Registered number
SC153907
Abercairn Limited
Filleted Accounts
30 November 2023
Abercairn Limited
Registered number: SC153907
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 258,520 270,611
Current assets
Stocks 12,000 10,506
Debtors 4 14,579 12,483
Cash at bank and in hand 275,431 343,265
302,010 366,254
Creditors: amounts falling due within one year 5 (95,683) (132,306)
Net current assets 206,327 233,948
Total assets less current liabilities 464,847 504,559
Creditors: amounts falling due after more than one year 6 (270,000) (270,000)
Net assets 194,847 234,559
Capital and reserves
Called up share capital 2 2
Profit and loss account 194,845 234,557
Shareholder's funds 194,847 234,559
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mary Paton
Director
Approved by the board on 9 August 2024
Abercairn Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets,freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% straight line
Leasehold land and buildings over the lease term [5 years]
Plant and equipment 20% straight line
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 414,006 64,165 37,500 515,671
Additions - 4,503 - 4,503
Disposals (4,777) - - (4,777)
At 30 November 2023 409,229 68,668 37,500 515,397
Depreciation
At 1 December 2022 155,099 58,857 31,104 245,060
Charge for the year 9,159 2,599 1,599 13,357
On disposals (1,540) - - (1,540)
At 30 November 2023 162,718 61,456 32,703 256,877
Net book value
At 30 November 2023 246,511 7,212 4,797 258,520
At 30 November 2022 258,907 5,308 6,396 270,611
4 Debtors 2023 2022
£ £
Deferred tax asset 1,088 -
Other debtors 13,491 12,483
14,579 12,483
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 27,227 32,836
Taxation and social security costs 63,779 92,419
Other creditors 4,677 7,051
95,683 132,306
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 270,000 270,000
7 Related party transactions
No related party transactions occurtred during the year.
8 Controlling party
The company is controlled by Mary Paton by virtue of her shareholding.
9 Other information
Abercairn Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
20a Bridge Street,
Musselburgh,
East Lothian
EH21 6AG
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