Niddrie Motor Company Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC335417 (Scotland)

NIDDRIE MOTOR COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

7

DIRECTOR:

G I Brennen

REGISTERED OFFICE:

1169 Tollcross Road

Glasgow

G32 8HB

REGISTERED NUMBER:

SC335417 (Scotland)

ACCOUNTANTS:

JCWallace & Co

Chartered Certified Accountants

1875 Great Western Road

Glasgow

G13 2YD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

135

180

135

180

CURRENT ASSETS

Stocks

6

236,481

301,363

Debtors

7

-

3,994

Cash at bank

386,199

321,727

622,680

627,084

CREDITORS

Amounts falling due within one year

8

428,148

455,388

NET CURRENT ASSETS

194,532

171,696

TOTAL ASSETS LESS CURRENT LIABILITIES

194,667

171,876

CREDITORS

Amounts falling due after more than one year

9

(30,771

)

(40,510

)

PROVISIONS FOR LIABILITIES

10

(26

)

(34

)

NET ASSETS

163,870

131,332

CAPITAL AND RESERVES

Called up share capital

11

1

1

Retained earnings

12

163,869

131,331

SHAREHOLDERS' FUNDS

163,870

131,332

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 February 2023 and were signed by:

G I Brennen - Director

1.	STATUTORY INFORMATION

Niddrie Motor Company 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.

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 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

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.

Operating lease commitments

Amounts payable under operating leases are charged to the profit and loss account as they accrue.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2021

and 31 May 2022

160,000

AMORTISATION

At 1 June 2021

and 31 May 2022

160,000

NET BOOK VALUE

At 31 May 2022

-

At 31 May 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 June 2021

and 31 May 2022

521

2,000

909

3,430

DEPRECIATION

At 1 June 2021

341

2,000

909

3,250

Charge for year

45

-

-

45

At 31 May 2022

386

2,000

909

3,295

NET BOOK VALUE

At 31 May 2022

135

-

-

135

At 31 May 2021

180

-

-

180

6.

STOCKS

2022

2021

£

£

Stocks

236,481

301,363

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

-

3,994

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

9,738

9,490

Trade creditors

3,108

1,467

Corporation tax

11,254

15,861

Social security and other taxes

166

487

VAT

9,440

7,969

Other creditors

16,807

-

Directors' current accounts

369,182

410,882

Accruals and deferred income

8,453

9,232

428,148

455,388

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

9,993

9,738

Bank loans - 2-5 years

20,778

30,772

30,771

40,510

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

26

34

Deferred

tax

£

Balance at 1 June 2021

34

Credit to Income Statement during year

(8

)

Balance at 31 May 2022

26

The provision for deferred tax consists of the tax effect of timing differences in respect of the excess of taxation allowances over depreciation on fixed assets.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

1

Ordinary

£1

1

1

12.

RESERVES

Retained

earnings

£

At 1 June 2021

131,331

Profit for the year

47,538

Dividends

(15,000

)

At 31 May 2022

163,869

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £15,000 (2021 - £20,000) were paid to the director .

At the beginning of the year the company owed the director £410,882. During the year the director made net aggregated withdrawals of £41,700 from the company. At 31 May 2022 the company owed the director £369,182. This loan is interest free and repayable on demand.

The following reproduces the text of the report prepared for the director 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 Income Statement and certain other primary statements and the Report of the Director 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 Niddrie Motor Company Limited for the year ended 31 May 2022 which comprise the Income Statement, 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Niddrie Motor Company Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Niddrie Motor Company Limited and state those matters that we have agreed to state to the director of Niddrie Motor Company Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Niddrie Motor Company Limited 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 Niddrie Motor Company Limited. You consider that Niddrie Motor Company Limited 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 Niddrie Motor Company Limited. 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.

JCWallace & Co

Chartered Certified Accountants

1875 Great Western Road

Glasgow

G13 2YD

22 February 2023