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

REGISTERED NUMBER: SC308626 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

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

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

40,000

32,000

Tangible assets

5

52,250

65,548

92,250

97,548

CURRENT ASSETS

Stocks

31,500

30,346

Debtors

48,230

48,562

Cash at bank and in hand

25,264

44,563

104,994

123,471

CREDITORS

Amounts falling due within one year

(119,010

)

(139,193

)

NET CURRENT LIABILITIES

(14,016

)

(15,722

)

TOTAL ASSETS LESS CURRENT LIABILITIES

78,234

81,826

CREDITORS

Amounts falling due after more than one year

(2,719

)

(18,838

)

PROVISIONS FOR LIABILITIES

6

(7,879

)

(10,013

)

NET ASSETS

67,636

52,975

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

67,536

52,875

SHAREHOLDERS' FUNDS

67,636

52,975

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2018 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 on 25 June 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 13 (2017 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

49,000

Additions

20,000

At 31 March 2018

69,000

AMORTISATION

At 1 April 2017

17,000

Amortisation for year

12,000

At 31 March 2018

29,000

NET BOOK VALUE

At 31 March 2018

40,000

At 31 March 2017

32,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

139,224

Additions

1,698

At 31 March 2018

140,922

DEPRECIATION

At 1 April 2017

73,676

Charge for year

14,996

At 31 March 2018

88,672

NET BOOK VALUE

At 31 March 2018

52,250

At 31 March 2017

65,548

The written down value of assets held under HP contracts amounted to £8,575 (2017: £11,434)

6.	PROVISIONS FOR LIABILITIES

31.3.18

31.3.17

£

£

Deferred tax

7,879

10,013

Deferred

tax

£

Balance at 1 April 2017

10,013

Credit to Income Statement during year

(2,134

)

Balance at 31 March 2018

7,879

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

100

Ordinary

1

100

100

8.	DIRECTORS' CURRENT ACCOUNT

The balance on the directors' current account at the year end amounted to £3,633 due by the company,

(2017: £9,939 due by the company), repayable in full on demand.

9.	COMMITMENTS

The total outstanding commitment on operating and finance leases amounted to £180,294.