Company Registration No. SC100265 (Scotland)
ABERDEEN & NORTHERN (ESTATES) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ABERDEEN & NORTHERN (ESTATES) LIMITED
CONTENTS
Page
Statement of financial position
2
Notes to the financial statements
3 - 9
ABERDEEN & NORTHERN (ESTATES) LIMITED
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 services relating to the trade of land and estate agents.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G R W Rogerson
J Presly
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
G R W Rogerson
Director
19 April 2022
ABERDEEN & NORTHERN (ESTATES) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,368
1,519
Current assets
Debtors
6
235,468
248,290
Cash at bank and in hand
353,923
304,666
589,391
552,956
Creditors: amounts falling due within one year
7
(404,567)
(375,759)
Net current assets
184,824
177,197
Total assets less current liabilities
189,192
178,716
Creditors: amounts falling due after more than one year
8
(34,837)
(44,167)
Net assets
154,355
134,549
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
54,355
34,549
Total equity
154,355
134,549
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:
G R W Rogerson
Director
Company Registration No. SC100265
ABERDEEN & NORTHERN (ESTATES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Aberdeen & Northern (Estates) Limited (SC100265) 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 amounts 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.
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, included 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 this 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 recoverability on a regular basis, and the directors
consider that the Company is not exposed to losses on these assets which would affect their decision 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.
ABERDEEN & NORTHERN (ESTATES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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:
Fixtures and equipment
Over 3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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.
ABERDEEN & NORTHERN (ESTATES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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.
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
The group operates both defined benefit and defined contribution pension schemes and contributions to both schemes are charged to the profit and loss account. Contributions to the defined benefit scheme are calculated to ensure that the regular pension cost is a substantially level percentage of the current and expected future pensionable payroll.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
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.
ABERDEEN & NORTHERN (ESTATES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
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.
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, future investments, 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
Exceptional item
2021
2020
£
£
Expenditure
Restructuring costs
-
16,071
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
5
6
ABERDEEN & NORTHERN (ESTATES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
5
Tangible fixed assets
Equipment
£
Cost
At 1 January 2021
28,315
Additions
3,700
At 31 December 2021
32,015
Depreciation and impairment
At 1 January 2021
26,796
Depreciation charged in the year
851
At 31 December 2021
27,647
Carrying amount
At 31 December 2021
4,368
At 31 December 2020
1,519
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
229,378
243,669
Other debtors
6,090
4,621
235,468
248,290
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
9,646
5,833
Trade creditors
10,412
3,839
Amounts owed to group undertakings
124,882
115,291
Corporation tax
2,791
Other taxation and social security
2,952
35,553
Other creditors
256,675
212,452
404,567
375,759
Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
ABERDEEN & NORTHERN (ESTATES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
34,837
44,167
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
-
4,167
9
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,037
8,052
The group operates a defined contribution pension scheme.
The defined contribution scheme, which commenced on 1 January 2000, is a group personal pension plan operating on a defined contribution basis and is available to all group employees.
Further information on the group's pension scheme is contained in the accounts of the parent society, ANM Group Limited.
10
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.
The senior statutory auditor was Kathleen Kirkland and the auditor was Azets Audit Services.
11
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.
12
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.
ABERDEEN & NORTHERN (ESTATES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
13
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.
2021-12-312021-01-01false19 April 2022CCH SoftwareCCH Accounts Production 2022.100The principal activity of the company continued to be that of services relating to the trade of land and estate agents.This audit opinion is unqualifiedG R W RogersonJ PreslyL C Secretaries LimitedSC1002652021-01-012021-12-31SC100265bus:Director12021-01-012021-12-31SC100265bus:Director22021-01-012021-12-31SC100265bus:CompanySecretary12021-01-012021-12-31SC1002652021-12-31SC1002652020-12-31SC100265core:OtherPropertyPlantEquipment2021-12-31SC100265core:OtherPropertyPlantEquipment2020-12-31SC100265core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31SC100265core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-31SC100265core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-31SC100265core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-31SC100265core:CurrentFinancialInstruments2021-12-31SC100265core:CurrentFinancialInstruments2020-12-31SC100265core:ShareCapital2021-12-31SC100265core:ShareCapital2020-12-31SC100265core:RetainedEarningsAccumulatedLosses2021-12-31SC100265core:RetainedEarningsAccumulatedLosses2020-12-31SC100265core:FurnitureFittings2021-01-012021-12-31SC1002652020-01-012020-12-31SC100265core:OtherPropertyPlantEquipment2020-12-31SC100265core:OtherPropertyPlantEquipment2021-01-012021-12-31SC100265core:WithinOneYear2021-12-31SC100265core:WithinOneYear2020-12-31SC100265core:Non-currentFinancialInstruments2021-12-31SC100265core:Non-currentFinancialInstruments2020-12-31SC100265bus:PrivateLimitedCompanyLtd2021-01-012021-12-31SC100265bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-31SC100265bus:FRS1022021-01-012021-12-31SC100265bus:Audited2021-01-012021-12-31SC100265bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP