CAM Autos Ltd. - Dormant accounts - members and to registrar (filleted) 23.1

REGISTERED NUMBER: SC378868 (Scotland)

Financial Statements for the Year Ended 31 December 2022

for

CAM Autos Ltd.

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr C McAdam

Mrs A McAdam

REGISTERED OFFICE:

Unit 2

1 Alleysbank Road

Rutherglen

Glasgow

G73 1LX

REGISTERED NUMBER:

SC378868 (Scotland)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

The following reproduces the text of the report prepared for the directors 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 Profit and loss account and certain other primary statements and the Report of the Directors 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 CAM Autos Ltd. for the year ended 31 December 2022 which comprise the Profit and loss account, 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of CAM Autos Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of CAM Autos Ltd. and state those matters that we have agreed to state to the Board of Directors of CAM Autos Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that CAM Autos Ltd. 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 CAM Autos Ltd.. You consider that CAM Autos Ltd. 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 CAM Autos Ltd.. 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.

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

28 September 2023

FIXED ASSETS

Tangible assets

4

-

42,626

CURRENT ASSETS

Stocks

-

11,500

Debtors

5

-

63,293

Cash at bank

70,316

31,898

70,316

106,691

CREDITORS

Amounts falling due within one year

6

38,231

116,591

NET CURRENT ASSETS/(LIABILITIES)

32,085

(9,900

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

32,085

32,726

PROVISIONS FOR LIABILITIES

-

641

NET ASSETS

32,085

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

32,084

SHAREHOLDERS' FUNDS

32,085

The company is entitled to exemption from audit under Section 480 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:

Mr C McAdam - Director

1.	STATUTORY INFORMATION

CAM Autos 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.

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.

Going concern

As indicated in the directors report the companies trading activities effectively came to a close in November 2021. Steps are being taken to deal with other matters related to the company and once dealt with a decision will be make regarding the future use of the company.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with it's Parent Company KCM Holdings (Scotland) Limited or wholly owned subsidiaries within the group.

Turnover/revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the company's activities are met.

Tangible fixed assets

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

Leasehold property improvements

-

in accordance with the property

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Hire purchase and leasing commitments

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the terms of the lease.

Pension costs and other post-retirement benefits

The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Leasehold

property

Motor

improvements

vehicles

Totals

£

COST

At 1 January 2022

51,814

5,000

56,814

Disposals

-

(5,000

)

(5,000

)

Reclassification/transfer

(51,814

)

-

(51,814

)

At 31 December 2022

-

DEPRECIATION

At 1 January 2022

12,562

1,626

14,188

Charge for year

-

211

Eliminated on disposal

-

(1,837

)

(1,837

)

Reclassification/transfer

(12,562

)

-

(12,562

)

At 31 December 2022

-

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

39,252

3,374

42,626

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade debtors

-

16,960

Other debtors

-

45,833

Prepayments and accrued income

-

500

-

63,293

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade creditors

-

3,509

Amounts owed to group undertakings

37,962

34,703

Tax

-

19,188

Social security and other taxes

269

39,625

Accruals and deferred income

-

19,566

38,231

116,591

7.	CONTINGENT LIABILITIES

The company has granted a corporate guarantee in favour of the bank in respect of all borrowings of its parent company, KCM Holdings (Scotland) Limited. As at 31 December 2022 these liabilities amounted to £Nil (2021: £Nil).

The company has granted a further corporate guarantee, in favour of the bank, in respect of all bank borrowings of AEP (Scotland) Limited. As at 31 December 2022 these liabilities amounted to £402,251 (2021: £694,665).

8.	ULTIMATE CONTROLLING PARTY

The company is under the joint control of Colin McAdam and Aileen McAdam by virtue of their 100% holding in the ultimate parent company KCM Holdings (Scotland) Ltd.