Company Registration No. SC076000 (Scotland)
A.B.S. (Scotland) Limited
Unaudited accounts
for the year ended 31 December 2023
A.B.S. (Scotland) Limited
Unaudited accounts
Contents
A.B.S. (Scotland) Limited
Company Information
for the year ended 31 December 2023
Directors
Rabinder Kaur Sandhu
Tanu Sandhu
Company Number
SC076000 (Scotland)
Registered Office
101 Centre Street
Glasgow
Lanarkshire
G5 8BU
Scotland
A.B.S. (Scotland) Limited
Statement of financial position
as at 31 December 2023
Tangible assets
91,751
97,635
Inventories
669,500
720,359
Cash at bank and in hand
778,924
735,833
Creditors: amounts falling due within one year
(69,919)
(78,852)
Net current assets
1,418,497
1,412,448
Total assets less current liabilities
1,510,248
1,510,083
Provisions for liabilities
Deferred tax
(3,938)
(4,265)
Net assets
1,506,310
1,505,818
Called up share capital
100,000
100,000
Profit and loss account
1,406,310
1,405,818
Shareholders' funds
1,506,310
1,505,818
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by
Rabinder Kaur Sandhu
Director
Company Registration No. SC076000
A.B.S. (Scotland) Limited
Notes to the Accounts
for the year ended 31 December 2023
A.B.S. (Scotland) Limited is a private company, limited by shares, registered in Scotland, registration number SC076000. The registered office is 101 Centre Street, Glasgow, Lanarkshire, G5 8BU, Scotland.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts are presented in £ sterling.
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 and/or the rendering of services. 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 and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation.
The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.
Depreciation is provided on all tangible fixed assets as follows:
Fixtures & fittings
15% RB
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
A.B.S. (Scotland) Limited
Notes to the Accounts
for the year ended 31 December 2023
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 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.
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,
except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation.
Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
135,279
54,329
233,313
32,386
455,307
At 31 December 2023
135,279
54,329
233,313
32,866
455,787
At 1 January 2023
61,547
49,845
220,992
25,288
357,672
Charge for the year
2,706
673
1,848
1,137
6,364
At 31 December 2023
64,253
50,518
222,840
26,425
364,036
At 31 December 2023
71,026
3,811
10,473
6,441
91,751
At 31 December 2022
73,732
4,484
12,321
7,098
97,635
Amounts falling due within one year
Accrued income and prepayments
7,455
6,572
Other debtors
31,577
28,536
A.B.S. (Scotland) Limited
Notes to the Accounts
for the year ended 31 December 2023
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
14,608
5,794
Taxes and social security
33,819
40,737
Loans from directors
5,904
16,593
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.
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Deferred taxation
2023
2022
Accelerated capital allowances
3,938
4,265
Provision at start of year
4,265
5,996
Credited to the profit and loss account
(327)
(1,731)
Provision at end of year
3,938
4,265
The pension cost charge represents contributions payable by the company to the fund and amounted to £3,442 (2022: £2,761). The contributions outstanding at the year end amounted to £9 (2022: £9).
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Average number of employees
During the year the average number of employees was 13 (2022: 13).