Inshes Motor Company Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC193101 (Scotland)

Financial Statements for the Year Ended 31 January 2023

for

Inshes Motor Company Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G M Jamieson

SECRETARY:

Mrs H Jamieson

REGISTERED OFFICE:

Unit 2

Balvonie of Inshes

Inverness

IV2 5BB

REGISTERED NUMBER:

SC193101 (Scotland)

ACCOUNTANTS:

Highland Accountancy Practice

Chartered Accountants

Suite 1A, Willow House

Stoneyfield Business Park

Inverness

Highland

IV2 7PA

FIXED ASSETS

Tangible assets

4

7,256

6,554

CURRENT ASSETS

Stocks

39,573

40,310

Debtors

10,091

3,997

Cash at bank and in hand

24,889

11,704

74,553

56,011

CREDITORS

Amounts falling due within one year

11,669

7,955

NET CURRENT ASSETS

62,884

48,056

TOTAL ASSETS LESS CURRENT LIABILITIES

70,140

54,610

PROVISIONS FOR LIABILITIES

201

-

NET ASSETS

69,939

54,610

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

69,937

54,608

SHAREHOLDERS' FUNDS

69,939

54,610

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2023 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 director and authorised for issue on 17 October 2023 and were signed by:

G M Jamieson - Director

1.	STATUTORY INFORMATION

Inshes Motor Company 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 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 the cost less estimated residual value of each asset over its estimated useful life.

Plant and Machinery

-

15% on reducing balance

Fixtures and Fittings

-

15% on reducing balance

Computer Equipment

-

33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation, impairment losses, and reversals of impairment losses (where applicable).

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2022

16,822

Additions

1,276

At 31 January 2023

18,098

DEPRECIATION

At 1 February 2022

10,268

Charge for year

574

At 31 January 2023

10,842

NET BOOK VALUE

At 31 January 2023

7,256

At 31 January 2022

6,554

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23

31.1.22

£

£

G M Jamieson

Balance outstanding at start of year

709

-

Amounts advanced

4,238

709

Amounts repaid

(5,538

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(591

)

709

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director, G Jamieson.