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REGISTERED NUMBER: SC224735 (Scotland)




















Andrew Black Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






Andrew Black Limited (Registered number: SC224735)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Andrew Black Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A Black
J D Black
A M Black



SECRETARY: A Black



REGISTERED OFFICE: No 3 Hangar
Drem Airfield
Drem
East Lothian
EH39 5AW



REGISTERED NUMBER: SC224735 (Scotland)



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



BANKERS: The Royal Bank of Scotland
Haddington Branch
32 Court Street
Haddington
EH41 3NS

Andrew Black Limited (Registered number: SC224735)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,651,341 1,762,682
1,651,341 1,762,682

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 6 2,096,557 2,429,362
Cash at bank and in hand 704,403 398,365
2,805,960 2,832,727
CREDITORS
Amounts falling due within one year 7 279,850 620,394
NET CURRENT ASSETS 2,526,110 2,212,333
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,177,451

3,975,015

PROVISIONS FOR LIABILITIES 10 382,259 424,499
NET ASSETS 3,795,192 3,550,516

CAPITAL AND RESERVES
Called up share capital 180,000 180,000
Retained earnings 3,615,192 3,370,516
SHAREHOLDERS' FUNDS 3,795,192 3,550,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Andrew Black Limited (Registered number: SC224735)

Balance Sheet - continued
31 March 2024


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 Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:




A M Black - Director



J D Black - Director


Andrew Black Limited (Registered number: SC224735)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Andrew Black 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.

Turnover and revenue recognition
Turnover represents net invoiced sales of haulage and storage services, excluding value added tax. Revenue is recognised at the point of delivery, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, has been amortised evenly over its estimated useful life of ten years.

Goodwill acquired in 2007 has been amortised over five years.

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 - 20% on reducing balance and 15% on reducing balance

Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to sell.

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.


Andrew Black Limited (Registered number: SC224735)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments
Financial instruments comprise financial assets and financial liabilities which are recognised when the company become a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS102 and are accounted for at amortised cost using the effective interest method.The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial.

Financial assets at cost compromise cash and other debtors. Financial liabilities compromise bank and other loans, accruals and other creditors.

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 19 (2023 - 22 ) .

Andrew Black Limited (Registered number: SC224735)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 225,000
AMORTISATION
At 1 April 2023
and 31 March 2024 225,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 4,750,631
Additions 356,083
Disposals (310,407 )
At 31 March 2024 4,796,307
DEPRECIATION
At 1 April 2023 2,987,949
Charge for year 409,253
Eliminated on disposal (252,236 )
At 31 March 2024 3,144,966
NET BOOK VALUE
At 31 March 2024 1,651,341
At 31 March 2023 1,762,682

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 459,967 560,264
Other debtors 1,636,590 1,869,098
2,096,557 2,429,362

Andrew Black Limited (Registered number: SC224735)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

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

Included in other debtors are balances of £1,470,916 (2023 - £1,590,916) due from a related party.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 200,674 582,688
Taxation and social security 75,029 18,003
Other creditors 4,147 19,703
279,850 620,394

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 100,000 100,000

The lease of premises has no set length of term and is renewable annually.

9. SECURED DEBTS

The Royal Bank of Scotland have a Bond and Floating Charge over the assets of the company.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 382,259 274,499
Other provisions - 150,000
382,259 424,499

Deferred Settlement
tax provision
£    £   
Balance at 1 April 2023 274,499 150,000
Charge/(credit) to Income Statement during year 107,760 (150,000 )
Balance at 31 March 2024 382,259 -

Andrew Black Limited (Registered number: SC224735)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
A Black
Balance outstanding at start of year - (25,722 )
Amounts advanced 51,741 97,595
Amounts repaid (48,061 ) (71,873 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,680 -

A M Black
Balance outstanding at start of year 10,467 -
Amounts advanced 73,383 70,096
Amounts repaid (44,750 ) (59,629 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 39,100 10,467

J D Black
Balance outstanding at start of year (9,541 ) -
Amounts advanced 68,864 50,088
Amounts repaid (54,750 ) (59,629 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,573 (9,541 )

The balance on the above directors' current accounts are unsecured and repayable on demand. Interest has been charged at 2.25% per annum. The directors will repay the following balances before 31 December 2024:

A Black £3,680
A M Black £39,100
J D Black £4,573