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Company No: SC534837 (Scotland)

ASHGROVE MOTOR BODY COMPANY (INVERNESS) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

ASHGROVE MOTOR BODY COMPANY (INVERNESS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

ASHGROVE MOTOR BODY COMPANY (INVERNESS) LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
ASHGROVE MOTOR BODY COMPANY (INVERNESS) LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 898,074 928,219
898,074 928,219
Current assets
Stocks 4 132,334 473,542
Debtors 5 514,132 472,704
Cash at bank and in hand 1,642,252 900,058
2,288,718 1,846,304
Creditors: amounts falling due within one year 6 ( 677,575) ( 706,230)
Net current assets 1,611,143 1,140,074
Total assets less current liabilities 2,509,217 2,068,293
Provision for liabilities 7 ( 17,672) ( 21,082)
Net assets 2,491,545 2,047,211
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 2,491,445 2,047,111
Total shareholders' funds 2,491,545 2,047,211

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Ashgrove Motor Body Company (Inverness) Limited (registered number: SC534837) were approved and authorised for issue by the Board of Directors on 31 March 2025. They were signed on its behalf by:

Karen Jappy
Director
ASHGROVE MOTOR BODY COMPANY (INVERNESS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
ASHGROVE MOTOR BODY COMPANY (INVERNESS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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

Ashgrove Motor Body Company (Inverness) 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 Commerce House, South Street, Elgin, IV30 1JE, United Kingdom. The principal place of business is Burnett Road, Inverness, IV1 1TF, 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.

Turnover

Turnover represents amounts receivable for the sale of motor parts and repairs net of trade discounts and VAT.

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.

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, other than investment property and freehold land, 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 50 years straight line
Plant and machinery etc. 15 - 20 % reducing balance

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.

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.

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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 accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 22

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2023 973,416 261,629 1,235,045
Additions 0 10,708 10,708
Disposals 0 ( 15,750) ( 15,750)
At 30 September 2024 973,416 256,587 1,230,003
Accumulated depreciation
At 01 October 2023 132,397 174,429 306,826
Charge for the financial year 19,469 17,183 36,652
Disposals 0 ( 11,549) ( 11,549)
At 30 September 2024 151,866 180,063 331,929
Net book value
At 30 September 2024 821,550 76,524 898,074
At 30 September 2023 841,019 87,200 928,219

4. Stocks

2024 2023
£ £
Stocks 20,800 20,000
Work in progress 111,534 453,542
132,334 473,542

5. Debtors

2024 2023
£ £
Trade debtors 344,372 301,229
Amounts owed by related parties 138,677 138,677
Other debtors 31,083 32,798
514,132 472,704

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 368,199 390,419
Amounts owed to related parties 33,546 17,358
Taxation and social security 254,389 286,242
Other creditors 21,441 12,211
677,575 706,230

7. Provision for liabilities

2024 2023
£ £
Deferred tax 17,672 21,082

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
49 Ordinary shares of £ 1.00 each 49 49
31 B ordinary shares of £ 1.00 each 31 31
20 C ordinary shares of £ 1.00 each 20 20
100 100

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Other 575 345

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 575 345

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts owed by entities with control, joint control or significant influence over the company 150,677 160,302
Amounts owed to entities with control, joint control or significant influence over the company 54,228 17,125

These balances are interest free and have no fixed terms of repayment.