Coull Car Sales Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: SC101835 (Scotland)

Financial Statements for the Year Ended 31 March 2021

for

COULL CAR SALES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

SD Coull

LH Coull

REGISTERED OFFICE:

Monzie

Hillside

Portlethen

Aberdeenshire

AB12 4RD

REGISTERED NUMBER:

SC101835 (Scotland)

ACCOUNTANTS:

Account Tax Ltd

Chartered Certified Accountants

12 Traill Drive

Montrose

Angus

DD10 8SW

FIXED ASSETS

Tangible assets

4

1,039,588

CURRENT ASSETS

Stocks

26,009

Debtors

5

4,675

4,880

Investments

6

100,000

Cash at bank

211,798

186,327

342,482

317,216

CREDITORS

Amounts falling due within one year

7

307,197

267,725

NET CURRENT ASSETS

35,285

49,491

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,074,873

1,089,079

CAPITAL AND RESERVES

Called up share capital

1,000

Retained earnings

1,073,873

1,088,079

SHAREHOLDERS' FUNDS

1,074,873

1,089,079

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2021 and were signed on its behalf by:

SD Coull - Director

1.	STATUTORY INFORMATION

Coull Car Sales 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Stock

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 Profit & 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 material 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Heritable

property

improvements

Totals

£

COST

At 1 April 2020

and 31 March 2021

1,032,395

7,193

1,039,588

NET BOOK VALUE

At 31 March 2021

1,032,395

7,193

1,039,588

At 31 March 2020

1,032,395

7,193

1,039,588

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

Trade debtors

4,675

4,850

Other debtors

-

30

4,675

4,880

6.	CURRENT ASSET INVESTMENTS

2021

2020

£

Other

100,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

Trade creditors

2,640

1,200

Taxation and social security

6,056

8,024

Other creditors

298,501

258,501

307,197

267,725

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £40,000 (2020 - £42,000) were paid to the directors .

The company was under the control of the directors, SD Coull and LH Coull, throughout the current and previous year.

During the year the directors further advanced the company net amounts totalling £40,000. As at 31 March 2021, included within other creditors, is a balance outstanding due to the directors of £298,501 (2020 - £258,501). No interest has been paid on this loan.

Coull Car Sales Ltd - Accounts to registrar (filleted) - small 18.2

Coull Car Sales Ltd - Accounts to registrar (filleted) - small 18.2