Hillington Park Cars Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC480254

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

FOR

HILLINGTON PARK CARS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

174

271

CURRENT ASSETS

Stocks

272,064

281,870

Debtors

5

3,901

9,564

Cash at bank and in hand

12,521

35,795

288,486

327,229

CREDITORS

Amounts falling due within one year

6

194,224

176,914

NET CURRENT ASSETS

94,262

150,315

TOTAL ASSETS LESS CURRENT LIABILITIES

94,436

150,586

CREDITORS

Amounts falling due after more than one year

7

275,000

275,000

NET LIABILITIES

(180,564

)

(124,414

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(180,664

)

(124,514

)

(180,564

)

(124,414

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2020 and were signed by:

Mr C W Brown - Director

1.	STATUTORY INFORMATION

Hillington Park Cars Limited is a private company, limited by shares, registered in Scotland. The company's

registered office address is Trump House, 15 Edison Street, Glasgow, G52 4JW.

The presentation currency of the financial statements is Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of

Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

and the Companies Act 2006. There were no material departures from that standard. The financial statements have

been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The validity of this is dependent on the

support of the directors and shareholders concerning the insolvent balance sheet as well as following the issues

arising from the Covid-19 pandemic. The director considers it is appropriate to prepare the financial statements on a

going concern basis despite this uncertainty.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its

significant accounting policies that would have the most significant effect on amounts that are recognised in the

financial statement.

The director considers there to be no such significant judgements.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of

a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation

can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the

obligation at the reporting date.

Turnover

Turnover comprises the invoiced cost of goods and services sold during the year, excluding value added tax. The

company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and

services have been passed to the buyer.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost

Tangible fixed assets are included at cost less accumulated depreciation and impairment.

Impairment of tangible fixed assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed

to determine whether there is an indication that an asset may be impaired. If there is an indication of possible

impairment, the recoverable amount which is the higher of value in use and fair value less cost to sell, is estimated

and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is

reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Government grants

Government grants assistance of a revenue nature is credited to the profit and loss account in the same period as the

related expenditure.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets

and liabilities like trade and other accounts receivable and payable, loans from

related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are

measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid

or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of

impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid

investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable,

are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is

calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of

certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing

differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are

recognised only to the extent that the director considers that it is more likely than not that there will be suitable

taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred

taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the

timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is

presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the

transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Hire purchase and leasing commitments

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2019

and 30 June 2020

1,568

DEPRECIATION

At 1 July 2019

1,297

Charge for year

97

At 30 June 2020

1,394

NET BOOK VALUE

At 30 June 2020

174

At 30 June 2019

271

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

9,000

Other debtors

3,901

564

3,901

9,564

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

16,619

20,355

Taxation and social security

1,983

-

Other creditors

175,622

156,559

194,224

176,914

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

275,000

275,000

8.	LEASING AGREEMENTS

At the balance sheet date, the company had future operating lease commitments of £14,500 (2019: £25,000).

9.	RELATED PARTY DISCLOSURES

At the balance sheet date, the amount owed to the directors was £118,424 (2019: £153,336). This amount is interest

free, unsecured and carries no fixed repayment terms.

At the balance sheet date, £275,000 (2019: £275,000) was due to Intoxicating Brands Limited, a company under

common control. This amount is interest free, unsecured and carries no fixed repayment terms.