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REGISTERED NUMBER: SC239511 (Scotland)















Financial Statements for the Year Ended 31 March 2023

for

Aberdeen Tile Distributors Limited

Aberdeen Tile Distributors Limited (Registered number: SC239511)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Aberdeen Tile Distributors Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: E H A Meston
M J Souter





SECRETARY: Ledingham Chalmers





REGISTERED OFFICE: Johnstone House
52-54 Rose Street
Aberdeen
AB10 1HA





REGISTERED NUMBER: SC239511 (Scotland)





ACCOUNTANTS: Tawse & Partners
Chartered Accountants
18 North Silver Street
Aberdeen
AB10 1JU

Aberdeen Tile Distributors Limited (Registered number: SC239511)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 211,069 213,924
211,069 213,924

CURRENT ASSETS
Stocks 176,585 189,604
Debtors 7 100,033 103,896
Cash at bank and in hand 179 4,650
276,797 298,150
CREDITORS
Amounts falling due within one year 8 197,926 198,561
NET CURRENT ASSETS 78,871 99,589
TOTAL ASSETS LESS CURRENT
LIABILITIES

289,940

313,513

CREDITORS
Amounts falling due after more than one year 9 (31,855 ) (43,064 )

PROVISIONS FOR LIABILITIES (6,706 ) (5,949 )
NET ASSETS 251,379 264,500

CAPITAL AND RESERVES
Called up share capital 11 174,600 174,600
Retained earnings 76,779 89,900
SHAREHOLDERS' FUNDS 251,379 264,500

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Aberdeen Tile Distributors Limited (Registered number: SC239511)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





E H A Meston - Director


Aberdeen Tile Distributors Limited (Registered number: SC239511)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Aberdeen Tile Distributors Limited 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.

The trading address of Aberdeen Tile Distributors Limited is 56 Virginia Street, Aberdeen, AB11 5AY.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Accounting policies
The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax.

Goodwill
Goodwill is the excess of the amount paid on acquisition of the business and the fair value of the net assets. It is being written off in equal annual instalments overs its estimated useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold - Straight line over 49 years
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchases, costs of conversion and other costs incurred in bring stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


Aberdeen Tile Distributors Limited (Registered number: SC239511)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currency translation
Transactions during the year are recorded using rates of exchange prevailing at the date they occur. Assets and liabilities denominated in foreign currencies are translated into sterling at the year end rates of exchange. Exchange gains or losses are reflected in the profit and loss account.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leases
Tangible fixed assets acquired under finance leases and hire purchase contracts are capitalised at the estimated fair value at the date of inception of each loss or contract. The total finance charges are allocated over the period of the lease in such a way as to give a reasonably constant charge on the outstanding liability.

Rentals paid under operating leases are charged to income as incurred.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Aberdeen Tile Distributors Limited (Registered number: SC239511)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 1,303,536
AMORTISATION
At 1 April 2022
and 31 March 2023 1,303,536
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
Freehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 289,207 240,036 38,763 55,485 623,491
Additions - - - 12,995 12,995
At 31 March 2023 289,207 240,036 38,763 68,480 636,486
DEPRECIATION
At 1 April 2022 110,425 234,261 32,590 32,291 409,567
Charge for year 6,145 1,823 1,543 6,339 15,850
At 31 March 2023 116,570 236,084 34,133 38,630 425,417
NET BOOK VALUE
At 31 March 2023 172,637 3,952 4,630 29,850 211,069
At 31 March 2022 178,782 5,775 6,173 23,194 213,924

Aberdeen Tile Distributors Limited (Registered number: SC239511)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 19,995
Additions 12,995
At 31 March 2023 32,990
DEPRECIATION
At 1 April 2022 417
Charge for year 5,435
At 31 March 2023 5,852
NET BOOK VALUE
At 31 March 2023 27,138
At 31 March 2022 19,578

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 80,408 99,196
Amounts recoverable on contract 17,340 3,500
Other debtors 2,285 1,200
100,033 103,896

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 15,768 10,000
Hire purchase contracts 10,931 7,598
Trade creditors 99,347 104,275
Taxation and social security 40,583 44,602
Other creditors 31,297 32,086
197,926 198,561

Bank overdraft
The bank holds a First Ranking Standard Security over 56 Virginia Street, Aberdeen AB11 5AY. They also hold a Bond & Floating Charge over the whole of the assets.

Aberdeen Tile Distributors Limited (Registered number: SC239511)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 21,667 31,667
Hire purchase contracts 10,188 11,397
31,855 43,064

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdraft 5,768 -
Bank loans 31,667 41,667
Hire purchase contracts 21,119 18,995
58,554 60,662

The bank holds a First Ranking Standard Security over 56 Virginia Street, Aberdeen AB11 5AY. They also hold a Bond & Floating Charge over the whole of the assets.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
500 'A' Ordinary Shares £1 500 500
500 'B' Ordinary Shares £1 500 500
173,600 5.75% Redeemable Preference
Shares £1 173,600 173,600
174,600 174,600

The 5.75% Redeemable Shares are redeemable at the option of the company.

12. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £19,539 (2022 - £19,348). Pension contributions of £1,286 were accrued at 31 March 2023 (2022 - £1,306).