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Company No: SC534837 (Scotland)

ASHGROVE MOTOR BODY COMPANY (INVERNESS) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

ASHGROVE MOTOR BODY COMPANY (INVERNESS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Contents

ASHGROVE MOTOR BODY COMPANY (INVERNESS) LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2023
ASHGROVE MOTOR BODY COMPANY (INVERNESS) LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 928,219 953,156
928,219 953,156
Current assets
Stocks 4 473,542 186,306
Debtors 5 472,704 945,023
Cash at bank and in hand 900,058 661,052
1,846,304 1,792,381
Creditors: amounts falling due within one year 6 ( 706,230) ( 1,100,535)
Net current assets 1,140,074 691,846
Total assets less current liabilities 2,068,293 1,645,002
Provision for liabilities 7 ( 21,082) ( 22,313)
Net assets 2,047,211 1,622,689
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 2,047,111 1,622,589
Total shareholders' funds 2,047,211 1,622,689

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ashgrove Motor Body Company (Inverness) Limited (registered number: SC534837) were approved and authorised for issue by the Board of Directors on 21 March 2024. They were signed on its behalf by:

Karen Jappy
Director
ASHGROVE MOTOR BODY COMPANY (INVERNESS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
ASHGROVE MOTOR BODY COMPANY (INVERNESS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ashgrove Motor Body Company (Inverness) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Commerce House, South Street, Elgin, IV30 1JE, United Kingdom. The principal place of business is Burnett Road, Inverness, IV1 1TF, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover represents amounts receivable for the sale of motor parts and repairs net of trade discounts and VAT.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 15 - 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 21

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2022 973,416 248,251 1,221,667
Additions 0 13,378 13,378
At 30 September 2023 973,416 261,629 1,235,045
Accumulated depreciation
At 01 October 2022 112,929 155,582 268,511
Charge for the financial year 19,468 18,847 38,315
At 30 September 2023 132,397 174,429 306,826
Net book value
At 30 September 2023 841,019 87,200 928,219
At 30 September 2022 860,487 92,669 953,156

4. Stocks

2023 2022
£ £
Stocks 20,000 20,000
Work in progress 453,542 166,306
473,542 186,306

5. Debtors

2023 2022
£ £
Trade debtors 301,229 293,350
Amounts owed by related parties 138,677 334,901
Other debtors 32,798 316,772
472,704 945,023

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 215,200
Trade creditors 390,419 334,768
Amounts owed to related parties 17,358 304,498
Taxation and social security 286,242 228,400
Other creditors 12,211 17,669
706,230 1,100,535

The bank loan is secured by fixed charges over the company's premises.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 21,082 22,313

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
49 Ordinary shares of £ 1.00 each 49 49
31 B ordinary shares of £ 1.00 each 31 31
20 C ordinary shares of £ 1.00 each 20 20
100 100

9. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Other 345 460

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 345 460

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed by entities with control, joint control or significant influence over the company 160,302 334,901
Amounts owed to entities with control, joint control or significant influence over the company 17,125 301,259

These balances are interest free and have no fixed terms of repayment.

Transactions with the entity's directors

2023 2022
£ £
Amounts owed from key management personnel 0 269,598

Interest has been charged at 2% on any balances due to the company during the year. There are no fixed terms of repayment.

Other related party transactions

2023 2022
£ £
Amounts owed by other related parties 0 18,015

The above amount is interest free and has no fixed terms of repayment.