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Registration number: SC090704

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Abridged Balance Sheet

5 to 6

Notes to the Unaudited Abridged Financial Statements

7 to 15

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Company Information

Directors

Mr Aaron Gammie

Mr Gerald Casey

Company secretary

Mr Gerald Casey

Registered office

Ramoyle House
Glenbervie Business Centre
Glenbervie Business Park
Larbert
FK5 4RB

Accountants

Tayler Morgan Ltd
Accountants
3 Larch Street
Grangemouth
Falkirk
FK3 8PG

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the abridged financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Aaron Gammie

Mr Gerald Casey - Company secretary and director

Principal activity

The principal activity of the company is electrical engineering.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 19 September 2023 and signed on its behalf by:
 

.........................................
Mr Aaron Gammie
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Falcon Electrical Engineering Ltd for the year ended 31 March 2023 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Falcon Electrical Engineering Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Falcon Electrical Engineering Ltd and state those matters that we have agreed to state to the Board of Directors of Falcon Electrical Engineering Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Falcon Electrical Engineering Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Falcon Electrical Engineering Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Falcon Electrical Engineering Ltd. You consider that Falcon Electrical Engineering Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Falcon Electrical Engineering Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.


Tayler Morgan Ltd
Accountants
3 Larch Street
Grangemouth
Falkirk
FK3 8PG

21 September 2023

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

1,190,435

1,127,446

Cost of sales

 

(796,983)

(714,975)

Gross profit

 

393,452

412,471

Administrative expenses

 

(213,951)

(156,872)

Operating profit

 

179,501

255,599

Interest payable and similar charges

 

(1,653)

(1,330)

 

(1,653)

(1,330)

Profit before tax

4

177,848

254,269

Taxation

 

(35,687)

(50,009)

Profit for the financial year

 

142,161

204,260

Retained earnings brought forward

 

363,230

200,249

Dividends paid

 

(92,000)

(41,279)

Retained earnings carried forward

 

413,391

363,230

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

(Registration number: SC090704)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

59,500

45,319

Other financial assets

6

7,777

7,777

 

67,277

53,096

Current assets

 

Stocks

7

23,626

55,792

Debtors

390,522

443,164

Cash at bank and in hand

 

256,054

73,983

 

670,202

572,939

Prepayments and accrued income

 

9,619

5,341

Creditors: Amounts falling due within one year

(296,242)

(246,478)

Net current assets

 

383,579

331,802

Total assets less current liabilities

 

450,856

384,898

Creditors: Amounts falling due after more than one year

(36,465)

(20,668)

Net assets

 

414,391

364,230

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

413,391

363,230

Shareholders' funds

 

414,391

364,230

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 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.

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

(Registration number: SC090704)
Abridged Balance Sheet as at 31 March 2023 (continued)

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 19 September 2023 and signed on its behalf by:
 

.........................................
Mr Aaron Gammie
Director

.........................................
Mr Gerald Casey
Company secretary and director

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Ramoyle House
Glenbervie Business Centre
Glenbervie Business Park
Larbert
FK5 4RB
Scotland

These financial statements were authorised for issue by the Board on 19 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged 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 abridged 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.

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.

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current 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.

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:

Asset class

Depreciation method and rate

Office Equipment

33% on straight line

Plant & Machinery

15% on straight line

Motor Vehicles

20% on straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

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.

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023 (continued)

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

15,350

12,702

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023 (continued)

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

104,587

12,508

23,567

140,662

Additions

4,829

1,796

37,708

44,333

Disposals

(14,006)

-

(23,567)

(37,573)

At 31 March 2023

95,410

14,304

37,708

147,422

Depreciation

At 1 April 2022

71,532

12,310

11,501

95,343

Charge for the year

7,023

785

7,542

15,350

Eliminated on disposal

(11,270)

-

(11,501)

(22,771)

At 31 March 2023

67,285

13,095

7,542

87,922

Carrying amount

At 31 March 2023

28,125

1,209

30,166

59,500

At 31 March 2022

33,055

198

12,066

45,319

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023 (continued)

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

7,777

7,777

At 31 March 2023

7,777

7,777

Impairment

Carrying amount

At 31 March 2023

7,777

7,777

7

Stocks

2023
£

2022
£

Work in progress

23,276

55,430

Other inventories

350

362

23,626

55,792

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         
 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023 (continued)

9

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

 

-

 

-

Interim dividend of £92,000 (2022 - £41,279) per ordinary share

 

92,000

 

41,279

   

92,000

 

41,279

         

10

Related party transactions

 

Falcon Electrical Engineering Ltd

trading as Falcon Electrical Engineering

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023 (continued)

10

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,499

11,721