Agricultural Auto Engineering Ltd. - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC290408 (Scotland)

Agricultural Auto Engineering Ltd.

Unaudited Financial Statements

for the Year Ended 31 October 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr G A Fitzelle

SECRETARY:

Mrs A Fitzelle

REGISTERED OFFICE:

27 Clifford Road

North Berwick

EH39 4PW

REGISTERED NUMBER:

SC290408 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

23 Westgate

North Berwick

EH39 4AG

FIXED ASSETS

Intangible assets

4

-

17,500

Tangible assets

5

233,804

247,249

233,804

264,749

CURRENT ASSETS

Stocks

24,984

3,864

Debtors

6

136,677

166,765

Cash at bank and in hand

149,113

121,197

310,774

291,826

CREDITORS

Amounts falling due within one year

7

62,444

88,653

NET CURRENT ASSETS

248,330

203,173

TOTAL ASSETS LESS CURRENT LIABILITIES

482,134

467,922

PROVISIONS FOR LIABILITIES

19,016

19,597

NET ASSETS

463,118

448,325

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

463,116

448,323

SHAREHOLDERS' FUNDS

463,118

448,325

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 24 July 2023 and were signed by:

Mr G A Fitzelle - Director

1.	STATUTORY INFORMATION

Agricultural Auto Engineering Ltd. 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.

Turnover and revenue recognition

Turnover represents net invoiced sales of automotive and agricultural engineering services and goods.

Revenue is recognised as earned on completion of services and delivery of goods.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, 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.

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 10% on cost

In the opinion of the director, due to the location of the freehold property and the proposed maintenance programme, he does not consider that the value of the property will diminish. Therefore there is no depreciation charged on the cost of the heritable property. This policy is not in accordance with the requirements of the Companies Act 2006, but departure from the provisions of the Act is required in order to provide a true and fair view.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Provisions

Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2021

and 31 October 2022

175,000

AMORTISATION

At 1 November 2021

157,500

Charge for year

17,500

At 31 October 2022

175,000

NET BOOK VALUE

At 31 October 2022

-

At 31 October 2021

17,500

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2021

162,044

297,798

459,842

Additions

-

5,916

5,916

At 31 October 2022

162,044

303,714

465,758

DEPRECIATION

At 1 November 2021

-

212,593

212,593

Charge for year

-

19,361

19,361

At 31 October 2022

-

231,954

231,954

NET BOOK VALUE

At 31 October 2022

162,044

71,760

233,804

At 31 October 2021

162,044

85,205

247,249

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

46,261

64,876

Other debtors

90,416

101,889

136,677

166,765

Other debtors includes the balance due from a related party of £31,723 (2021: £37,467). This balance is unsecured and has no fixed term for repayment. Interest is being charged at 2 % per annum.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

26,891

18,772

Taxation and social security

33,622

42,092

Other creditors

1,931

27,789

62,444

88,653

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2022 and 31 October 2021:

2022

2021

£

£

Mr G A Fitzelle

Balance outstanding at start of year

37,467

(36,875

)

Amounts advanced

27,235

107,314

Amounts repaid

(32,979

)

(32,972

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

31,723

37,467

The balance on the director's current accounts is unsecured and repayable on demand. Interest is being charged at 2% per annum.