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Registration number: SC493083

Ayrshire Trade Frames Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Ayrshire Trade Frames Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Ayrshire Trade Frames Ltd

Company Information

Directors

Mr JP McCormack

Mrs V McCormack

Registered office

Unit 37
Boundary Road
Heathfield Industrial Estate
Ayr
KA8 9DJ

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

Ayrshire Trade Frames Ltd

(Registration number: SC493083)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

3

29,060

26,354

Current assets

 

Stocks

4

95,000

93,000

Debtors

5

156,009

224,002

Cash at bank and in hand

 

131,567

68,577

 

382,576

385,579

Creditors: Amounts falling due within one year

6

(169,643)

(200,001)

Net current assets

 

212,933

185,578

Total assets less current liabilities

 

241,993

211,932

Creditors: Amounts falling due after more than one year

6

(28,936)

(33,852)

Provisions for liabilities

(5,521)

(5,008)

Net assets

 

207,536

173,072

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

207,534

173,070

Shareholders' funds

 

207,536

173,072

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

 

Ayrshire Trade Frames Ltd

(Registration number: SC493083)
Balance Sheet as at 31 December 2022

.........................................
Mr JP McCormack
Director

 

Ayrshire Trade Frames Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Ayrshire Trade Frames Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Asset class

Depreciation method and rate

Plant and Machinery etc

- 20% Straight line & 25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Ayrshire Trade Frames Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Leasing and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ayrshire Trade Frames Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2021 - 14).

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

5,804

10,755

32,793

2,895

52,247

Additions

-

1,019

10,795

460

12,274

At 31 December 2022

5,804

11,774

43,588

3,355

64,521

Depreciation

At 1 January 2022

-

7,292

17,267

1,334

25,893

Charge for the year

-

1,312

7,834

422

9,568

At 31 December 2022

-

8,604

25,101

1,756

35,461

Carrying amount

At 31 December 2022

5,804

3,170

18,487

1,599

29,060

At 31 December 2021

5,804

3,463

15,526

1,561

26,354

Included within the net book value of land and buildings above is £5,804 (2021 - £5,804) in respect of long leasehold land and buildings.
 

 

Ayrshire Trade Frames Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Stocks

2022
£

2021
£

Other inventories

95,000

93,000

5

Debtors

Current

2022
£

2021
£

Trade debtors

153,017

173,559

Prepayments

2,713

1,975

Other debtors

279

48,468

 

156,009

224,002

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

8

9,889

10,649

Trade creditors

 

69,635

69,252

Taxation and social security

 

29,400

47,137

Accruals and deferred income

 

1,635

1,886

Other creditors

 

56,099

66,848

HP and finance lease liabilities

 

2,985

4,229

 

169,643

200,001

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

Ayrshire Trade Frames Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

24,956

33,852

Hire purchase contracts

3,980

-

28,936

33,852

2022
£

2021
£

Current loans and borrowings

Bank borrowings

9,889

10,649

Hire purchase contracts

2,985

4,229

12,874

14,878

9

Related party transactions

Transactions with directors

2022

At 1 January 2022
£

Repayments by director
£

At 31 December 2022
£

Mr JP McCormack

The loan is interst free, unsecured and has no fixed repayment date.

6,687

6,073

12,760