3 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 70,000 70,000 xbrli:pure xbrli:shares iso4217:GBP SC248951 2022-03-01 2023-02-28 SC248951 2023-02-28 SC248951 2022-02-28 SC248951 2021-03-01 2022-02-28 SC248951 2022-02-28 SC248951 core:NetGoodwill 2022-03-01 2023-02-28 SC248951 core:FurnitureFittings 2022-03-01 2023-02-28 SC248951 core:MotorVehicles 2022-03-01 2023-02-28 SC248951 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC248951 bus:Director1 2022-03-01 2023-02-28 SC248951 core:NetGoodwill 2023-02-28 SC248951 core:FurnitureFittings 2022-02-28 SC248951 core:MotorVehicles 2022-02-28 SC248951 core:FurnitureFittings 2023-02-28 SC248951 core:MotorVehicles 2023-02-28 SC248951 core:WithinOneYear 2023-02-28 SC248951 core:WithinOneYear 2022-02-28 SC248951 core:ShareCapital 2023-02-28 SC248951 core:ShareCapital 2022-02-28 SC248951 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC248951 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC248951 core:FurnitureFittings 2022-02-28 SC248951 core:MotorVehicles 2022-02-28 SC248951 bus:SmallEntities 2022-03-01 2023-02-28 SC248951 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC248951 bus:FullAccounts 2022-03-01 2023-02-28 SC248951 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 SC248951 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC248951 bus:OrdinaryShareClass1 2023-02-28 SC248951 bus:OrdinaryShareClass1 2022-02-28
COMPANY REGISTRATION NUMBER: SC248951
D Methven (Turnston) Limited
Filleted Unaudited Financial Statements
For the year ended
28 February 2023
D Methven (Turnston) Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
456,871
388,458
Current assets
Stocks
41,707
30,313
Debtors
7
105,705
43,043
Cash at bank and in hand
641,703
725,692
---------
---------
789,115
799,048
Creditors: amounts falling due within one year
8
26,150
53,668
---------
---------
Net current assets
762,965
745,380
------------
------------
Total assets less current liabilities
1,219,836
1,133,838
------------
------------
Net assets
1,219,836
1,133,838
------------
------------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
1,219,835
1,133,837
------------
------------
Shareholders funds
1,219,836
1,133,838
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
D Methven (Turnston) Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Mr D Methven
Director
Company registration number: SC248951
The main place of business is Dupplin Hall, Muckhart Road, Dunning,PH2 0RW.
D Methven (Turnston) Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Marshall Place, Perth, PH2 8AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(c) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
(d) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(j) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
70,000
--------
Amortisation
At 1 March 2022 and 28 February 2023
70,000
--------
Carrying amount
At 28 February 2023
--------
At 28 February 2022
--------
6. Tangible assets
Equipment
Motor vehicles
Total
£
£
£
Cost
At 1 March 2022
729,750
7,234
736,984
Additions
83,664
48,961
132,625
Disposals
( 41,200)
( 41,200)
---------
--------
---------
At 28 February 2023
772,214
56,195
828,409
---------
--------
---------
Depreciation
At 1 March 2022
341,326
7,200
348,526
Charge for the year
29,045
12,249
41,294
Disposals
( 18,282)
( 18,282)
---------
--------
---------
At 28 February 2023
352,089
19,449
371,538
---------
--------
---------
Carrying amount
At 28 February 2023
420,125
36,746
456,871
---------
--------
---------
At 28 February 2022
388,424
34
388,458
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
90,788
27,152
Other debtors
14,917
15,891
---------
--------
105,705
43,043
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,227
4,399
Social security and other taxes
7,203
39,285
Other creditors
7,720
9,984
--------
--------
26,150
53,668
--------
--------
9. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100,000
100,000
100,000
100,000
---------
---------
---------
---------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. Director's advances, credits and guarantees
There were no director advances, credits or guarantees undertaken during the year which require to be disclosed under FRS 102.