:

K Grugeon - Director

1.	STATUTORY INFORMATION

Westfield Motors (Peterhead) 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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at

the end of each accounting period.

Stocks

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

moving items.

Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative costs.

Taxation

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

Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 September 2018

135,000

53,280

23,495

211,775

Additions

-

6,004

26,135

32,139

Disposals

-

(25,891

)

-

(25,891

)

At 31 August 2019

135,000

33,393

49,630

218,023

DEPRECIATION

At 1 September 2018

43,200

44,947

19,315

107,462

Charge for year

2,700

2,541

7,579

12,820

Eliminated on disposal

-

(24,261

)

-

(24,261

)

At 31 August 2019

45,900

23,227

26,894

96,021

NET BOOK VALUE

At 31 August 2019

89,100

10,166

22,736

122,002

At 31 August 2018

91,800

8,333

4,180

104,313

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

Additions

4,295

26,135

30,430

At 31 August 2019

4,295

26,135

30,430

DEPRECIATION

Charge for year

859

6,534

7,393

At 31 August 2019

859

6,534

7,393

NET BOOK VALUE

At 31 August 2019

3,436

19,601

23,037

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade debtors

19,701

23,029

Other debtors

147,143

152,185

166,844

175,214

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Hire purchase contracts

4,088

-

Trade creditors

49,849

31,437

Tax

32,041

33,653

Social security and other taxes

2,871

2,600

VAT

17,872

17,472

Other creditors

2,750

2,163

Directors' current accounts

22,614

22,614

Deferred income

1,662

-

Accrued expenses

3,899

3,783

137,646

113,722

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.19

31.8.18

£

£

Hire purchase contracts

23,221

-

8.	RELATED PARTY DISCLOSURES

The company made a loan to Mayford Ltd, a company which is an associate to Westfield Motors (Peterhead)

Limited. The loan was for £140,000 and this loan was outstanding at the balance sheet date. No interest will be

charged on the loan and the loan is repayable on demand.