Braidwood Motor Company Limited - Accounts to registrar (filleted) - small 18.2
Braidwood Motor Company Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
FOR |
BRAIDWOOD MOTOR COMPANY LIMITED |
BRAIDWOOD MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC235866) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2021 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BRAIDWOOD MOTOR COMPANY LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 August 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
22 Backbrae Street |
Kilsyth |
G65 0NH |
BANKERS: |
4 Almondvale South |
Livingston |
EH54 6NB |
BRAIDWOOD MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC235866) |
ABRIDGED BALANCE SHEET |
31 August 2021 |
31.8.21 | 31.8.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
BRAIDWOOD MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC235866) |
ABRIDGED BALANCE SHEET - continued |
31 August 2021 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRAIDWOOD MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC235866) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2021 |
1. | STATUTORY INFORMATION |
Braidwood Motor Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and revenue recognition |
Turnover represents net invoiced sales of motor vehicles excluding VAT. Revenue is recognised when goods and services are provided to the customer. |
Tangible fixed assets |
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 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
BRAIDWOOD MOTOR COMPANY LIMITED (REGISTERED NUMBER: SC235866) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2021 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 September 2020 |
and 31 August 2021 |
DEPRECIATION |
At 1 September 2020 |
Charge for year |
At 31 August 2021 |
NET BOOK VALUE |
At 31 August 2021 |
At 31 August 2020 |
5. | LOANS |
An analysis of the maturity of loans is given below: |
31.8.21 | 31.8.20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Other loans |
The bank overdraft is secured by a bond and floating charges over the assets of the company. |
6. | POST BALANCE SHEET EVENTS |
As a member of the car sales sector the business was not subject to the mandatory shut down imposed by both the UK and Scottish Governments and has been able to continue trading . Some staff members have been placed on furlough and will subsequently be eligible for the Government's Coronavirus Job Retention Scheme (CJRS) which will reimburse 80% of the salaries of furloughed staff of all eligible businesses. It has also made an application for a grant through the Scottish Government Coronavirus Business Support Fund and and they successfully received £25,000. The firm also obtained a bounce back loan of £50,000. |