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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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PARK'S OF HAMILTON (CROFTHEAD GARAGE) |
LIMITED |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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FOR |
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PARK'S OF HAMILTON (CROFTHEAD GARAGE) |
LIMITED |
PARK'S OF HAMILTON (CROFTHEAD GARAGE) |
LIMITED (REGISTERED NUMBER: SC063779) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2018 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Income Statement | 6 |
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Statement of Financial Position | 7 |
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Notes to the Financial Statements | 8 |
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PARK'S OF HAMILTON (CROFTHEAD GARAGE) |
LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 MARCH 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Chartered Accountants |
Atlantic House |
1a Cadogan Street |
Glasgow |
G2 6QE |
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SOLICITORS: |
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110 Queen Street |
Glasgow |
G1 3BX |
PARK'S OF HAMILTON (CROFTHEAD GARAGE) |
LIMITED (REGISTERED NUMBER: SC063779) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31 MARCH 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2018. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2017 to the date of this report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
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AUDITORS |
The auditors, Thomas Barrie & Co LLP, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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PARK'S OF HAMILTON (CROFTHEAD GARAGE) |
LIMITED (REGISTERED NUMBER: SC063779) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31 MARCH 2018 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PARK'S OF HAMILTON (CROFTHEAD GARAGE) |
LIMITED |
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Opinion |
We have audited the financial statements of Park's Of Hamilton (Crofthead Garage) Limited (the 'company') for the year |
ended 31 March 2018 which comprise the Income Statement, Statement of Financial Position and Notes to the Financial |
Statements, including a summary of significant accounting policies. The financial reporting framework that has been |
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom |
Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2018; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of |
the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Report of the Directors for the financial year for which the financial statements are
prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PARK'S OF HAMILTON (CROFTHEAD GARAGE) |
LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible |
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such |
internal control as the directors determine necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Statutory Auditor |
Chartered Accountants |
Atlantic House |
1a Cadogan Street |
Glasgow |
G2 6QE |
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PARK'S OF HAMILTON (CROFTHEAD GARAGE) |
LIMITED (REGISTERED NUMBER: SC063779) |
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INCOME STATEMENT |
for the Year Ended 31 MARCH 2018 |
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2017 | 2018 |
£ | Notes | £ |
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TURNOVER |
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OPERATING PROFIT and |
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PROFIT BEFORE TAXATION |
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Tax on profit |
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PROFIT FOR THE FINANCIAL YEAR |
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PARK'S OF HAMILTON (CROFTHEAD GARAGE) |
LIMITED (REGISTERED NUMBER: SC063779) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2018 |
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2017 | 2018 |
£ | Notes | £ |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
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Called up share capital | 3 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
by: |
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PARK'S OF HAMILTON (CROFTHEAD GARAGE) |
LIMITED (REGISTERED NUMBER: SC063779) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2018 |
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1. | STATUTORY INFORMATION |
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Park's Of Hamilton (Crofthead Garage) Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The Company's Registered Office is Park House, 14 Bothwell Road, Hamilton ML3 0AY. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions |
that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, |
income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are |
reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. |
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There are no significant judgements or estimates included in these accounts. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference |
and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised |
in profit or loss. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured |
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective |
interest method, less any impairment. |
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Cash and cash equivalents |
Cash and cash equivalents comprises cash balances. Bank overdrafts that are payable on demand and form an |
integral part of the company's cash management are included as a component of cash and cash equivalents for the |
purpose only of the cash flow statement. |
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Creditors |
Short term trade 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. |
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Provisions |
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current |
market assessments of the time value of money and the risks specific to the liability. The unwinding of the |
discount is recognised as finance cost. |
PARK'S OF HAMILTON (CROFTHEAD GARAGE) |
LIMITED (REGISTERED NUMBER: SC063779) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2018 |
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3. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 100,000 | 100,000 |
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4. | CONTINGENT LIABILITIES |
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The company, together with the parent company and all but three non trading subsidiaries within the Group, have |
entered into cross guarantees in respect of each company's indebtedness to the Bank of Scotland plc. |
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5. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Park's of Hamilton (Holdings) Ltd. |
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The ultimate controlling party is
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