Silverfin false 29 April 2025 29 April 2025 Derek Petrie Hall Morrice LLP 448,078 434,376 false true 31/12/2024 01/01/2024 31/12/2024 Russell Borthwick 01/02/2016 Ryan Crighton 20/06/2024 11/08/2022 Leah Hodder 31/01/2023 Robert Keiller 02/09/2020 Derren McRae 20/06/2017 Steven Mearns 07/05/2024 Stephen Nicol 07/05/2024 17/06/2015 Deborah O'Neil 20/06/2017 Suzanne Stephenson 01/08/2016 Jill Webster 17/06/2015 29 April 2025 The principal activities of the company continued to be those of a professional business and employers membership organisation, the publishing of business journals and periodicals, market research, training and events delivery and the provision of international services including trade documentation. SC000791 2024-12-31 SC000791 bus:Director1 2024-12-31 SC000791 bus:Director2 2024-12-31 SC000791 bus:Director3 2024-12-31 SC000791 bus:Director4 2024-12-31 SC000791 bus:Director5 2024-12-31 SC000791 bus:Director6 2024-12-31 SC000791 bus:Director7 2024-12-31 SC000791 bus:Director8 2024-12-31 SC000791 bus:Director9 2024-12-31 SC000791 bus:Director10 2024-12-31 SC000791 2023-12-31 SC000791 core:CurrentFinancialInstruments 2024-12-31 SC000791 core:CurrentFinancialInstruments 2023-12-31 SC000791 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC000791 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC000791 core:LandBuildings 2023-12-31 SC000791 core:OtherPropertyPlantEquipment 2023-12-31 SC000791 core:LandBuildings 2024-12-31 SC000791 core:OtherPropertyPlantEquipment 2024-12-31 SC000791 core:CostValuation 2023-12-31 SC000791 core:RevaluationsIncreaseDecreaseInInvestments 2024-12-31 SC000791 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2024-12-31 SC000791 core:CostValuation 2024-12-31 SC000791 2024-01-01 2024-12-31 SC000791 bus:FilletedAccounts 2024-01-01 2024-12-31 SC000791 bus:SmallEntities 2024-01-01 2024-12-31 SC000791 bus:Audited 2024-01-01 2024-12-31 SC000791 2023-01-01 2023-12-31 SC000791 bus:CompanyLimitedByGuarantee 2024-01-01 2024-12-31 SC000791 bus:Director1 2024-01-01 2024-12-31 SC000791 bus:Director2 2024-01-01 2024-12-31 SC000791 bus:Director3 2024-01-01 2024-12-31 SC000791 bus:Director4 2024-01-01 2024-12-31 SC000791 bus:Director5 2024-01-01 2024-12-31 SC000791 bus:Director6 2024-01-01 2024-12-31 SC000791 bus:Director7 2024-01-01 2024-12-31 SC000791 bus:Director8 2024-01-01 2024-12-31 SC000791 bus:Director9 2024-01-01 2024-12-31 SC000791 bus:Director10 2024-01-01 2024-12-31 SC000791 core:LandBuildings core:BottomRangeValue 2024-01-01 2024-12-31 SC000791 core:LandBuildings core:TopRangeValue 2024-01-01 2024-12-31 SC000791 core:OtherPropertyPlantEquipment core:BottomRangeValue 2024-01-01 2024-12-31 SC000791 core:OtherPropertyPlantEquipment core:TopRangeValue 2024-01-01 2024-12-31 SC000791 core:LandBuildings 2024-01-01 2024-12-31 SC000791 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: SC000791 (Scotland)

ABERDEEN AND GRAMPIAN CHAMBER OF COMMERCE

(A company limited by guarantee)

Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

ABERDEEN AND GRAMPIAN CHAMBER OF COMMERCE

Financial Statements

For the financial year ended 31 December 2024

Contents

ABERDEEN AND GRAMPIAN CHAMBER OF COMMERCE

BALANCE SHEET

As at 31 December 2024
ABERDEEN AND GRAMPIAN CHAMBER OF COMMERCE

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 146,829 115,195
Investments 4 1,441,240 1,289,485
1,588,069 1,404,680
Current assets
Debtors 5 403,588 604,515
Cash at bank and in hand 1,225,093 784,456
1,628,681 1,388,971
Creditors: amounts falling due within one year 6 ( 1,242,620) ( 1,267,599)
Net current assets 386,061 121,372
Total assets less current liabilities 1,974,130 1,526,052
Net assets 1,974,130 1,526,052
Reserves
Retained earnings 1,974,130 1,526,052
Total reserves 1,974,130 1,526,052

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Aberdeen and Grampian Chamber of Commerce (registered number: SC000791) were approved and authorised for issue by the Board of Directors on 29 April 2025. They were signed on its behalf by:

Russell Borthwick
Director
Robert Keiller
Director
ABERDEEN AND GRAMPIAN CHAMBER OF COMMERCE

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ABERDEEN AND GRAMPIAN CHAMBER OF COMMERCE

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Aberdeen and Grampian Chamber of Commerce (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is The Hub, Exploration Drive, Aberdeen Energy Park, Aberdeen, AB23 8GX.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The directors have performed a robust analysis of forecast future cash flows taking in account the potential impact on the business of possible future scenarios arising from rising input costs and the economic conditions in the UK. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.

Based on these assessments and having regard to the resources available to the company for a period of at least twelve months following the approval of the financial statements, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

Turnover

Income is recognised when the company has entitlement, any performance conditions attached to the income have been met, it is probable the income will be received and the amount can be measured reliably.

As such, membership income is recognised in the financial statements only so far as to cover the period from the membership commencing until the year end. Membership income received relating to periods after the year end is recognised as a liability.

Sponsorship income, event income and training income are recognised in the financial statements when the events or training have taken place. Any such income received relating to events or training due to take place after the year end is recognised as a liability.

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

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.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, 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 or valuation, 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 5 - 10 years straight line
Plant and machinery etc. 3 - 5 years straight line

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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

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.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments relate to unit trusts and are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 30 37

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 239,486 210,889 450,375
Additions 24,791 50,180 74,971
Disposals 0 ( 103,779) ( 103,779)
At 31 December 2024 264,277 157,290 421,567
Accumulated depreciation
At 01 January 2024 156,918 178,262 335,180
Charge for the financial year 21,976 21,361 43,337
Disposals 0 ( 103,779) ( 103,779)
At 31 December 2024 178,894 95,844 274,738
Net book value
At 31 December 2024 85,383 61,446 146,829
At 31 December 2023 82,568 32,627 115,195

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 January 2024 1,289,485 1,289,485
Movement in fair value 184,838 184,838
Investment Charges ( 33,083) ( 33,083)
At 31 December 2024 1,441,240 1,441,240
Carrying value at 31 December 2024 1,441,240 1,441,240
Carrying value at 31 December 2023 1,289,485 1,289,485

5. Debtors

2024 2023
£ £
Trade debtors 315,191 509,896
Other debtors 88,397 94,619
403,588 604,515

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 56,993 87,797
Other taxation and social security 80,424 132,689
Other creditors 1,105,203 1,047,113
1,242,620 1,267,599

7. Liability of members

The members of the Aberdeen and Grampian Chamber of Commerce have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the company if it should be wound up.

8. Financial commitments

Other financial commitments

2024 2023
£ £
Commitments for future lease payments under non-cancellable operating leases 214,966 250,357

9. Related party transactions

The remuneration of key management personnel in the year amounted to £338,558 (2023 - £411,200).

The company provides services to entities in which the directors have an interest. The board of directors consider that disclosure of such transaction, which are undertaken on normal commercial terms, would not influence the decision made by the users of the financial statements.

10. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2024 was unqualified.

The audit report was signed by Derek Petrie on behalf of Hall Morrice LLP.