Murray Motors (FRS) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC520732 (Scotland)

Unaudited Financial Statements

for the Year Ended 29 February 2020

for

Murray Motors (FRS) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G F Murray

Mrs A Murray

REGISTERED OFFICE:

2 Cross Street

Fraserburgh

Aberdeenshire

AB43 9EQ

REGISTERED NUMBER:

SC520732 (Scotland)

ACCOUNTANTS:

SBP

Accountants

2 Cross Street

Fraserburgh

Aberdeenshire

AB43 9EQ

FIXED ASSETS

Tangible assets

4

62,050

45,934

CURRENT ASSETS

Stocks

249,907

240,981

Debtors

5

17,717

14,112

267,624

255,093

CREDITORS

Amounts falling due within one year

6

312,847

282,058

NET CURRENT LIABILITIES

(45,223

)

(26,965

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,827

18,969

CREDITORS

Amounts falling due after more than one year

7

(6,902

)

-

PROVISIONS FOR LIABILITIES

(2,515

)

-

NET ASSETS

7,410

18,969

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

7,310

18,869

SHAREHOLDERS' FUNDS

7,410

18,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 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 30 January 2021 and were signed on its behalf by:

Mr G F Murray - Director

Mrs A Murray - Director

1.	STATUTORY INFORMATION

Murray Motors (FRS) Ltd 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 represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Tangible fixed assets

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

Tyre Bay Workshop

-

4% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Tyre Bay

Plant and

and

Motor

Workshop

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 March 2019

37,964

9,265

2,728

1,055

51,012

Additions

11,173

3,076

4,605

-

18,854

At 29 February 2020

49,137

12,341

7,333

1,055

69,866

DEPRECIATION

At 1 March 2019

-

2,825

1,603

650

5,078

Charge for year

322

1,735

581

100

2,738

At 29 February 2020

322

4,560

2,184

750

7,816

NET BOOK VALUE

At 29 February 2020

48,815

7,781

5,149

305

62,050

At 28 February 2019

37,964

6,440

1,125

405

45,934

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Trade debtors

15,011

10,450

Other debtors

2,706

3,662

17,717

14,112

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Bank loans and overdrafts

131,770

163,548

Hire purchase contracts

2,020

-

Trade creditors

54,843

25,516

Tax

165

7,117

Social security and other taxes

4,058

5,439

VAT

10,003

8,160

Other creditors

1,460

-

Stocking loan

39,455

23,776

Directors' current accounts

58,862

40,400

Accrued expenses

10,211

8,102

312,847

282,058

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29.2.20

28.2.19

£

£

Hire purchase contracts

6,902

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29.2.20

28.2.19

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 March 2019

18,869

Profit for the year

2,441

Dividends

(14,000

)

At 29 February 2020

7,310

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2020 and 28 February 2019:

29.2.20

28.2.19

£

£

Mr G F Murray and Mrs A Murray

Balance outstanding at start of year

(40,400

)

(12,627

)

Amounts advanced

16,581

37,557

Amounts repaid

(35,043

)

(65,330

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(58,862

)

(40,400

)

The directors operate current accounts with the company and as at the financial year end the combined balance owing to them was £58,862. Whilst the loan to the company is considered short term, there are no fixed terms of repayment and no interest is accrued.

(Amounts shown in brackets are sums due to the directors)

The directors rent premises to the company and rents totalling £18,000 were paid to them during the year. The rent is paid at commercial market rate.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors who between them own 100% of the issued share capital.