R. & A. Scott Auto Services Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01618288 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2023

for

R. & A. Scott Auto Services Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

R A Scott

G Scott

SECRETARY:

G Scott

REGISTERED OFFICE:

5 Sanders Road

Heapham Road Industrial Estate

Gainsborough

Lincolnshire

DN21 1RZ

REGISTERED NUMBER:

01618288 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

Office 1

Engine House

Marshalls Yard

Gainsborough

Lincolnshire

DN21 2NA

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 Income Statement 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 R. & A. Scott Auto Services Limited for the year ended 30 November 2023 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of R. & A. Scott Auto Services Limited, 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 R. & A. Scott Auto Services Limited and state those matters that we have agreed to state to the Board of Directors of R. & A. Scott Auto Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R. & A. Scott Auto Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that R. & A. Scott Auto Services 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 R. & A. Scott Auto Services Limited. You consider that R. & A. Scott Auto Services 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 R. & A. Scott Auto Services 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.

Wright Vigar Limited

Chartered Accountants & Business Advisers

Office 1

Engine House

Marshalls Yard

Gainsborough

Lincolnshire

DN21 2NA

Date: .............................................

FIXED ASSETS

Tangible assets

4

596,975

580,510

CURRENT ASSETS

Stocks

325,233

301,293

Debtors

5

449,147

319,910

Cash at bank and in hand

178,093

165,237

952,473

786,440

CREDITORS

Amounts falling due within one year

6

422,887

344,226

NET CURRENT ASSETS

529,586

442,214

TOTAL ASSETS LESS CURRENT LIABILITIES

1,126,561

1,022,724

CREDITORS

Amounts falling due after more than one year

7

(65,211

)

(32,387

)

PROVISIONS FOR LIABILITIES

(41,375

)

(35,991

)

NET ASSETS

1,019,975

954,346

CAPITAL AND RESERVES

Called up share capital

9

22,000

22,000

Retained earnings

997,975

932,346

SHAREHOLDERS' FUNDS

1,019,975

954,346

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:

G Scott - Director

R A Scott - Director

1.	STATUTORY INFORMATION

R. & A. Scott Auto Services Limited is a private company, limited by shares , registered in England and Wales. 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.

Land and Buildings

-

2% on cost

Plant and machinery

-

10% on cost and 10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

Hire purchase and leasing commitments

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 24 (2022 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Land and

Plant and

and

Motor

Buildings

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 December 2022

558,606

386,180

106,040

117,969

1,168,795

Additions

-

46,238

5,412

1,400

53,050

Disposals

-

-

-

(19,056

)

(19,056

)

At 30 November 2023

558,606

432,418

111,452

100,313

1,202,789

DEPRECIATION

At 1 December 2022

168,982

249,634

79,357

90,312

588,285

Charge for year

10,757

15,308

2,870

7,002

35,937

Eliminated on disposal

-

-

-

(18,408

)

(18,408

)

At 30 November 2023

179,739

264,942

82,227

78,906

605,814

NET BOOK VALUE

At 30 November 2023

378,867

167,476

29,225

21,407

596,975

At 30 November 2022

389,624

136,546

26,683

27,657

580,510

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

358,099

239,740

Other debtors

91,048

80,170

449,147

319,910

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

9,952

9,705

Hire purchase contracts

10,282

-

Trade creditors

303,613

223,239

Taxation and social security

91,697

94,248

Other creditors

7,343

17,034

422,887

344,226

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

22,435

32,387

Hire purchase contracts

42,776

-

65,211

32,387

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

32,387

42,092

Hire purchase contracts

53,058

-

85,445

42,092

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

11,000

Ordinary A

£1

11,000

11,000

11,000

Ordinary B

£1

11,000

11,000

22,000

22,000

10.	PARTICIPATOR LOANS

At the year end date the following amounts were owed to the company by the following participators:

P. Scott

3,069

G. Carter

3,813

Amounts owed were cleared with a dividend within 9 months of the year end date.