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REGISTERED NUMBER: SC240050 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2024

for

A.J.B. Spence & Son Limited

A.J.B. Spence & Son Limited (Registered number: SC240050)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


A.J.B. Spence & Son Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: M Brown
J Brown



REGISTERED OFFICE: Bridgend
Main Street
Reston
Eyemouth
Berwickshire
TD14 5JU



REGISTERED NUMBER: SC240050 (Scotland)



ACCOUNTANTS: EQ Accountants Ltd
47-49 The Square
Kelso
Roxburghshire
TD5 7HW



BANKERS: The Royal Bank of Scotland
42 Hide Hill
Berwick-upon-Tweed
TD15 1AB

A.J.B. Spence & Son Limited (Registered number: SC240050)

Statement of Financial Position
30 November 2024

30/11/24 30/11/23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 50,013 60,555
Investments 6 735,129 612,051
785,142 672,606

CURRENT ASSETS
Inventories 336,976 396,613
Debtors 7 182,375 139,276
Cash at bank and in hand 261,885 208,087
781,236 743,976
CREDITORS
Amounts falling due within one year 8 145,188 170,253
NET CURRENT ASSETS 636,048 573,723
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,421,190

1,246,329

PROVISIONS FOR LIABILITIES 41,000 16,000
NET ASSETS 1,380,190 1,230,329

CAPITAL AND RESERVES
Called up share capital 9 220 220
Capital redemption reserve 110 110
Fair value reserve 10 291,113 205,693
Retained earnings 1,088,747 1,024,306
SHAREHOLDERS' FUNDS 1,380,190 1,230,329

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

A.J.B. Spence & Son Limited (Registered number: SC240050)

Statement of Financial Position - continued
30 November 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 27 May 2025 and were signed on its behalf by:




M Brown - Director



J Brown - Director


A.J.B. Spence & Son Limited (Registered number: SC240050)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

A.J.B. Spence & Son 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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 10% on reducing balance
Office Equipment - 33% on cost and 10% on reducing balance
Motor vehicles - 25% on reducing balance
Forklift - 25% on reducing balance

Stocks
Inventories 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

A.J.B. Spence & Son Limited (Registered number: SC240050)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

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.

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 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2023
and 30 November 2024 250,000
AMORTISATION
At 1 December 2023
and 30 November 2024 250,000
NET BOOK VALUE
At 30 November 2024 -
At 30 November 2023 -

5. PROPERTY, PLANT AND EQUIPMENT
Improvements
to Office
property Equipment Equipment
£    £    £   
COST
At 1 December 2023 3,375 5,140 21,667
Additions - 3,752 1,861
Disposals - (1,015 ) -
At 30 November 2024 3,375 7,877 23,528
DEPRECIATION
At 1 December 2023 3,375 2,033 19,750
Charge for year - 470 1,255
Eliminated on disposal - (468 ) -
At 30 November 2024 3,375 2,035 21,005
NET BOOK VALUE
At 30 November 2024 - 5,842 2,523
At 30 November 2023 - 3,107 1,917

A.J.B. Spence & Son Limited (Registered number: SC240050)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

5. PROPERTY, PLANT AND EQUIPMENT - continued

Motor
vehicles Forklift Totals
£    £    £   
COST
At 1 December 2023 63,500 8,750 102,432
Additions - - 5,613
Disposals - - (1,015 )
At 30 November 2024 63,500 8,750 107,030
DEPRECIATION
At 1 December 2023 10,816 5,903 41,877
Charge for year 13,171 712 15,608
Eliminated on disposal - - (468 )
At 30 November 2024 23,987 6,615 57,017
NET BOOK VALUE
At 30 November 2024 39,513 2,135 50,013
At 30 November 2023 52,684 2,847 60,555

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 December 2023 612,051
Additions 8,560
Revaluations 114,518
At 30 November 2024 735,129
NET BOOK VALUE
At 30 November 2024 735,129
At 30 November 2023 612,051

Cost or valuation at 30 November 2024 is represented by:

Other
investments
£   
Valuation in 2022 260,241
Valuation in 2023 13,392
Valuation in 2024 114,518
Cost 346,978
735,129

A.J.B. Spence & Son Limited (Registered number: SC240050)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/24 30/11/23
£    £   
Trade debtors 180,755 136,883
Other debtors 838 1,444
Prepayments 782 949
182,375 139,276

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/24 30/11/23
£    £   
Trade creditors 53,281 76,992
Tax 46,378 24,599
Social security and other taxes 678 227
VAT 18,157 15,955
Other creditors 10,800 805
Directors' loan accounts 15,159 48,690
Accrued expenses 735 2,985
145,188 170,253

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/11/24 30/11/23
value: £    £   
200 Ordinary 1 200 200
10 B Ordinary £1 10 10
10 C Ordinary £1 10 10
220 220

10. RESERVES
Fair
value
reserve
£   
At 1 December 2023 205,693
Revaluation reserve transfer 85,420

At 30 November 2024 291,113