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REGISTERED NUMBER: SC066725 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

R. EARSMAN LIMITED

R. EARSMAN LIMITED (REGISTERED NUMBER: SC066725)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R. EARSMAN LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTOR: Mr J J Armstrong





SECRETARY: Miss A Thomson





REGISTERED OFFICE: Unit 2 Downs Way Industrial Estate
Heathhall
Dumfries
DG1 3RS





REGISTERED NUMBER: SC066725 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

R. EARSMAN LIMITED (REGISTERED NUMBER: SC066725)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 128,576 132,070

CURRENT ASSETS
Stocks 12,200 37,200
Debtors 5 130,481 104,932
Cash at bank 42,272 49,744
184,953 191,876
CREDITORS
Amounts falling due within one year 6 76,741 83,749
NET CURRENT ASSETS 108,212 108,127
TOTAL ASSETS LESS CURRENT
LIABILITIES

236,788

240,197

CREDITORS
Amounts falling due after more than one
year

7

(23,061

)

(35,408

)

PROVISIONS FOR LIABILITIES 8 (13,739 ) (5,511 )
NET ASSETS 199,988 199,278

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 199,888 199,178
199,988 199,278

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

R. EARSMAN LIMITED (REGISTERED NUMBER: SC066725)

BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 October 2023 and were signed by:





Mr J J Armstrong - Director


R. EARSMAN LIMITED (REGISTERED NUMBER: SC066725)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

R. Earsman Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes in relation to general building contracts.

TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful life, using the straight-line method.

Depreciation is provided on the following basis:

Heritable Property - 2% straight line
Plant and equipment - 20-25% straight line
Motor vehicles - 25-50% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

R. EARSMAN LIMITED (REGISTERED NUMBER: SC066725)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other
accounts receivable and payable, are initially measured at present value of the future cash flows and
subsequently at amortised cost using the effective interest method. Debt instruments that are payable or
receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at
the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

R. EARSMAN LIMITED (REGISTERED NUMBER: SC066725)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Property,
plant and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 April 2022 268,574 204,527 473,101
Additions 424 33,170 33,594
Disposals (8,650 ) (25,038 ) (33,688 )
At 31 March 2023 260,348 212,659 473,007
DEPRECIATION
At 1 April 2022 228,653 112,378 341,031
Charge for year 5,188 31,893 37,081
Eliminated on disposal (8,645 ) (25,036 ) (33,681 )
At 31 March 2023 225,196 119,235 344,431
NET BOOK VALUE
At 31 March 2023 35,152 93,424 128,576
At 31 March 2022 39,921 92,149 132,070

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 120,750
Additions 33,170
At 31 March 2023 153,920
DEPRECIATION
At 1 April 2022 35,191
Charge for year 25,309
At 31 March 2023 60,500
NET BOOK VALUE
At 31 March 2023 93,420
At 31 March 2022 85,559

R. EARSMAN LIMITED (REGISTERED NUMBER: SC066725)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 98,144 29,282
Other debtors 32,337 75,650
130,481 104,932

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 29,450 26,928
Trade creditors 24,732 54,171
Taxation and social security 19,330 126
Other creditors 3,229 2,524
76,741 83,749

The company has granted standard security and a floating charge to The Governor and Company of the Bank of Scotland for all sums due or becoming due.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 23,061 35,408

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 13,739 5,511

Deferred
tax
£   
Balance at 1 April 2022 5,511
Provided during year 8,228
Balance at 31 March 2023 13,739

R. EARSMAN LIMITED (REGISTERED NUMBER: SC066725)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr J J Armstrong
Balance outstanding at start of year 64,774 (6,000 )
Amounts advanced 27,446 70,774
Amounts repaid (64,123 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 28,097 64,774

The loan is interest free and has no fixed terms of repayment.