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REGISTERED NUMBER: SC069419 (Scotland)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

Turriff Agri-Parts Limited

Turriff Agri-Parts Limited (Registered number: SC069419)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 9

Turriff Agri-Parts Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: G A Mearns
J Murray
Ms E Brown





REGISTERED OFFICE: 22-26 Duff Street
TURRIFF
AB53 4AX





REGISTERED NUMBER: SC069419 (Scotland)





ACCOUNTANTS: Atholl Scott
16 Castle Street
BANFF
AB45 1DL

Turriff Agri-Parts Limited (Registered number: SC069419)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 307,199 259,468

CURRENT ASSETS
Stocks 403,261 424,529
Debtors 5 140,508 163,533
Investments 6 50 50
Cash at bank and in hand 11,000 23,376
554,819 611,488
CREDITORS
Amounts falling due within one
year

7

(216,149

)

(234,716

)
NET CURRENT ASSETS 338,670 376,772
TOTAL ASSETS LESS CURRENT
LIABILITIES

645,869

636,240

CREDITORS
Amounts falling due after more
than one year

8

(27,620

)

(37,425

)

PROVISIONS FOR LIABILITIES 11 (6,984 ) (8,633 )
NET ASSETS 611,265 590,182

CAPITAL AND RESERVES
Called up share capital 14,000 14,000
Fair value reserve 12 63,560 -
Retained earnings 533,705 576,182
SHAREHOLDERS' FUNDS 611,265 590,182

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

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

Turriff Agri-Parts Limited (Registered number: SC069419)

Balance Sheet - continued
31 October 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 5 March 2025 and were signed on its behalf by:




G A Mearns - Director Ms E Brown - Director




J Murray - Director


Turriff Agri-Parts Limited (Registered number: SC069419)

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

1. STATUTORY INFORMATION

Turriff Agri-Parts 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for goods sold and services rendered during the year, exclusive of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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

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.

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.

Turriff Agri-Parts Limited (Registered number: SC069419)

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

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 November 2023 282,840 151,997 23,040
Revaluations 63,560 - -
At 31 October 2024 346,400 151,997 23,040
DEPRECIATION
At 1 November 2023 62,585 142,873 20,479
Charge for year 5,657 2,282 642
At 31 October 2024 68,242 145,155 21,121
NET BOOK VALUE
At 31 October 2024 278,158 6,842 1,919
At 31 October 2023 220,255 9,124 2,561

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 November 2023 84,279 156,268 48,744 747,168
Revaluations - - - 63,560
At 31 October 2024 84,279 156,268 48,744 810,728
DEPRECIATION
At 1 November 2023 82,138 135,387 44,238 487,700
Charge for year 536 5,223 1,489 15,829
At 31 October 2024 82,674 140,610 45,727 503,529
NET BOOK VALUE
At 31 October 2024 1,605 15,658 3,017 307,199
At 31 October 2023 2,141 20,881 4,506 259,468

Turriff Agri-Parts Limited (Registered number: SC069419)

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

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 October 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2024 63,560 - -
Cost 282,840 151,997 23,040
346,400 151,997 23,040

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2024 - - - 63,560
Cost 84,279 156,268 48,744 747,168
84,279 156,268 48,744 810,728

If the heritable property had not been revalued it would have been included at the following historical cost:

31.10.24 31.10.23
£    £   
Cost 282,840 -
Aggregate depreciation 68,242 -

The business premises in Turriff was valued on 14 October 2024 by Shepherd Commercial.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 95,152 102,820
Corporation tax recoverable 4,865 1,591
Prepayments and accrued income 40,491 59,122
140,508 163,533

6. CURRENT ASSET INVESTMENTS
31.10.24 31.10.23
£    £   
Unlisted investments 50 50

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts 9,500 9,500
Trade creditors 101,360 117,513
Tax - 4,865
PAYE 4,075 4,513
VAT 22,847 15,933
Directors' loan accounts 65,164 65,164
Accrued expenses 13,203 17,228
216,149 234,716

Turriff Agri-Parts Limited (Registered number: SC069419)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Bank loans - 1-2 years 9,500 9,500
Bank loans - 2-5 years 18,120 27,925
27,620 37,425

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.10.24 31.10.23
£    £   
Within one year 29,569 29,595
Between one and five years 3,530 3,641
33,099 33,236

10. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Bank loans 37,120 46,925

The bank loans & overdraft are secured by a bond and floating charge over the assets of the company (created on 14 July 1980) and a standard security (created on 1 May 1990) over the workshop and store at 26 Duff Street, Turriff.

11. PROVISIONS FOR LIABILITIES
31.10.24 31.10.23
£    £   
Deferred tax 6,984 8,633

Deferred
tax
£   
Balance at 1 November 2023 8,633
accelerated capital allowances (1,649 )
Balance at 31 October 2024 6,984

12. RESERVES
Fair
value
reserve
£   
Heritable property revaluation 63,560

At 31 October 2024 63,560

Turriff Agri-Parts Limited (Registered number: SC069419)

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

13. RELATED PARTY DISCLOSURES

There was no movement in the loan from G Mearns (director) during the year. The balance in 2024 and 2023 was £34,289 and this loan is unsecured, interest free and repayable on demand.

There was no movement in the loan from J Murray (director) during the year. The balance in 2024 and 2023 was £30,875 and this loan is unsecured, interest free and repayable on demand.







14. ULTIMATE CONTROLLING PARTY

G A Mearns is the ultimate controlling party by virtue of his 70% shareholding in the company.

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Turriff Agri-Parts Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Turriff Agri-Parts Limited for the year ended 31 October 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Turriff Agri-Parts Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Turriff Agri-Parts Limited and state those matters that we have agreed to state to the Board of Directors of Turriff Agri-Parts Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Turriff Agri-Parts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Turriff Agri-Parts Limited. You consider that Turriff Agri-Parts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Turriff Agri-Parts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

As a member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/publicinterest/memberregulations.






Atholl Scott
16 Castle Street
BANFF
AB45 1DL


5 March 2025