Company registration number SC311380 (Scotland)
Aberdeen Surveyors Limited
unaudited financial statements
for the year ended 30 November 2024
Pages for filing with registrar
Aberdeen Surveyors Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 12
Aberdeen Surveyors Limited
Balance sheet
as at 30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,034
4,974
Investments
5
16,330
16,330
19,364
21,304
Current assets
Stocks
4,582
5,528
Debtors
6
210,599
191,655
Cash at bank and in hand
9,180
100
224,361
197,283
Creditors: amounts falling due within one year
7
(150,018)
(168,967)
Net current assets
74,343
28,316
Total assets less current liabilities
93,707
49,620
Provisions for liabilities
(401)
(550)
Net assets
93,306
49,070
Capital and reserves
Called up share capital
155
155
Share premium account
57,546
57,546
Capital redemption reserve
20
20
Profit and loss reserves
35,585
(8,651)
Total equity
93,306
49,070
Aberdeen Surveyors Limited
Balance sheet (continued)
as at 30 November 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 27 August 2025 and are signed on its behalf by:
Mr G S Macdonald
Director
Company Registration No. SC311380
Aberdeen Surveyors Limited
Statement of changes in equity
for the year ended 30 November 2024
- 3 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2022
175
57,546
65,092
122,813
Year ended 30 November 2023:
Loss and total comprehensive income
-
-
-
(11,155)
(11,155)
Own shares acquired
-
-
-
(62,588)
(62,588)
Redemption of shares
20
20
Reduction of shares
(20)
-
(20)
Balance at 30 November 2023
155
57,546
20
(8,651)
49,070
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
-
44,236
44,236
Balance at 30 November 2024
155
57,546
20
35,585
93,306
Aberdeen Surveyors Limited
Notes to the Financial Statements
for the year ended 30 November 2024
- 4 -
1
Accounting policies
Company information
Aberdeen Surveyors Limited is a private company limited by shares incorporated in Scotland. The registered office is 1 East Craibstone Street, Aberdeen, AB11 6YQ.
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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Aberdeen Surveyors Limited
Notes to the Financial Statements (continued)
for the year ended 30 November 2024
1
Accounting policies (continued)
- 5 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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:
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
33% on cost
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.
1.6
Fixed asset investments
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of 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). 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.
Recoverable amount is the higher of fair value less costs to sell and 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.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.
Aberdeen Surveyors Limited
Notes to the Financial Statements (continued)
for the year ended 30 November 2024
1
Accounting policies (continued)
- 6 -
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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
Classification of financial liabilities
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 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.
Aberdeen Surveyors Limited
Notes to the Financial Statements (continued)
for the year ended 30 November 2024
1
Accounting policies (continued)
- 7 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Aberdeen Surveyors Limited
Notes to the Financial Statements (continued)
for the year ended 30 November 2024
- 8 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
14
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
35,000
Amortisation and impairment
At 1 December 2023 and 30 November 2024
35,000
Carrying amount
At 30 November 2024
At 30 November 2023
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 December 2023
11,680
21,013
53,398
86,091
Additions
2,104
2,104
At 30 November 2024
11,680
21,013
55,502
88,195
Depreciation and impairment
At 1 December 2023
11,552
20,660
48,905
81,117
Depreciation charged in the year
32
89
3,923
4,044
At 30 November 2024
11,584
20,749
52,828
85,161
Carrying amount
At 30 November 2024
96
264
2,674
3,034
At 30 November 2023
128
353
4,493
4,974
Aberdeen Surveyors Limited
Notes to the Financial Statements (continued)
for the year ended 30 November 2024
- 9 -
5
Fixed asset investments
2024
2023
£
£
Unlisted investments
16,330
16,330
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
97,088
89,876
Corporation tax recoverable
659
659
Other debtors
83,842
59,806
Prepayments and accrued income
29,010
41,314
210,599
191,655
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
32,691
Trade creditors
13,423
24,902
Corporation tax
29,141
807
Other taxation and social security
72,544
82,840
Other creditors
6,577
6,410
Accruals and deferred income
28,333
21,317
150,018
168,967
8
Pension commitments
The company operate a defined contribution pension scheme. The assets are held separately from those of the company in an independently administered fund. The pension cost and charge represents contributions payable by the company to the fund and amounted to £17,201 (2023: £17,303). At 30 November 2024 contributions amounting to £2,519 (2023: £2,653 were payable to the fund.)
Aberdeen Surveyors Limited
Notes to the Financial Statements (continued)
for the year ended 30 November 2024
- 10 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
30,000
30,000
Between two and five years
120,000
120,000
In over five years
120,000
150,000
270,000
300,000
Aberdeen Surveyors Limited
Notes to the Financial Statements (continued)
for the year ended 30 November 2024
- 11 -
10
Related party transactions
ASL Investments Limited
Mr Macdonald, Mr Gibb and Mr Murray, directors and shareholders of Aberdeen Surveyors Limited are also directors and shareholders of ASL Investments Limited. The company operates an intercompany loan account with ASL Investments Limited. The loan is interest free and there are no fixed terms of repayment.
During the year, Aberdeen Surveyors Limited advanced ASL Investments Limited £1,657 (2023 - £5,505) and ASL Investments Limited repaid £15,000 (2023 - £nil).
During the year Aberdeen Surveyors Limited paid rent to ASL Investments Limited totalling £30,000 (2023 - £30,000). The rental agreement between the two companies happens at arms length.
Amount due to the related party at the balance sheet date £1,944 (2023 due from related party - £11,399).
11
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Mr D Murray Director
The company operated a loan account with the director. The loan is interest free and there are no fixed terms of repayment. During the year, the director advanced the company £nil (2023 - £32,000) and was repaid £13,642 (2023 - £3,666). Amount due from the related party at the balance sheet date £11,923 (2023 - £1,719 due to the related party).
Mr G S Macdonald Director
The company operated a loan account with the director. The loan is interest free and there are no fixed terms of repayment. During the year, the director advanced the company £nil (2023 - £15,000) and was repaid £8,553 (2023 - £11,886).
Total amount due from the related party at the balance sheet date, for the above loan, £19,732 (2023 - £11,179).
Aberdeen Surveyors Limited
Notes to the Financial Statements (continued)
for the year ended 30 November 2024
11
Directors' transactions (continued)
- 12 -
Mr G Gibb Director
The company operated a loan account with the director. The loan is interest free and there are no fixed terms of repayment. During the year the director advanced the company £928 (2023 - £nil) and was repaid £3,439 (2023 - £1,981).
Total amount due from the related party at the balance sheet date, for the above loan, £13,116 (2023 - £10,605).
Mr A Clouston Director
The company operated a loan account with the director. The loan is interest free and there are no fixed terms of repayment. During the year, the director was repaid £25 (2023 - £nil). Amount due from the related party at the balance sheet date £4,054 (2023 - £4,029).
Mr N Rose Director
The company operated a loan account with the director. The loan is interest free and there are no fixed terms of repayment. During the year the director advanced the company £nil (2023 - £210) and payments of £25 (2023 - £620) were made to the director.
Total amount due from the related party at the balance sheet date, for the above loan, £976 (2023 - £951).
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