Silverfin false false 30/09/2023 01/10/2022 30/09/2023 Karen Jappy 18/07/2011 Andrew O'Hare 18/07/2011 Elizabeth O'Hare 18/07/2011 Michael O'Hare 18/07/2011 21 March 2024 The principal activity of the Company during the financial year was the sale of motor parts and repairs. SC403675 2023-09-30 SC403675 bus:Director1 2023-09-30 SC403675 bus:Director2 2023-09-30 SC403675 bus:Director3 2023-09-30 SC403675 bus:Director4 2023-09-30 SC403675 2022-09-30 SC403675 core:CurrentFinancialInstruments 2023-09-30 SC403675 core:CurrentFinancialInstruments 2022-09-30 SC403675 core:ShareCapital 2023-09-30 SC403675 core:ShareCapital 2022-09-30 SC403675 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC403675 core:RetainedEarningsAccumulatedLosses 2022-09-30 SC403675 core:Goodwill 2022-09-30 SC403675 core:Goodwill 2023-09-30 SC403675 core:LandBuildings 2022-09-30 SC403675 core:PlantMachinery 2022-09-30 SC403675 core:Vehicles 2022-09-30 SC403675 core:FurnitureFittings 2022-09-30 SC403675 core:LandBuildings 2023-09-30 SC403675 core:PlantMachinery 2023-09-30 SC403675 core:Vehicles 2023-09-30 SC403675 core:FurnitureFittings 2023-09-30 SC403675 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-09-30 SC403675 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-09-30 SC403675 bus:OrdinaryShareClass1 2023-09-30 SC403675 bus:OrdinaryShareClass2 2023-09-30 SC403675 bus:OrdinaryShareClass3 2023-09-30 SC403675 bus:OrdinaryShareClass4 2023-09-30 SC403675 bus:OrdinaryShareClass5 2023-09-30 SC403675 2022-10-01 2023-09-30 SC403675 bus:FilletedAccounts 2022-10-01 2023-09-30 SC403675 bus:SmallEntities 2022-10-01 2023-09-30 SC403675 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 SC403675 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC403675 bus:Director1 2022-10-01 2023-09-30 SC403675 bus:Director2 2022-10-01 2023-09-30 SC403675 bus:Director3 2022-10-01 2023-09-30 SC403675 bus:Director4 2022-10-01 2023-09-30 SC403675 core:Goodwill core:TopRangeValue 2022-10-01 2023-09-30 SC403675 core:LandBuildings core:TopRangeValue 2022-10-01 2023-09-30 SC403675 core:PlantMachinery 2022-10-01 2023-09-30 SC403675 core:Vehicles 2022-10-01 2023-09-30 SC403675 core:FurnitureFittings 2022-10-01 2023-09-30 SC403675 2021-10-01 2022-09-30 SC403675 core:LandBuildings 2022-10-01 2023-09-30 SC403675 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC403675 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 SC403675 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 SC403675 bus:OrdinaryShareClass2 2021-10-01 2022-09-30 SC403675 bus:OrdinaryShareClass3 2022-10-01 2023-09-30 SC403675 bus:OrdinaryShareClass3 2021-10-01 2022-09-30 SC403675 bus:OrdinaryShareClass4 2022-10-01 2023-09-30 SC403675 bus:OrdinaryShareClass4 2021-10-01 2022-09-30 SC403675 bus:OrdinaryShareClass5 2022-10-01 2023-09-30 SC403675 bus:OrdinaryShareClass5 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC403675 (Scotland)

ASHGROVE MOTOR BODY COMPANY LIMITED

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

ASHGROVE MOTOR BODY COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Contents

ASHGROVE MOTOR BODY COMPANY LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2023
ASHGROVE MOTOR BODY COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 689,518 713,985
689,518 713,985
Current assets
Stocks 5 141,676 169,557
Debtors 6 585,708 464,592
Cash at bank and in hand 1,036,196 560,505
1,763,580 1,194,654
Creditors: amounts falling due within one year 7 ( 541,436) ( 386,865)
Net current assets 1,222,144 807,789
Total assets less current liabilities 1,911,662 1,521,774
Provision for liabilities ( 13,916) ( 16,486)
Net assets 1,897,746 1,505,288
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 1,897,646 1,505,188
Total shareholders' funds 1,897,746 1,505,288

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 Limited (registered number: SC403675) 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 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
ASHGROVE MOTOR BODY COMPANY 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 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 Ashgrove Road, Elgin, IV30 1UU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 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.

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 Profit and Loss Account 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, 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 or valuation, 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

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 Profit and Loss Account 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 Profit and Loss Account as described below.

Financial 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 Profit and Loss Account as described below.

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimate 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 initially measured at transaction price including transaction costs.

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

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 29 27

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 October 2022 250,000 250,000
At 30 September 2023 250,000 250,000
Accumulated amortisation
At 01 October 2022 250,000 250,000
At 30 September 2023 250,000 250,000
Net book value
At 30 September 2023 0 0
At 30 September 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 October 2022 670,094 222,160 37,450 56,409 986,113
Additions 0 536 0 1,848 2,384
At 30 September 2023 670,094 222,696 37,450 58,257 988,497
Accumulated depreciation
At 01 October 2022 28,254 183,683 32,253 27,938 272,128
Charge for the financial year 13,402 7,785 1,299 4,365 26,851
At 30 September 2023 41,656 191,468 33,552 32,303 298,979
Net book value
At 30 September 2023 628,438 31,228 3,898 25,954 689,518
At 30 September 2022 641,840 38,477 5,197 28,471 713,985

5. Stocks

2023 2022
£ £
Stocks 20,116 20,116
Work in progress 121,560 149,441
141,676 169,557

6. Debtors

2023 2022
£ £
Trade debtors 295,150 170,206
Amounts owed by related parties 262,570 270,614
Other debtors 27,988 23,772
585,708 464,592

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 311,294 194,100
Corporation tax 117,317 83,323
Other taxation and social security 100,618 63,642
Other creditors 12,207 45,800
541,436 386,865

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 owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed by Entities with control, joint control or significant influence over the company 318,867 270,614

This balance is interest free and has no fixed terms of repayment.

Other related party transactions

2023 2022
£ £
Amounts due from other related parties 51,710 32,000

This balance is interest free and has no fixed terms of repayment.