Company Registration No. SC160052 (Scotland)
THAINSTONE LEASING CO. LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
THAINSTONE LEASING CO. LTD
CONTENTS
Page
Statement of financial position
2
Notes to the financial statements
3 - 8
THAINSTONE LEASING CO. LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of leasing motor vehicles to group companies together with the sale of vehicles to members of the ANM Group and external parties.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P Watson
M Macaulay
D Green
G Rogerson
S Stephen
J Mitchell
N Thow
A Mitchell
A Hutcheon
I SIm
(Appointed 10 March 2022)
K Walker
(Appointed 10 March 2022)
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
P Watson
Director
19 April 2022
THAINSTONE LEASING CO. LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
298,393
227,753
Current assets
Debtors
5
39,108
12,641
Cash at bank and in hand
157,446
251,621
196,554
264,262
Creditors: amounts falling due within one year
6
(168,608)
(176,289)
Net current assets
27,946
87,973
Total assets less current liabilities
326,339
315,726
Creditors: amounts falling due after more than one year
7
(20,412)
(26,244)
Provisions for liabilities
21,547
16,280
Net assets
327,474
305,762
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
327,374
305,662
Total equity
327,474
305,762
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 April 2022 and are signed on its behalf by:
P Watson
Director
Company Registration No. SC160052
THAINSTONE LEASING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Thainstone Leasing Co. Ltd
(SC160052)
is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Thainstone Centre, Thainstone, Inverurie, Aberdeenshire, United Kingdom, AB51 5XZ.
A business review can be found in the consolidated accounts of ANM Group Limited.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been prepared on a going concern basis.
true
At the time of this report the country is currently facing uncertainties surrounding COVID-19 and the impact that this will have on the Company’s trade, customers, suppliers and wider economy. The Company believes that it has sufficient reserves and resources together with any possible utilisation of Government support schemes and the support of ANM Group Limited, to be able to prepare the accounts on a going concern basis.
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.
Based on the assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business.
In addition, the Company's assets are assessed for the recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decisions to adopt the going concern basis.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
THAINSTONE LEASING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment
20% - 33% straight line
Motor vehicles
20% - 33% straight line
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument
.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THAINSTONE LEASING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
THAINSTONE LEASING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, economic utilisation and the physical condition of the assets.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
3
Employees
The average monthly number of persons employed by the company during the year was 1 (
2020
:
1
).
2021
2020
Number
Number
Total
1
1
4
Tangible fixed assets
Equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2021
18,217
500,391
518,608
Additions
28,539
219,271
247,810
Disposals
(193,175)
(193,175)
At 31 December 2021
46,756
526,487
573,243
Depreciation and impairment
At 1 January 2021
7,967
282,888
290,855
Depreciation charged in the year
5,250
109,868
115,118
Eliminated in respect of disposals
(131,123)
(131,123)
At 31 December 2021
13,217
261,633
274,850
Carrying amount
At 31 December 2021
33,539
264,854
298,393
At 31 December 2020
10,250
217,503
227,753
THAINSTONE LEASING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,496
3,291
Amounts owed by group undertakings
34,918
9,350
Other debtors
2,694
39,108
12,641
Amounts due from group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
3,945
2,166
Amounts owed to group undertakings
142,748
155,344
Corporation tax
2,716
Other taxation and social security
6,995
7,922
Other creditors
14,920
8,141
168,608
176,289
Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
20,412
26,244
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
-
2,916
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
THAINSTONE LEASING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
8
Audit report information
(Continued)
- 8 -
The senior statutory auditor was Kathleen Kirkland and the auditor was Azets Audit Services.
9
Contingencies
The company has entered into a cross-guarantee arrangement in favour of the bank in respect of all sums advanced to group companies. Details of the monies advanced by the bank are disclosed in the accounts of the parent society, ANM Group Limited.
10
Related party transactions
The company is a wholly owned subsidiary of ANM Group Limited and has taken advantage of the exemption given by section 1AC.35 of FRS102, which allows exemption from disclosure of related party transactions with other group companies on the basis that the company is a 100% subsidiary.
11
Parent company
The immediate and ultimate parent undertaking is ANM Group Limited. ANM Group Limited is a society incorporated in Scotland under the Industrial & Provident Societies Acts, who owns all of the issued ordinary shares of the company. A copy of the group accounts can be obtained from the registered office at Thainstone Agricultural Centre, Inverurie.
2021-12-31
2021-01-01
false
19 April 2022
CCH Software
CCH Accounts Production 2022.100
The principal activity of the company continued to be that of leasing motor vehicles to group companies together with the sale of vehicles to members of the ANM Group and external parties.
This audit opinion is unqualified
P Watson
M Macaulay
D Green
G Rogerson
S Stephen
J Mitchell
N Thow
A Mitchell
A Hutcheon
I SIm
I SIm
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