Company registration number SC022813 (Scotland)
ASSOCIATED AGRICULTURAL OILS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ASSOCIATED AGRICULTURAL OILS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ASSOCIATED AGRICULTURAL OILS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
486,934
342,177
Investments
4
61,058
55,155
547,992
397,332
Current assets
Stocks
56,984
146,208
Debtors
5
1,284,328
1,463,399
Cash at bank and in hand
921,954
906,820
2,263,266
2,516,427
Creditors: amounts falling due within one year
6
(1,141,402)
(1,325,377)
Net current assets
1,121,864
1,191,050
Total assets less current liabilities
1,669,856
1,588,382
Creditors: amounts falling due after more than one year
7
(28,009)
(50,164)
Provisions for liabilities
(110,288)
(76,458)
Net assets
1,531,559
1,461,760
Capital and reserves
Called up share capital
8
1,500
1,500
Capital redemption reserve
2,850
2,850
Profit and loss reserves
1,527,209
1,457,410
Total equity
1,531,559
1,461,760
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ASSOCIATED AGRICULTURAL OILS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 May 2025
S Cullen
Director
Company Registration No. SC022813
ASSOCIATED AGRICULTURAL OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Associated Agricultural Oils Limited is a private company limited by shares incorporated in Scotland. The registered office is Muirpark Garage & Truck Stop, Falkirk Road, Bannockburn, Stirling, FK7 8AL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Turnover is recognised when the goods have been delivered to the customer.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
4% on cost
Plant and equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.4
Fixed asset investments
Investments are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
1.5
Stocks
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.
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
ASSOCIATED AGRICULTURAL OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.8
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
7
ASSOCIATED AGRICULTURAL OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
161,557
70,911
698,583
931,051
Additions
324
276,870
277,194
Disposals
(152,872)
(152,872)
At 30 September 2024
161,557
71,235
822,581
1,055,373
Depreciation and impairment
At 1 October 2023
157,914
55,907
375,053
588,874
Depreciation charged in the year
828
3,831
105,954
110,613
Eliminated in respect of disposals
(131,048)
(131,048)
At 30 September 2024
158,742
59,738
349,959
568,439
Carrying amount
At 30 September 2024
2,815
11,497
472,622
486,934
At 30 September 2023
3,643
15,004
323,530
342,177
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
61,058
55,155
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 October 2023
55,155
Additions
13,805
Realised gain (loss)
695
Unrealised gain (loss)
4,630
Disposals
(13,227)
At 30 September 2024
61,058
Carrying amount
At 30 September 2024
61,058
At 30 September 2023
55,155
ASSOCIATED AGRICULTURAL OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,260,173
1,400,770
Other debtors
22,352
33,692
Prepayments and accrued income
1,803
28,937
1,284,328
1,463,399
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,074,011
1,216,239
Taxation and social security
28,702
22,744
Other creditors
38,689
86,394
1,141,402
1,325,377
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
28,009
50,164
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,500
1,500
1,500
1,500