Westfield Motors (Peterhead) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC234665 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 August 2021

for

Westfield Motors (Peterhead) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs I C Grugeon

Mr K Grugeon

Mr R Grugeon

REGISTERED OFFICE:

Broad House

Broad Street

Peterhead

Aberdeenshire

AB42 1HY

REGISTERED NUMBER:

SC234665 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Tangible assets

4

99,125

119,095

CURRENT ASSETS

Stocks

3,800

3,500

Debtors

5

292,001

175,644

Cash at bank

127,906

121,066

423,707

300,210

CREDITORS

Amounts falling due within one year

6

142,403

124,555

NET CURRENT ASSETS

281,304

175,655

TOTAL ASSETS LESS CURRENT LIABILITIES

380,429

294,750

CREDITORS

Amounts falling due after more than one year

7

40,088

19,133

NET ASSETS

340,341

275,617

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

339,341

274,617

SHAREHOLDERS' FUNDS

340,341

275,617

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 23 March 2022 and were signed on its behalf by:

Mr K Grugeon - Director

1.	STATUTORY INFORMATION

Westfield Motors (Peterhead) Limited 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

20% 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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2020

135,000

39,369

49,630

-

223,999

Additions

-

3,149

-

583

3,732

Disposals

-

-

(49,630

)

-

(49,630

)

At 31 August 2021

135,000

42,518

-

583

178,101

DEPRECIATION

At 1 September 2020

48,600

23,726

32,578

-

104,904

Charge for year

2,700

3,758

-

192

6,650

Eliminated on disposal

-

-

(32,578

)

-

(32,578

)

At 31 August 2021

51,300

27,484

-

192

78,976

NET BOOK VALUE

At 31 August 2021

83,700

15,034

-

391

99,125

At 31 August 2020

86,400

15,643

17,052

-

119,095

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 September 2020

8,795

26,135

34,930

Disposals

-

(26,135

)

(26,135

)

Transfer to ownership

(4,500

)

-

(4,500

)

At 31 August 2021

4,295

-

4,295

DEPRECIATION

At 1 September 2020

2,446

11,434

13,880

Charge for year

550

-

550

Eliminated on disposal

-

(11,434

)

(11,434

)

Transfer to ownership

(900

)

-

(900

)

At 31 August 2021

2,096

-

2,096

NET BOOK VALUE

At 31 August 2021

2,199

-

2,199

At 31 August 2020

6,349

14,701

21,050

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade debtors

29,205

26,830

Amounts owed by associates

255,500

-

Other debtors

7,296

148,814

292,001

175,644

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans and overdrafts

9,388

-

Hire purchase contracts

1,031

6,434

Trade creditors

32,014

35,266

Tax

38,496

38,087

Social security and other taxes

2,342

-

VAT

22,145

13,688

Other creditors

3,933

2,736

Directors' current accounts

27,072

22,614

Deferred income

1,662

1,662

Accrued expenses

4,320

4,068

142,403

124,555

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans - 1-2 years

9,788

-

Bank loans - 2-5 years

29,097

-

Hire purchase contracts

1,203

19,133

40,088

19,133

8.	RELATED PARTY DISCLOSURES

The company made a loan to Mayford Ltd, a company which is an associate to Westfield Motors (Peterhead) Limited. The loan was for £255,500 and this loan was outstanding at the balance sheet date. No interest will be charged on the loan and the loan is repayable on demand.