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Financial Statements for the Year Ended 31 March 2022 |
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Aberdeen Tile Distributors Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2022 |
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for |
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Aberdeen Tile Distributors Limited |
Aberdeen Tile Distributors Limited (Registered number: SC239511) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Aberdeen Tile Distributors Limited |
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Company Information |
for the Year Ended 31 March 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
18 North Silver Street |
Aberdeen |
AB10 1JU |
Aberdeen Tile Distributors Limited (Registered number: SC239511) |
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Balance Sheet |
31 March 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Aberdeen Tile Distributors Limited (Registered number: SC239511) |
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Balance Sheet - continued |
31 March 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Aberdeen Tile Distributors Limited (Registered number: SC239511) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Aberdeen Tile Distributors Limited is a
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The trading address of Aberdeen Tile Distributors Limited is 56 Virginia Street, Aberdeen, AB11 5AY. |
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The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Accounting policies |
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The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
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Turnover |
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax. |
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Goodwill |
Goodwill is the excess of the amount paid on acquisition of the business and the fair value of the net assets. It is being written off in equal annual instalments overs its estimated useful life of 10 years. |
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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. |
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Tangible fixed assets |
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Freehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchases, costs of conversion and other costs incurred in bring stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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Aberdeen Tile Distributors Limited (Registered number: SC239511) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currency translation |
Transactions during the year are recorded using rates of exchange prevailing at the date they occur. Assets and liabilities denominated in foreign currencies are translated into sterling at the year end rates of exchange. Exchange gains or losses are reflected in the profit and loss account. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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Leases |
Tangible fixed assets acquired under finance leases and hire purchase contracts are capitalised at the estimated fair value at the date of inception of each loss or contract. The total finance charges are allocated over the period of the lease in such a way as to give a reasonably constant charge on the outstanding liability. |
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Rentals paid under operating leases are charged to income as incurred. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Aberdeen Tile Distributors Limited (Registered number: SC239511) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
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AMORTISATION |
At 1 April 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
Freehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Aberdeen Tile Distributors Limited (Registered number: SC239511) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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6. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
Additions |
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At 31 March 2022 |
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DEPRECIATION |
Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Bank overdraft |
The bank holds a First Ranking Standard Security over 56 Virginia Street, Aberdeen AB11 5AY. They also hold a Bond & Floating Charge over the whole of the assets. |
Aberdeen Tile Distributors Limited (Registered number: SC239511) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.22 | 31.3.21 |
£ | £ |
Bank overdraft |
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Bank loans |
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Hire purchase contracts | 18,995 | - |
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The bank holds a First Ranking Standard Security over 56 Virginia Street, Aberdeen AB11 5AY. They also hold a Bond & Floating Charge over the whole of the assets. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
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'A' Ordinary Shares | £1 | 500 | 500 |
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'B' Ordinary Shares | £1 | 500 | 500 |
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5.75% Redeemable Preference |
Shares | £1 | 173,600 | 173,600 |
174,600 | 174,600 |
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The 5.75% Redeemable Shares are redeemable at the option of the company. |
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12. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £19,348 (2021 - £18,672). Pension contributions of £1,306 were accrued at 31 March 2022 (2021 - £903). |