Company No: SC282623 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	4	42,131		59,640
		42,131		59,640
Current assets
Debtors	5	298,803		114,450
Cash at bank and in hand	6	1,117		99,812
		299,920		214,262
Creditors: amounts falling due within one year	7	( 200,413)		( 140,125)
Net current assets		99,507		74,137
Total assets less current liabilities		141,638		133,777
Creditors: amounts falling due after more than one year	8	( 27,431)		( 38,871)
Provision for liabilities	9, 10	( 10,257)		( 14,617)
Net assets		103,950		80,289
Capital and reserves
Called-up share capital	11	20,000		20,000
Capital redemption reserve		10,000		10,000
Profit and loss account		73,950		50,289
Total shareholders' funds		103,950		80,289

For the financial year ending 31 March 2023 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 financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Amco Engineering Services Limited (registered number: SC282623) were approved and authorised for issue by the Director on 27 September 2023. They were signed on its behalf by:

Mr A D Chatterton Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Amco Engineering Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 66 Tay Street, Perth, PH2 8RA, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	20 % reducing balance
Vehicles	5 years straight line
Computer equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		3

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2022	95,000		95,000
At 31 March 2023	95,000		95,000
Accumulated amortisation
At 01 April 2022	95,000		95,000
At 31 March 2023	95,000		95,000
Net book value
At 31 March 2023	0		0
At 31 March 2022	0		0

4. Tangible assets

	Plant and machinery		Vehicles		Computer equipment		Total
	£		£		£		£
Cost
At 01 April 2022	35,691		83,205		9,409		128,305
Additions	3,998		0		0		3,998
At 31 March 2023	39,689		83,205		9,409		132,303
Accumulated depreciation
At 01 April 2022	18,188		44,912		5,565		68,665
Charge for the financial year	3,567		16,641		1,299		21,507
At 31 March 2023	21,755		61,553		6,864		90,172
Net book value
At 31 March 2023	17,934		21,652		2,545		42,131
At 31 March 2022	17,503		38,293		3,844		59,640

5. Debtors

	2023		2022
	£		£
Trade debtors	281,516		111,011
Other debtors	17,287		3,439
	298,803		114,450

6. Cash and cash equivalents

	2023		2022
	£		£
Cash at bank and in hand	1,117		99,812
Less: Bank overdrafts	( 38,663)		0
	(37,546)		99,812

7. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans and overdrafts	48,492		9,586
Trade creditors	26,862		14,285
Taxation and social security	87,178		86,772
Obligations under finance leases and hire purchase contracts	1,600		23,171
Other creditors	36,281		6,311
	200,413		140,125

Included within Bank loans and overdrafts are amounts advanced to the company under the Bounce Back Loan scheme of £9,829 (2022 - £9,586). This loan is covered by a government backed guarantee. Also included is a bank overdraft totalling £38,663, which is covered by a floating charge over all the property or undertaking of the company.

8. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans	27,431		37,271
Obligations under finance leases and hire purchase contracts	0		1,600
	27,431		38,871

Included within Bank loans are amounts advanced to the company under the Bounce Back Loan scheme. This loan is covered by a government backed guarantee.

9. Provision for liabilities

	2023		2022
	£		£
Deferred tax	10,257		14,617

10. Deferred tax

	2023		2022
	£		£
At the beginning of financial year	( 14,617)		( 15,365)
Credited to the Statement of Income and Retained Earnings	4,360		748
At the end of financial year	( 10,257)		( 14,617)

11. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
20,000 Ordinary shares of £ 1.00 each	20,000		20,000

12. Financial commitments

Commitments

Capital commitments are as follows:

	2023		2022
	£		£
Contracted for but not provided for:
tangible fixed assets	35,095		0

13. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

	2023		2022
	£		£
Directors Loan Account	9,700		0

Advances

Advances have been made in the year to the Director totalling £248,840 and £258,540 was repaid. The above balance is unsecured, interest free and repayable on demand.