Company Registration No. SC392526 (Scotland)
ABERCORN ELECTRONIC DISTRIBUTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
ABERCORN ELECTRONIC DISTRIBUTION LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ABERCORN ELECTRONIC DISTRIBUTION LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr J D Colquhoun
Secretary
Mrs T Colquhoun
Company number
SC392526
Registered office
Pardovan Works
Philipstoun
Linlithgow
West Lothian
Scotland
EH49 7TT
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
ABERCORN ELECTRONIC DISTRIBUTION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,197
12,808
Investments
5
15,000
15,000
27,197
27,808
Current assets
Stocks
153,886
172,960
Debtors
6
968,534
814,469
Cash at bank and in hand
237,787
119,907
1,360,207
1,107,336
Creditors: amounts falling due within one year
7
(564,476)
(579,375)
Net current assets
795,731
527,961
Total assets less current liabilities
822,928
555,769
Creditors: amounts falling due after more than one year
8
(35,000)
(45,000)
Provisions for liabilities
10
(2,684)
(2,095)
Net assets
785,244
508,674
Capital and reserves
Called up share capital
11
110
110
Profit and loss reserves
785,134
508,564
Total equity
785,244
508,674

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ABERCORN ELECTRONIC DISTRIBUTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 6 September 2021
Mr J D Colquhoun
Director
Company Registration No. SC392526
ABERCORN ELECTRONIC DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information

Abercorn Electronic Distribution Limited is a private company limited by shares incorporated in Scotland. The registered office is Pardovan Works, Philipstoun, Linlithgow, West Lothian, Scotland, EH49 7TT. The company's registration number is SC392526.

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 and presentational 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
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Development Costs
Over Ten Years
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:

Leasehold improvements
20% straight line
Fixtures and equipment
20% straight line

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

ABERCORN ELECTRONIC DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments

Interests are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

1.8
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.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10
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.

1.11
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 profit and loss account 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.

ABERCORN ELECTRONIC DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
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 profit and loss account, 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.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
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.

1.15
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Total
7
6
ABERCORN ELECTRONIC DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
3
Intangible fixed assets
Development Costs
£
Cost
At 1 April 2021 and 31 March 2022
155,165
Amortisation and impairment
At 1 April 2021 and 31 March 2022
155,165
Carrying amount
At 31 March 2022
-
0
At 31 March 2021
-
0
4
Tangible fixed assets
Leasehold improvements
Fixtures and equipment
Total
£
£
£
Cost
At 1 April 2021
5,692
20,074
25,766
Additions
-
0
4,937
4,937
Disposals
-
0
(4,698)
(4,698)
At 31 March 2022
5,692
20,313
26,005
Depreciation and impairment
At 1 April 2021
5,692
7,266
12,958
Depreciation charged in the year
-
0
3,732
3,732
Eliminated in respect of disposals
-
0
(2,882)
(2,882)
At 31 March 2022
5,692
8,116
13,808
Carrying amount
At 31 March 2022
-
0
12,197
12,197
At 31 March 2021
-
0
12,808
12,808
5
Fixed asset investments
2022
2021
£
£
Other investments other than loans
15,000
15,000
ABERCORN ELECTRONIC DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2021 & 31 March 2022
15,000
Carrying amount
At 31 March 2022
15,000
At 31 March 2021
15,000
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
742,295
564,498
Other debtors
226,239
249,971
968,534
814,469
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,000
5,000
Trade creditors
294,451
436,274
Taxation and social security
256,949
134,152
Other creditors
3,076
3,949
564,476
579,375
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
35,000
45,000
9
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
10
2,684
2,095
ABERCORN ELECTRONIC DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
2,684
2,095
2022
Movements in the year:
£
Liability at 1 April 2021
2,095
Charge to profit or loss
589
Liability at 31 March 2022
2,684
11
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 A Ordinary shares of £1 each
100
100
10 B Ordinary shares of £1 each
10
10
110
110
12
Related party transactions
Transactions with related parties

At 31 March 2022 the company was owed £216,415 (2021: £240,412) from the director. This loan is unsecured, interest free and has no fixed repayment terms.

 

This loan was cleared in April 2022.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

2022-03-312021-04-01false07 September 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityMr J D ColquhounMrs T ColquhounSC3925262021-04-012022-03-31SC392526bus:Director12021-04-012022-03-31SC392526bus:CompanySecretary12021-04-012022-03-31SC392526bus:RegisteredOffice2021-04-012022-03-31SC3925262022-03-31SC3925262021-03-31SC392526core:LeaseholdImprovements2022-03-31SC392526core:ComputerEquipment2022-03-31SC392526core:LeaseholdImprovements2021-03-31SC392526core:ComputerEquipment2021-03-31SC392526core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31SC392526core:CurrentFinancialInstrumentscore:WithinOneYear2021-03-31SC392526core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-31SC392526core:Non-currentFinancialInstrumentscore:AfterOneYear2021-03-31SC392526core:CurrentFinancialInstruments2022-03-31SC392526core:CurrentFinancialInstruments2021-03-31SC392526core:ShareCapital2022-03-31SC392526core:ShareCapital2021-03-31SC392526core:RetainedEarningsAccumulatedLosses2022-03-31SC392526core:RetainedEarningsAccumulatedLosses2021-03-31SC392526core:ShareCapitalOrdinaryShares2022-03-31SC392526core:ShareCapitalOrdinaryShares2021-03-31SC392526core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-31SC392526core:DevelopmentCostsCapitalisedDevelopmentExpenditure2021-04-012022-03-31SC392526core:LeaseholdImprovements2021-04-012022-03-31SC392526core:ComputerEquipment2021-04-012022-03-31SC3925262020-04-012021-03-31SC392526core:DevelopmentCostsCapitalisedDevelopmentExpenditure2021-03-31SC392526core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-03-31SC392526core:DevelopmentCostsCapitalisedDevelopmentExpenditure2021-03-31SC392526core:LeaseholdImprovements2021-03-31SC392526core:ComputerEquipment2021-03-31SC3925262021-03-31SC392526core:WithinOneYear2022-03-31SC392526core:WithinOneYear2021-03-31SC392526core:Non-currentFinancialInstruments2022-03-31SC392526core:Non-currentFinancialInstruments2021-03-31SC392526bus:PrivateLimitedCompanyLtd2021-04-012022-03-31SC392526bus:SmallCompaniesRegimeForAccounts2021-04-012022-03-31SC392526bus:FRS1022021-04-012022-03-31SC392526bus:AuditExemptWithAccountantsReport2021-04-012022-03-31SC392526bus:FullAccounts2021-04-012022-03-31xbrli:purexbrli:sharesiso4217:GBP