Auto Centre Inverurie Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC277807 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Auto Centre Inverurie Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

9

DIRECTORS:

P C Mair

S E Campbell

SECRETARY:

The Grant Smith Law Practice

REGISTERED OFFICE:

Amicable House

252 Union Street

ABERDEEN

AB10 1TN

REGISTERED NUMBER:

SC277807 (Scotland)

ACCOUNTANTS:

Atholl Scott

55-57 West High Street

INVERURIE

AB51 3QQ

FIXED ASSETS

Tangible assets

4

974,158

979,391

CURRENT ASSETS

Stocks

1,248,207

906,516

Debtors

5

75,174

48,545

Cash at bank

27,416

388

1,350,797

955,449

CREDITORS

Amounts falling due within one year

6

(588,590

)

(432,374

)

NET CURRENT ASSETS

762,207

523,075

TOTAL ASSETS LESS CURRENT LIABILITIES

1,736,365

1,502,466

CREDITORS

Amounts falling due after more than one year

7

(287,952

)

(330,919

)

PROVISIONS FOR LIABILITIES

9

(30,013

)

(27,154

)

NET ASSETS

1,418,400

1,144,393

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,418,300

1,144,293

SHAREHOLDERS' FUNDS

1,418,400

1,144,393

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 July 2021 and were signed on its behalf by:

P C Mair - Director

S E Campbell - Director

1.	STATUTORY INFORMATION

Auto Centre Inverurie Limited 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 goods sold and services rendered during the year, exclusive of value added tax.

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.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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

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.

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 11 (2020 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2020

932,528

98,254

24,515

Additions

9,027

-

1,383

Disposals

-

-

-

At 31 March 2021

941,555

98,254

25,898

DEPRECIATION

At 1 April 2020

73,090

46,895

11,194

Charge for year

18,834

7,705

2,205

Eliminated on disposal

-

-

-

At 31 March 2021

91,924

54,600

13,399

NET BOOK VALUE

At 31 March 2021

849,631

43,654

12,499

At 31 March 2020

859,438

51,359

13,321

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2020

115,060

22,288

1,192,645

Additions

39,499

1,790

51,699

Disposals

(11,500

)

-

(11,500

)

At 31 March 2021

143,059

24,078

1,232,844

DEPRECIATION

At 1 April 2020

62,356

19,719

213,254

Charge for year

21,839

1,498

52,081

Eliminated on disposal

(6,649

)

-

(6,649

)

At 31 March 2021

77,546

21,217

258,686

NET BOOK VALUE

At 31 March 2021

65,513

2,861

974,158

At 31 March 2020

52,704

2,569

979,391

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2020

46,818

62,176

108,994

Transfer to ownership

(36,500

)

(30,268

)

(66,768

)

At 31 March 2021

10,318

31,908

42,226

DEPRECIATION

At 1 April 2020

18,995

27,447

46,442

Charge for year

4,174

8,683

12,857

Transfer to ownership

(20,305

)

(20,693

)

(40,998

)

At 31 March 2021

2,864

15,437

18,301

NET BOOK VALUE

At 31 March 2021

7,454

16,471

23,925

At 31 March 2020

27,823

34,729

62,552

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

71,571

43,995

Prepayments

3,603

4,550

75,174

48,545

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

266,911

194,787

Hire purchase contracts

7,684

21,292

Trade creditors

113,596

29,756

Tax

98,307

97,980

VAT

35,086

22,465

Directors' loan accounts

59,900

59,900

Accrued expenses

7,106

6,194

588,590

432,374

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans - 1-2 years

85,000

70,000

Bank loans - 2-5 years

186,408

210,000

Bank loans more 5 yr by instal

-

7,454

Hire purchase contracts

16,544

43,465

287,952

330,919

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

7,454

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

£

Bank overdrafts

184,911

124,787

Bank loans

353,408

357,454

538,319

482,241

The Clydesdale Bank PLC hold a floating charge over the assets of the company and a standard security over the business premises and land.

9.	PROVISIONS FOR LIABILITIES

31.3.21

31.3.20

£

£

Deferred tax

30,013

27,154

Deferred

tax

£

Balance at 1 April 2020

27,154

Provided during year

2,859

Balance at 31 March 2021

30,013

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE CONTROLLING PARTY

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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2021 set out on pages three to eleven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

This report is made solely to the Board of Directors of the company, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Board of Directors of the company, as a body, in this report in accordance with the requirements of the Institute of Financial Accountants. 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 the company has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities and financial position of the company. You consider that the company 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 the company. 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.

Atholl Scott

55-57 West High Street

INVERURIE

AB51 3QQ

19 July 2021