Murray Motors (FRS) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC520732 (Scotland)

Unaudited Financial Statements

for the Year Ended 28 February 2023

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

79,746

70,818

CURRENT ASSETS

Stocks

370,531

351,466

Debtors

5

14,739

15,390

Cash at bank

-

2,754

385,270

369,610

CREDITORS

Amounts falling due within one year

6

248,684

232,639

NET CURRENT ASSETS

136,586

136,971

TOTAL ASSETS LESS CURRENT LIABILITIES

216,332

207,789

CREDITORS

Amounts falling due after more than one year

7

(24,175

)

(36,195

)

PROVISIONS FOR LIABILITIES

(1,152

)

(1,511

)

NET ASSETS

191,005

170,083

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

190,905

169,983

SHAREHOLDERS' FUNDS

191,005

170,083

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 30 November 2023 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Tyre Bay

to

Plant and

Workshop

property

machinery

£

£

£

COST

At 1 March 2022

49,137

-

13,893

Additions

-

17,659

-

At 28 February 2023

49,137

17,659

13,893

DEPRECIATION

At 1 March 2022

4,253

-

7,351

Charge for year

1,966

1,766

1,635

At 28 February 2023

6,219

1,766

8,986

NET BOOK VALUE

At 28 February 2023

42,918

15,893

4,907

At 28 February 2022

44,884

-

6,542

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 March 2022

14,160

20,000

97,190

Additions

1,977

-

19,636

At 28 February 2023

16,137

20,000

116,826

DEPRECIATION

At 1 March 2022

5,596

9,172

26,372

Charge for year

2,635

2,706

10,708

At 28 February 2023

8,231

11,878

37,080

NET BOOK VALUE

At 28 February 2023

7,906

8,122

79,746

At 28 February 2022

8,564

10,828

70,818

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

Motor

vehicles

£

COST

At 1 March 2022

and 28 February 2023

10,100

DEPRECIATION

At 1 March 2022

4,419

Charge for year

1,420

At 28 February 2023

5,839

NET BOOK VALUE

At 28 February 2023

4,261

At 28 February 2022

5,681

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Trade debtors

14,739

15,390

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans and overdrafts

53,378

10,000

Hire purchase contracts

2,020

2,020

Trade creditors

39,510

38,241

Tax

4,490

31,924

Social security and other taxes

3,136

2,631

VAT

10,832

19,842

Other creditors

8,601

-

Directors' current accounts

117,626

114,473

Accrued expenses

9,091

13,508

248,684

232,639

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans - 1-2 years

10,000

-

Bank loans - 2-5 years

13,333

33,333

Hire purchase contracts

842

2,862

24,175

36,195

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23

28.2.22

£

£

Mr G F Murray and Mrs A Murray

Balance outstanding at start of year

(114,473

)

(88,268

)

Amounts advanced

16,663

64,005

Amounts repaid

(19,815

)

(90,210

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(117,625

)

(114,473

)

The directors operate current accounts with the company and as at the financial year end the combined balance owing to them was £117,625 (£114,473 for the prior year). 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.