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J. AITCHISON (DUNS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2023






J. AITCHISON (DUNS) LIMITED (REGISTERED NUMBER: SC036940)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

J. AITCHISON (DUNS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2023







DIRECTORS: I A Whitehead
Mrs A Y Whitehead
A I Whitehead



SECRETARY: J D Clark & Allan WS



REGISTERED OFFICE: Bridgend Service Station
Duns
Berwickshire
TD11 3ES



REGISTERED NUMBER: SC036940 (Scotland)



ACCOUNTANTS: JRW
Chartered Accountants
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL



BANKERS: Bank of Scotland
10 Market Square
Duns
TD11 3ED



SOLICITORS: J.D. Clark & Allan, WS
Tolbooth House
Market Square
Duns
TD11 3DR

J. AITCHISON (DUNS) LIMITED (REGISTERED NUMBER: SC036940)

BALANCE SHEET
30TH NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 290,485 266,952

CURRENT ASSETS
Stocks 371,119 285,388
Debtors 5 52,891 67,762
Cash at bank and in hand 280,254 297,880
704,264 651,030
CREDITORS
Amounts falling due within one year 6 330,507 343,590
NET CURRENT ASSETS 373,757 307,440
TOTAL ASSETS LESS CURRENT
LIABILITIES

664,242

574,392

CREDITORS
Amounts falling due after more than one
year

7

(62,837

)

(83,283

)

PROVISIONS FOR LIABILITIES (20,000 ) (14,000 )
NET ASSETS 581,405 477,109

CAPITAL AND RESERVES
Called up share capital 15,000 15,000
Retained earnings 566,405 462,109
SHAREHOLDERS' FUNDS 581,405 477,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 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.

J. AITCHISON (DUNS) LIMITED (REGISTERED NUMBER: SC036940)

BALANCE SHEET - continued
30TH NOVEMBER 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 21st February 2024 and were signed on its behalf by:




I A Whitehead - Director Mrs A Y Whitehead - Director




A I Whitehead - Director


J. AITCHISON (DUNS) LIMITED (REGISTERED NUMBER: SC036940)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023

1. STATUTORY INFORMATION

J. Aitchison (Duns) 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Going concern
The directors have considered the potential impact of the ongoing global events on the business
and are satisfied that the company has sufficient cash reserves to meet all financial obligations for the
foreseeable future. The accounts have therefore been prepared on the going concern basis.

Turnover
The company sells used vehicles, fuel and forecourt goods, and also provides servicing and repairs of vehicles.

For the sale of goods, revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. This is usually at the point when the customer has taken delivery of the goods.

For servicing and repairs of vehicles, revenue is recognised at the stage of completion of the work and when the outcome of the work can be measured reliably.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2.5% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

J. AITCHISON (DUNS) LIMITED (REGISTERED NUMBER: SC036940)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially 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. These are classed as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 20 ) .

J. AITCHISON (DUNS) LIMITED (REGISTERED NUMBER: SC036940)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st December 2022 273,760 296,468 570,228
Additions - 47,705 47,705
Disposals - (2,309 ) (2,309 )
At 30th November 2023 273,760 341,864 615,624
DEPRECIATION
At 1st December 2022 79,227 224,049 303,276
Charge for year 4,095 19,588 23,683
Eliminated on disposal - (1,820 ) (1,820 )
At 30th November 2023 83,322 241,817 325,139
NET BOOK VALUE
At 30th November 2023 190,438 100,047 290,485
At 30th November 2022 194,533 72,419 266,952

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 42,325 46,951
Other debtors 10,566 20,811
52,891 67,762

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 18,383 18,383
Finance leases 1,260 1,260
Trade creditors 142,385 169,801
Taxation and social security 85,377 71,245
Other creditors 83,102 82,901
330,507 343,590

J. AITCHISON (DUNS) LIMITED (REGISTERED NUMBER: SC036940)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 56,373 75,559
Finance leases 6,464 7,724
62,837 83,283

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 74,756 93,942

Bank borrowing is secured by a standard security over the company's land & buildings at Duns and Chirnside, and a floating charge over all the company's assets.

Other loans consist of unit inventory funding plans which are secured over the vehicle stocks to which they relate.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
J. AITCHISON (DUNS) LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J. Aitchison (Duns) Limited for the year ended 30th November 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of J. Aitchison (Duns) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J. Aitchison (Duns) Limited and state those matters that we have agreed to state to the Board of Directors of J. Aitchison (Duns) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that J. Aitchison (Duns) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J. Aitchison (Duns) Limited. You consider that J. Aitchison (Duns) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of J. Aitchison (Duns) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JRW
Chartered Accountants
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL


21st February 2024