Vehicle Solutions (Scotland) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC308626 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

VEHICLE SOLUTIONS (SCOTLAND) LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K McGowan

B Rosenthall

SECRETARY:

B Rosenthall

REGISTERED OFFICE:

2-8 Carnoustie Place

Glasgow

G5 8PH

REGISTERED NUMBER:

SC308626 (Scotland)

ACCOUNTANTS:

D S Anderson

Chartered Accountant

DS Anderson & Co

62 Townhead

Kirkintilloch

Glasgow

G66 1NZ

FIXED ASSETS

Intangible assets

4

28,000

44,000

Tangible assets

5

34,211

34,745

62,211

78,745

CURRENT ASSETS

Stocks

35,000

33,500

Debtors

74,043

51,570

Cash at bank and in hand

49,637

60,914

158,680

145,984

CREDITORS

Amounts falling due within one year

(127,263

)

(144,059

)

NET CURRENT ASSETS

31,417

1,925

TOTAL ASSETS LESS CURRENT LIABILITIES

93,628

80,670

PROVISIONS FOR LIABILITIES

6

(5,133

)

(4,894

)

NET ASSETS

88,495

75,776

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

88,395

75,676

SHAREHOLDERS' FUNDS

88,495

75,776

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 18 November 2020 and were signed on its behalf by:

K McGowan - Director

1.	STATUTORY INFORMATION

Vehicle Solutions (Scotland) 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 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 this current year in connection with the acquisition of additional franchise territory is being amortised over 5 years.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:-

Office equipment, fixtures & fittings

-

20% S.L.

Computer equipment

-

33 1/3% S.L.

Leasehold property

-

10% S.L.

Motor vehicle, plant & equipment

-

25% R.B.

The assets residual values, useful lives and depreciation methods are reviewed annually and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

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

Assets acquired under finance leases or hire purchase contracts are capitalised as tangible assets and depreciated over their useful lives. Finance charges and interest are taken to the profit and loss account in constant proportion to the remaining balance of capital repayments or net obligations outstanding.

Pension costs and other post-retirement benefits

The company operates defined contribution pension schemes. Contributions payable to the company's director's pension scheme are charged to profit or loss in the period to which they relate. Contributions payable under the auto-enrolment scheme have been included in wages/director's salaries and charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured at fair value, net of transaction costs, and are repayable on demand.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of financial position date.

Dividends

Equity dividends are recognised when they become legally payable. Interm equity dividends are recognised when paid.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2019 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

and 31 March 2020

89,000

AMORTISATION

At 1 April 2019

45,000

Amortisation for year

16,000

At 31 March 2020

61,000

NET BOOK VALUE

At 31 March 2020

28,000

At 31 March 2019

44,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

122,296

Additions

13,723

Disposals

(6,105

)

At 31 March 2020

129,914

DEPRECIATION

At 1 April 2019

87,551

Charge for year

12,312

Eliminated on disposal

(4,160

)

At 31 March 2020

95,703

NET BOOK VALUE

At 31 March 2020

34,211

At 31 March 2019

34,745

The written down value of assets held under HP contracts amounted to £nil (2019: £nil)

6.	PROVISIONS FOR LIABILITIES

31.3.20

31.3.19

£

£

Deferred tax

5,133

4,894

Deferred

tax

£

Balance at 1 April 2019

4,894

Charge to Income Statement during year

239

Balance at 31 March 2020

5,133

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

100

Ordinary

1

100

100

8.	DIRECTORS' CURRENT ACCOUNT

The balance on the directors' current account at the year end amounted to £10841 due to the company,

(2019: £612 due by the company), repayable in full on demand.

9.	COMMITMENTS

The total outstanding commitment on operating and finance leases amounted to £172,692.