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

REGISTERED NUMBER: SC520732 (Scotland)

Unaudited Financial Statements

for the Year Ended 28 February 2021

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

70,351

62,050

CURRENT ASSETS

Stocks

341,948

249,907

Debtors

5

13,456

17,717

355,404

267,624

CREDITORS

Amounts falling due within one year

6

302,969

312,847

NET CURRENT ASSETS/(LIABILITIES)

52,435

(45,223

)

TOTAL ASSETS LESS CURRENT LIABILITIES

122,786

16,827

CREDITORS

Amounts falling due after more than one year

7

(48,216

)

(6,902

)

PROVISIONS FOR LIABILITIES

(1,480

)

(2,515

)

NET ASSETS

73,090

7,410

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

72,990

7,310

SHAREHOLDERS' FUNDS

73,090

7,410

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 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 25 November 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

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.

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.

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 (2020 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Tyre Bay

Plant and

and

Motor

Workshop

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 March 2020

49,137

12,341

7,333

1,055

69,866

Additions

-

-

-

18,945

18,945

At 28 February 2021

49,137

12,341

7,333

20,000

88,811

DEPRECIATION

At 1 March 2020

322

4,560

2,184

750

7,816

Charge for year

1,966

1,945

1,921

4,812

10,644

At 28 February 2021

2,288

6,505

4,105

5,562

18,460

NET BOOK VALUE

At 28 February 2021

46,849

5,836

3,228

14,438

70,351

At 29 February 2020

48,815

7,781

5,149

305

62,050

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

Motor

vehicles

£

COST

Additions

10,100

At 28 February 2021

10,100

DEPRECIATION

Charge for year

2,525

At 28 February 2021

2,525

NET BOOK VALUE

At 28 February 2021

7,575

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade debtors

10,926

15,011

Other debtors

2,530

2,706

13,456

17,717

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans and overdrafts

99,642

131,770

Hire purchase contracts

2,020

2,020

Trade creditors

51,999

54,843

Tax

20,763

165

Social security and other taxes

4,088

4,058

VAT

23,930

10,003

Other creditors

-

1,460

Stocking loan

-

39,455

Directors' current accounts

88,268

58,862

Accrued expenses

12,259

10,211

302,969

312,847

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans - 1-2 years

10,000

-

Bank loans - 2-5 years

30,000

-

Bank loans more 5 yr by instal

3,334

-

Hire purchase contracts

4,882

6,902

48,216

6,902

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

3,334

-

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2021 and 29 February 2020:

28.2.21

29.2.20

£

£

Mr G F Murray and Mrs A Murray

Balance outstanding at start of year

(58,862

)

(40,400

)

Amounts advanced

2,777

16,581

Amounts repaid

(32,183

)

(35,043

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(88,268

)

(58,862

)

The directors operate current accounts with the company and as at the financial year end the combined balance owing to them was £88,268. 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.

9.	ULTIMATE CONTROLLING PARTY

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