Buchans for Towbars & Repairs Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC418277 (Scotland)

BUCHANS FOR TOWBARS & REPAIRS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

7

DIRECTOR:

E M Buchan

REGISTERED OFFICE:

1875 Great Western Road

Glasgow

G13 2YD

REGISTERED NUMBER:

SC418277 (Scotland)

ACCOUNTANTS:

JCWallace & Co

Chartered Certified Accountants

1875 Great Western Road

Glasgow

G13 2YD

FIXED ASSETS

Intangible assets

4

155,486

177,699

Tangible assets

5

51,196

68,251

206,682

245,950

CURRENT ASSETS

Stocks

6

264,009

258,350

Debtors

7

423,278

429,380

Cash at bank and in hand

116,964

116

804,251

687,846

CREDITORS

Amounts falling due within one year

8

985,355

878,264

NET CURRENT LIABILITIES

(181,104

)

(190,418

)

TOTAL ASSETS LESS CURRENT LIABILITIES

25,578

55,532

PROVISIONS FOR LIABILITIES

11

3,270

4,669

NET ASSETS

22,308

50,863

CAPITAL AND RESERVES

Called up share capital

12

2

2

Retained earnings

13

22,306

50,861

SHAREHOLDERS' FUNDS

22,308

50,863

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 on 27 September 2019 and were signed by:

E M Buchan - Director

1.	STATUTORY INFORMATION

Buchans for Towbars & Repairs 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.

Turnover

Turnover represents the net sales value of goods and services supplied during the period, excluding value

added tax.

Goodwill

Directors considered the remaining useful life of purchased goodwill which they consider to be 10 years.

Goodwill is amortised equally over this period.

Tangible fixed assets

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

Improvements to property

-

in accordance with the property

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2017 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

272,000

AMORTISATION

At 1 January 2018

94,301

Amortisation for year

22,213

At 31 December 2018

116,514

NET BOOK VALUE

At 31 December 2018

155,486

At 31 December 2017

177,699

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2018

and 31 December 2018

44,452

23,816

28,203

DEPRECIATION

At 1 January 2018

15,491

14,070

14,240

Charge for year

7,240

2,436

3,487

At 31 December 2018

22,731

16,506

17,727

NET BOOK VALUE

At 31 December 2018

21,721

7,310

10,476

At 31 December 2017

28,961

9,746

13,963

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2018

and 31 December 2018

8,426

24,113

129,010

DEPRECIATION

At 1 January 2018

6,792

10,166

60,759

Charge for year

408

3,484

17,055

At 31 December 2018

7,200

13,650

77,814

NET BOOK VALUE

At 31 December 2018

1,226

10,463

51,196

At 31 December 2017

1,634

13,947

68,251

6.

STOCKS

2018

2017

£

£

Stocks

50,817

40,513

Work-in-progress

213,192

217,837

264,009

258,350

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

159,779

171,492

Other debtors

40,155

43,966

Directors' current accounts

78,945

121,540

Corporation tax

39,501

39,501

Prepayments and accrued income

104,898

52,881

423,278

429,380

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

34,088

Trade creditors

108,197

115,436

Corporation tax

63,871

61,053

Social security and other taxes

8,139

10,620

VAT

49,790

31,409

Other creditors

753,609

623,909

Accrued charges

1,749

1,749

985,355

878,264

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

15,000

15,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

-

34,088

The director has a personal guarantee in respect of the bank borrowings.

11.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

3,270

4,669

Deferred

tax

£

Balance at 1 January 2018

4,669

Credit to Income Statement during year

(1,399

)

Balance at 31 December 2018

3,270

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.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2

Ordinary

£1

2

2

13.

RESERVES

Retained

earnings

£

At 1 January 2018

50,861

Deficit for the year

(28,555

)

At 31 December 2018

22,306

14.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2018 and

31 December 2017:

2018

2017

£

£

E M Buchan

Balance outstanding at start of year

121,540

-

Amounts advanced

132,405

273,647

Amounts repaid

(175,000

)

(152,107

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

78,945

121,540

The advances and repayments are aggregated amounts for the period.

The loans are interest free and repayable on demand.

15.	RELATED PARTY DISCLOSURES

During the year, the company received aggregated advances of £60,871 from 4x4 Hire (Scotland) Limited. The

balance due to 4x4 Hire (Scotland) Limited at the year end was £389,001.

During the year the company made loans of £24,518 to Accident Solutions Scotland Ltd. The balance due to

Buchans for Towbars and Repairs Ltd at the year end was £38,455.

Certain expenses were paid and monies received by the company during the year on behalf of Buchans for

Towbars Limited. Aggregated loan advances of £119,929 were made by Buchans for Towbars Limited to the

company. Loan repayments of £50,781 were made by the company to Buchans for Towbars Limited during the

year. The loan account balance due to Buchans for Towbars Limited at the year end was £361,098 and is

included in other creditors.

The company operates from a premises which are owned by the director E M Buchan. Rent of £15,000 was

charged for the year.

The company is owed £78,944 by the director at the year end. 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 Buchans for Towbars & Repairs Ltd for the year ended 31 December 2018 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 Buchans for Towbars & Repairs Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Buchans for Towbars & Repairs Ltd and state those matters that we have agreed to state to the director of Buchans for Towbars & Repairs Ltd 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 Buchans for Towbars & Repairs 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 loss of Buchans for Towbars & Repairs Ltd. You consider that Buchans for Towbars & Repairs 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 Buchans for Towbars & Repairs 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.

JCWallace & Co

Chartered Certified Accountants

1875 Great Western Road

Glasgow

G13 2YD

27 September 2019