Company Registration No. SC393552 (Scotland)
R F Lindsay Limited
Unaudited accounts
for the year ended 31 December 2022
R F Lindsay Limited
Unaudited accounts
Contents
R F Lindsay Limited
Company Information
for the year ended 31 December 2022
Company Number
SC393552 (Scotland)
Registered Office
22 West Main Street
DARVEL
Ayrshire
KA17 0AQ
Scotland
Accountants
Hugh Ferguson & Co. Ltd.
22 West Main Street
DARVEL
Ayrshire
KA17 0AQ
R F Lindsay Limited
Statement of financial position
as at 31 December 2022
Intangible assets
269,468
301,326
Tangible assets
98,795
263,641
Cash at bank and in hand
1,378,047
1,079,919
Creditors: amounts falling due within one year
(532,732)
(500,542)
Net current assets
892,191
599,233
Total assets less current liabilities
1,261,704
1,165,450
Provisions for liabilities
Deferred tax
(10,812)
(39,629)
Net assets
1,250,892
1,125,821
Called up share capital
100
100
Profit and loss account
1,250,792
1,125,721
Shareholders' funds
1,250,892
1,125,821
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 September 2023 and were signed on its behalf by
Mr R F Lindsay
Director
Company Registration No. SC393552
R F Lindsay Limited
Notes to the Accounts
for the year ended 31 December 2022
R F Lindsay Limited is a private company, limited by shares, registered in Scotland, registration number SC393552. The registered office is 22 West Main Street, DARVEL, Ayrshire, KA17 0AQ, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
15% p.a. on cost
Plant & machinery
15% p.a. on cost
Other tangible fixed assets
20 Years on a straight line basis
Intangible fixed assets (including purchased goodwill) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
R F Lindsay Limited
Notes to the Accounts
for the year ended 31 December 2022
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Intangible fixed assets
Goodwill
Other
Total
At 1 January 2022
607,160
23,375
630,535
At 31 December 2022
607,160
23,375
630,535
At 1 January 2022
313,709
15,500
329,209
Charge for the year
30,358
1,500
31,858
At 31 December 2022
344,067
17,000
361,067
At 31 December 2022
263,093
6,375
269,468
At 31 December 2021
293,451
7,875
301,326
5
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 January 2022
166,713
1,059,477
1,226,190
At 31 December 2022
166,713
1,075,235
1,241,948
At 1 January 2022
160,191
802,358
962,549
Charge for the year
4,422
176,182
180,604
At 31 December 2022
164,613
978,540
1,143,153
At 31 December 2022
2,100
96,695
98,795
At 31 December 2021
6,522
257,119
263,641
R F Lindsay Limited
Notes to the Accounts
for the year ended 31 December 2022
6
Investments
Other investments
Valuation at 1 January 2022
1,250
Valuation at 31 December 2022
1,250
Fixed asset investments held by the company is comprised of shares held in FRIES Holding Company Limited. As this company is a private limited company, the market value of these shares cannot readily be determined and, as a result, these shares have been stated at their cost.
Amounts falling due within one year
Accrued income and prepayments
21,034
8,118
8
Creditors: amounts falling due within one year
2022
2021
Trade creditors
73,532
57,078
Taxes and social security
253,717
273,146
Loans from directors
1,540
387
9
Operating lease commitments
2022
2021
At 31 December 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
296,850
-
Later than five years
-
368,094
R F Lindsay Limited
Notes to the Accounts
for the year ended 31 December 2022
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
The loan is unsecured, interest is charged on overdrawn balances at the official rate of interest.
(387)
640,000
641,153
(1,540)
(387)
640,000
641,153
(1,540)
At 1st January 2022 the company owed £387 to Mr R F Lindsay by way of a loan. During the period under review the company repaid this entire sum to Mr Lindsay and advanced a further £639,613 to him. The maximum amount owed by Mr Lindsay to the company during the period under review was £639,613. Mr Lindsay repaid this entire sum and advanced a further £1,540 to the company. The balance owed by the company to Mr Lindsay at 31st December 2022 was £1,540. Loans advanced by the company to Mr Lindsay are unsecured, repayable on demand and interest is charged on outstanding balances owed by Mr Lindsay to the company at the official rate of interest. Balances owed by the company to Mr. Lindsay are unsecured, interest free and repayable on demand. Mr Lindsay is the company's sole director and he owns 100% of the company's called up share capital.
11
Average number of employees
During the year the average number of employees was 126 (2021: 112).