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Company No: SC402206 (Scotland)

ASHGROVE MOTOR BODY COMPANY (ABERDEEN) LIMITED

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

ASHGROVE MOTOR BODY COMPANY (ABERDEEN) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Contents

ASHGROVE MOTOR BODY COMPANY (ABERDEEN) LIMITED

BALANCE SHEET

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

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,522,254 1,459,826
1,522,254 1,459,826
Current assets
Stocks 4 279,422 207,413
Debtors 5 778,898 408,752
Cash at bank and in hand 2,168,534 1,677,635
3,226,854 2,293,800
Creditors: amounts falling due within one year 6 ( 961,717) ( 744,014)
Net current assets 2,265,137 1,549,786
Total assets less current liabilities 3,787,391 3,009,612
Provision for liabilities 7 ( 46,631) ( 30,998)
Net assets 3,740,760 2,978,614
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 3,740,660 2,978,514
Total shareholders' funds 3,740,760 2,978,614

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 (Aberdeen) Limited (registered number: SC402206) 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 (ABERDEEN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
ASHGROVE MOTOR BODY COMPANY (ABERDEEN) 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 (Aberdeen) 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 Mugiemoss Road, Bucksburn, Aberdeen, AB21 9NP, 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 is recognised at the fair value of the consideration received or receivable for sale of motor parts and repairs 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 15 - 25 % 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
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 as described below.

Financial assets
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 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 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, 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 performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 26 28

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 October 2022 1,323,694 144,310 130,590 48,725 20,958 1,668,277
Additions 0 18,302 120,306 528 3,181 142,317
At 30 September 2023 1,323,694 162,612 250,896 49,253 24,139 1,810,594
Accumulated depreciation
At 01 October 2022 17,576 96,746 52,673 36,750 4,706 208,451
Charge for the financial year 26,474 11,189 35,812 1,858 4,556 79,889
At 30 September 2023 44,050 107,935 88,485 38,608 9,262 288,340
Net book value
At 30 September 2023 1,279,644 54,677 162,411 10,645 14,877 1,522,254
At 30 September 2022 1,306,118 47,564 77,917 11,975 16,252 1,459,826

4. Stocks

2023 2022
£ £
Stocks 21,366 20,349
Work in progress 258,056 187,064
279,422 207,413

5. Debtors

2023 2022
£ £
Trade debtors 343,060 276,004
Amounts owed by related parties 12,087 91,209
Other debtors 423,751 41,539
778,898 408,752

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 483,164 409,285
Amounts owed to related parties 24,560 27,352
Taxation and social security 367,981 275,232
Other creditors 86,012 32,145
961,717 744,014

7. Provision for liabilities

2023 2022
£ £
Deferred tax 46,631 30,998

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
14 A ordinary shares of £ 1.00 each 14 14
10 B ordinary shares of £ 1.00 each 10 10
10 C ordinary shares of £ 1.00 each 10 10
15 D ordinary shares of £ 1.00 each 15 15
51 Ordinary shares of £ 1.00 each 51 51
100 100

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts owed to Entities with control, joint control or significant influence over the company 86,068 27,351
Amounts owed by Entities with control, joint control or significant influence over the company 1,822 91,209

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 281,163 0

Interest has been charged at 2.25% on any balances due to the company during the year. There are no fixed terms of repayment.

Other related party transactions

2023 2022
£ £
Amounts due from other related parties 98,353 0