CAM Autos Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC378868 (Scotland)

Financial Statements for the Year Ended 31 December 2021

for

CAM Autos Ltd.

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr C McAdam

Mrs A McAdam

SECRETARY:

Mr C McAdam

REGISTERED OFFICE:

Unit 2

1 Alleysbank Road

Rutherglen

Glasgow

G73 1LX

REGISTERED NUMBER:

SC378868 (Scotland)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and loss account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CAM Autos Ltd. for the year ended 31 December 2021 which comprise the Profit and loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of CAM Autos Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of CAM Autos Ltd. and state those matters that we have agreed to state to the Board of Directors of CAM Autos Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that CAM Autos Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CAM Autos Ltd.. You consider that CAM Autos Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of CAM Autos Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

11 July 2022

FIXED ASSETS

Tangible assets

4

42,626

90,189

CURRENT ASSETS

Stocks

11,500

167,437

Debtors

5

63,293

39,238

Cash at bank

31,898

194,730

106,691

401,405

CREDITORS

Amounts falling due within one year

6

116,591

441,098

NET CURRENT LIABILITIES

(9,900

)

(39,693

)

TOTAL ASSETS LESS CURRENT LIABILITIES

32,726

50,496

PROVISIONS FOR LIABILITIES

641

8,915

NET ASSETS

32,085

41,581

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

32,084

41,580

SHAREHOLDERS' FUNDS

32,085

41,581

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2022 and were signed on its behalf by:

Mr C McAdam - Director

1.	STATUTORY INFORMATION

CAM Autos 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.

The presentation currency of the financial statements is the Pound 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. The financial statements have been prepared under the historical cost convention and on a going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with it's Parent Company KCM Holdings (Scotland) Limited or wholly owned subsidiaries within the group.

Going concern

As indicated in the directors report the companies trading activities effectively came to a close in November 2021. Steps are being taken to deal with other matters related to the company and once dealt with a decision will be make regarding the future use of the company. At the moment it is envisaged that it will remain a part of the KCM group and have an income stream.

On the basis of this and on the basis of the ongoing support from its fellow group companies the directors believe the company is placed to meet its commitments as they fall due over the next year. As such the accounts have been prepared on a going concern basis

Turnover/revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Other income

Other income includes income relating to the Coronavirus Job Retention Scheme and other COVID related grants, which has been claimed and utilised in the course of the year. Government grants are recognised on an accruals basis and therefore sums relating to the financial year have been credited to the Profit and Loss Account in the same period as the related expenses and over the period of time that the grant related to.

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.

Leasehold property improvements

-

in accordance with the property

Tools and equipment

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Hire purchase and leasing commitments

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the terms of the lease.

Pension costs and other post-retirement benefits

The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables

Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities

Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments

A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Leasehold

Fixtures

property

Tools and

and

improvements

equipment

fittings

£

£

£

COST

At 1 January 2021

49,065

67,426

14,872

Additions

2,749

770

-

Disposals

-

(68,196

)

(14,872

)

At 31 December 2021

51,814

-

-

DEPRECIATION

At 1 January 2021

6,542

46,276

11,391

Charge for year

6,020

4,384

696

Eliminated on disposal

-

(50,660

)

(12,087

)

At 31 December 2021

12,562

-

-

NET BOOK VALUE

At 31 December 2021

39,252

-

-

At 31 December 2020

42,523

21,150

3,481

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2021

24,075

8,788

164,226

Additions

-

-

3,519

Disposals

(19,075

)

(8,788

)

(110,931

)

At 31 December 2021

5,000

-

56,814

DEPRECIATION

At 1 January 2021

3,009

6,819

74,037

Charge for year

4,231

394

15,725

Eliminated on disposal

(5,614

)

(7,213

)

(75,574

)

At 31 December 2021

1,626

-

14,188

NET BOOK VALUE

At 31 December 2021

3,374

-

42,626

At 31 December 2020

21,066

1,969

90,189

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

16,960

37,390

Other debtors

46,333

1,848

63,293

39,238

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

3,509

5,001

Amounts owed to group undertakings

34,703

353,741

Taxation and social security

58,813

60,305

Other creditors

19,566

22,051

116,591

441,098

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

-

50,000

Between one and five years

-

200,000

In more than five years

-

170,867

-

420,867

8.	CONTINGENT LIABILITIES

The company has granted a corporate guarantee in favour of the bank in respect of all borrowings of its parent company, KCM Holdings (Scotland) Limited. As at 31 December 2021 these liabilities amounted to £Nil (2020: £Nil).

The company has granted a further corporate guarantee, in favour of the bank, in respect of all bank borrowings of AEP (Scotland) Limited. As at 31 December 2021 these liabilities amounted to £694,665 (2020: £694,415).

9.	ULTIMATE CONTROLLING PARTY

The company is under the joint control of Colin McAdam and Aileen McAdam by virtue of their 100% holding in the ultimate parent company KCM Holdings (Scotland) Ltd.