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Company No: SC402206 (Scotland)

ASHGROVE MOTOR BODY COMPANY (ABERDEEN) LIMITED

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

ASHGROVE MOTOR BODY COMPANY (ABERDEEN) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

ASHGROVE MOTOR BODY COMPANY (ABERDEEN) LIMITED

BALANCE SHEET

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

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,538,064 1,522,254
1,538,064 1,522,254
Current assets
Stocks 4 81,230 279,422
Debtors 5 901,233 778,898
Cash at bank and in hand 2,652,364 2,168,534
3,634,827 3,226,854
Creditors: amounts falling due within one year 6 ( 981,702) ( 961,717)
Net current assets 2,653,125 2,265,137
Total assets less current liabilities 4,191,189 3,787,391
Provision for liabilities 7 ( 50,850) ( 46,631)
Net assets 4,140,339 3,740,760
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 4,140,239 3,740,660
Total shareholders' funds 4,140,339 3,740,760

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 (Aberdeen) Limited (registered number: SC402206) 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 (ABERDEEN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
ASHGROVE MOTOR BODY COMPANY (ABERDEEN) 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 (Aberdeen) 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 C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom. The principal place of business is Mugiemoss Road, Bucksburn, Aberdeen, AB21 9NP, 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 is recognised at the fair value of the consideration received or receivable for sale of motor parts and repairs services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 15 - 25 % 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 as described below.

Financial assets
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 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 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 performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 32 26

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 October 2023 1,323,694 162,612 250,896 49,253 24,139 1,810,594
Additions 0 113,235 0 3,374 1,103 117,712
Disposals 0 ( 6,000) 0 0 0 ( 6,000)
At 30 September 2024 1,323,694 269,847 250,896 52,627 25,242 1,922,306
Accumulated depreciation
At 01 October 2023 44,050 107,935 88,485 38,608 9,262 288,340
Charge for the financial year 26,474 27,128 40,603 1,970 3,826 100,001
Disposals 0 ( 4,099) 0 0 0 ( 4,099)
At 30 September 2024 70,524 130,964 129,088 40,578 13,088 384,242
Net book value
At 30 September 2024 1,253,170 138,883 121,808 12,049 12,154 1,538,064
At 30 September 2023 1,279,644 54,677 162,411 10,645 14,877 1,522,254

4. Stocks

2024 2023
£ £
Stocks 22,221 21,366
Work in progress 59,009 258,056
81,230 279,422

5. Debtors

2024 2023
£ £
Trade debtors 330,739 343,060
Amounts owed by related parties 328,174 12,087
Other debtors 242,320 423,751
901,233 778,898

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 418,501 483,164
Amounts owed to related parties 39,472 24,560
Taxation and social security 450,631 367,981
Other creditors 73,098 86,012
981,702 961,717

7. Provision for liabilities

2024 2023
£ £
Deferred tax 50,850 46,631

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
14 A ordinary shares of £ 1.00 each 14 14
10 B ordinary shares of £ 1.00 each 10 10
10 C ordinary shares of £ 1.00 each 10 10
15 D ordinary shares of £ 1.00 each 15 15
51 Ordinary shares of £ 1.00 each 51 51
100 100

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed to Entities with control, joint control or significant influence over the company 161,026 86,068
Amounts owed by Entities with control, joint control or significant influence over the company 340,625 1,822

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

Transactions with the entity's directors

2024 2023
£ £
Amounts owed from key management personnel 170,157 281,163

Interest has been charged at 2.25% on any balances due to the company during the year. There are no fixed terms of repayment.

Other related party transactions

2024 2023
£ £
Amounts due from other related parties 44,319 98,353

This balances is interest free and have no fixed terms of repayment.