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REGISTERED NUMBER: SC290408 (Scotland)




















Agricultural Auto Engineering Ltd.

Unaudited Financial Statements

for the Year Ended 31 October 2023






Agricultural Auto Engineering Ltd. (Registered number: SC290408)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Agricultural Auto Engineering Ltd.

Company Information
for the Year Ended 31 October 2023







DIRECTOR: Mr G A Fitzelle



SECRETARY: Mrs A Fitzelle



REGISTERED OFFICE: 27 Clifford Road
North Berwick
EH39 4PW



REGISTERED NUMBER: SC290408 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Bank of Scotland
23 Westgate
North Berwick
EH39 4AG

Agricultural Auto Engineering Ltd. (Registered number: SC290408)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 220,015 233,804
220,015 233,804

CURRENT ASSETS
Stocks 42,242 24,984
Debtors 6 146,663 136,677
Cash at bank and in hand 165,617 149,113
354,522 310,774
CREDITORS
Amounts falling due within one year 7 71,689 62,444
NET CURRENT ASSETS 282,833 248,330
TOTAL ASSETS LESS CURRENT
LIABILITIES

502,848

482,134

PROVISIONS FOR LIABILITIES 14,373 19,016
NET ASSETS 488,475 463,118

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 488,473 463,116
SHAREHOLDERS' FUNDS 488,475 463,118

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Agricultural Auto Engineering Ltd. (Registered number: SC290408)

Balance Sheet - continued
31 October 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 July 2024 and were signed by:





Mr G A Fitzelle - Director


Agricultural Auto Engineering Ltd. (Registered number: SC290408)

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

1. STATUTORY INFORMATION

Agricultural Auto Engineering Ltd. 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.

Turnover and revenue recognition
Turnover represents net invoiced sales of automotive and agricultural engineering services and goods.

Revenue is recognised as earned on completion of services and delivery of goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty 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.
Plant and machinery etc - 25% on reducing balance, 25% on cost and 10% on cost

In the opinion of the director, due to the location of the freehold property and the proposed maintenance programme, he does not consider that the value of the property will diminish. Therefore there is no depreciation charged on the cost of the heritable property. This policy is not in accordance with the requirements of the Companies Act 2006, but departure from the provisions of the Act is required in order to provide a true and fair view.

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

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.


Agricultural Auto Engineering Ltd. (Registered number: SC290408)

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

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

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

Agricultural Auto Engineering Ltd. (Registered number: SC290408)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 175,000
AMORTISATION
At 1 November 2022
and 31 October 2023 175,000
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2022 162,044 303,714 465,758
Additions - 3,735 3,735
At 31 October 2023 162,044 307,449 469,493
DEPRECIATION
At 1 November 2022 - 231,954 231,954
Charge for year - 17,524 17,524
At 31 October 2023 - 249,478 249,478
NET BOOK VALUE
At 31 October 2023 162,044 57,971 220,015
At 31 October 2022 162,044 71,760 233,804

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 55,782 46,261
Other debtors 90,881 90,416
146,663 136,677

Agricultural Auto Engineering Ltd. (Registered number: SC290408)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Other debtors includes the balance due from a related party of £31,580 (2022: £31,723). This balance is unsecured and has no fixed term for repayment. Interest has been charged at 2% until 31 March 2023 and at 2.25% thereafter.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 31,504 26,891
Taxation and social security 38,046 33,622
Other creditors 2,139 1,931
71,689 62,444

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Mr G A Fitzelle
Balance outstanding at start of year 31,723 37,467
Amounts advanced 29,837 27,235
Amounts repaid (29,980 ) (32,979 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 31,580 31,723

The balance on the director's current accounts is unsecured and repayable on demand. Interest has been charged at 2% until 31 March 2023 and at 2.25% thereafter.