Silverfin false false 30/11/2023 01/12/2022 30/11/2023 Fiona George 01/12/2021 Michael Newman 15/08/2023 03/04/2006 Kenneth Wood Steven Wood 04/12/2001 Steven John Wood 27 August 2024 The principal activity of the Company during the financial year was that of the sale, rental and repair of marine electronic equipment. SC031819 2023-11-30 SC031819 bus:Director1 2023-11-30 SC031819 bus:Director2 2023-11-30 SC031819 bus:Director4 2023-11-30 SC031819 2022-11-30 SC031819 core:CurrentFinancialInstruments 2023-11-30 SC031819 core:CurrentFinancialInstruments 2022-11-30 SC031819 core:ShareCapital 2023-11-30 SC031819 core:ShareCapital 2022-11-30 SC031819 core:CapitalRedemptionReserve 2023-11-30 SC031819 core:CapitalRedemptionReserve 2022-11-30 SC031819 core:OtherCapitalReserve 2023-11-30 SC031819 core:OtherCapitalReserve 2022-11-30 SC031819 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC031819 core:RetainedEarningsAccumulatedLosses 2022-11-30 SC031819 core:LandBuildings 2022-11-30 SC031819 core:OtherPropertyPlantEquipment 2022-11-30 SC031819 core:LandBuildings 2023-11-30 SC031819 core:OtherPropertyPlantEquipment 2023-11-30 SC031819 core:CostValuation 2022-11-30 SC031819 core:AdditionsToInvestments 2023-11-30 SC031819 core:CostValuation 2023-11-30 SC031819 2021-11-30 SC031819 bus:OrdinaryShareClass1 2023-11-30 SC031819 2022-12-01 2023-11-30 SC031819 bus:FilletedAccounts 2022-12-01 2023-11-30 SC031819 bus:SmallEntities 2022-12-01 2023-11-30 SC031819 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 SC031819 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC031819 bus:Director1 2022-12-01 2023-11-30 SC031819 bus:Director2 2022-12-01 2023-11-30 SC031819 bus:Director3 2022-12-01 2023-11-30 SC031819 bus:Director4 2022-12-01 2023-11-30 SC031819 bus:Director5 2022-12-01 2023-11-30 SC031819 core:LandBuildings core:TopRangeValue 2022-12-01 2023-11-30 SC031819 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-12-01 2023-11-30 SC031819 2021-12-01 2022-11-30 SC031819 core:LandBuildings 2022-12-01 2023-11-30 SC031819 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 SC031819 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC031819 bus:OrdinaryShareClass1 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC031819 (Scotland)

WOODSONS OF ABERDEEN LIMITED

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

WOODSONS OF ABERDEEN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

WOODSONS OF ABERDEEN LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2023
WOODSONS OF ABERDEEN LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 946,951 1,014,876
Investments 4 1,814,582 0
2,761,533 1,014,876
Current assets
Stocks 5 638,141 1,132,396
Debtors 6 1,111,473 1,156,873
Cash at bank and in hand 7 1,400,732 2,430,277
3,150,346 4,719,546
Creditors: amounts falling due within one year 8 ( 1,116,822) ( 1,508,914)
Net current assets 2,033,524 3,210,632
Total assets less current liabilities 4,795,057 4,225,508
Provision for liabilities 9 ( 110,755) ( 128,882)
Net assets 4,684,302 4,096,626
Capital and reserves
Called-up share capital 10 109,209 113,743
Capital redemption reserve 210,791 206,257
Other reserves 17,052 17,052
Profit and loss account 4,347,250 3,759,574
Total shareholders' funds 4,684,302 4,096,626

For the financial year ending 30 November 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 Woodsons of Aberdeen Limited (registered number: SC031819) were approved and authorised for issue by the Board of Directors on 27 August 2024. They were signed on its behalf by:

Steven John Wood
Director
WOODSONS OF ABERDEEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
WOODSONS OF ABERDEEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 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

Woodsons of 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 Goval House, Dyce, Aberdeen, AB21 0HT, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax and is recognised in the financial statements when the Company has obtained the right to consideration.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 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 20 years straight line
Plant and machinery etc. 5 years straight line

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.

The Company as lessor
Income from finance leasing contracts, being the excess of total rentals received over the cost of the net investment in finance leasing contracts, is taken to profit on a straight line basis, reducing capital invested evenly throughout the period of the contract. Amounts receivable under finance leases are included within debtors.

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Other investments are measured at cost less impairment.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand with original maturities of three months or less.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 22 21

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 December 2022 477,853 3,305,166 3,783,019
Additions 37,538 385,915 423,453
Disposals 0 ( 249,495) ( 249,495)
At 30 November 2023 515,391 3,441,586 3,956,977
Accumulated depreciation
At 01 December 2022 368,752 2,399,391 2,768,143
Charge for the financial year 7,226 450,902 458,128
Disposals 0 ( 216,245) ( 216,245)
At 30 November 2023 375,978 2,634,048 3,010,026
Net book value
At 30 November 2023 139,413 807,538 946,951
At 30 November 2022 109,101 905,775 1,014,876

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 December 2022 0 0
Additions 1,814,582 1,814,582
At 30 November 2023 1,814,582 1,814,582
Carrying value at 30 November 2023 1,814,582 1,814,582
Carrying value at 30 November 2022 0 0

5. Stocks

2023 2022
£ £
Stocks 638,141 1,132,396

6. Debtors

2023 2022
£ £
Trade debtors 672,427 702,088
Other debtors 439,046 454,785
1,111,473 1,156,873

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 1,400,732 2,430,277

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 368,216 522,271
Taxation and social security 279,611 241,182
Other creditors 468,995 745,461
1,116,822 1,508,914

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 128,882) ( 169,550)
Credited to the Statement of Income and Retained Earnings 18,127 40,668
At the end of financial year ( 110,755) ( 128,882)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
109,209 Ordinary shares of £ 1.00 each (2022: 113,743 shares of £ 1.00 each) 109,209 113,743

During the year, 4,534 Ordinary £1 shares were purchased from a director and shareholder for a consideration of £71,587.

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Loans from Directors 207,892 199,565
Loans to Directors (316) (3,962)

The above loans are interest free and have no fixed terms of repayment in place.