Just Rigging & Inspections Limited
Company Registration No. SC471185 (Scotland)
Unaudited Financial Statements
Year Ended 28 February 2023
JUST RIGGING & INSPECTIONS LIMITED
Just Rigging & Inspections Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
JUST RIGGING & INSPECTIONS LIMITED
Just Rigging & Inspections Limited
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
308
508
Tangible assets
5
27,214
38,851
27,522
39,359
Current assets
Stocks
2,000
2,000
Debtors
6
56,917
31,728
Cash at bank and in hand
112,873
109,512
171,790
143,240
Creditors: amounts falling due within one year
7
(83,642)
(34,952)
Net current assets
88,148
108,288
Total assets less current liabilities
115,670
147,647
Creditors: amounts falling due after more than one year
8
(13,196)
(17,256)
Net assets
102,474
130,391
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
102,374
130,291
Total equity
102,474
130,391
JUST RIGGING & INSPECTIONS LIMITED
Just Rigging & Inspections Limited
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 21 September 2023
Mr D G Holme
Director
Company Registration No. SC471185
JUST RIGGING & INSPECTIONS LIMITED
Just Rigging & Inspections Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Just Rigging & Inspections Limited is a private company limited by shares incorporated in Scotland. The registered office is Exchange Tower, 19 Canning Street, Edingburgh, United Kingdom, EH3 8EH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

JUST RIGGING & INSPECTIONS LIMITED
Just Rigging & Inspections Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% on cost
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% on cost
Fixtures and fittings
15% on cost
Computers
25% on cost
Motor vehicles
20% on cost

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of 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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

JUST RIGGING & INSPECTIONS LIMITED
Just Rigging & Inspections Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments".

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

JUST RIGGING & INSPECTIONS LIMITED
Just Rigging & Inspections Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

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

JUST RIGGING & INSPECTIONS LIMITED
Just Rigging & Inspections Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 2

2023
2022
Number
Number
Total
2
2
4
Intangible fixed assets
Software
£
Cost
At 1 March 2022 and 28 February 2023
1,000
Amortisation and impairment
At 1 March 2022
492
Amortisation charged for the year
200
At 28 February 2023
692
Carrying amount
At 28 February 2023
308
At 28 February 2022
508
JUST RIGGING & INSPECTIONS LIMITED
Just Rigging & Inspections Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2022
13,343
1,383
19,680
35,368
69,774
Additions
3,840
-
0
-
0
-
0
3,840
At 28 February 2023
17,183
1,383
19,680
35,368
73,614
Depreciation and impairment
At 1 March 2022
8,030
838
14,474
7,581
30,923
Depreciation charged in the year
1,926
156
3,291
10,104
15,477
At 28 February 2023
9,956
994
17,765
17,685
46,400
Carrying amount
At 28 February 2023
7,227
389
1,915
17,683
27,214
At 28 February 2022
5,313
545
5,206
27,787
38,851
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
48,994
24,726
Prepayments and accrued income
7,923
7,002
56,917
31,728
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
19,337
9,199
Corporation tax
4,848
10,510
Other taxation and social security
14,000
7,388
Other creditors
8,906
6,258
Accruals and deferred income
36,551
1,597
83,642
34,952
JUST RIGGING & INSPECTIONS LIMITED
Just Rigging & Inspections Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
13,196
17,256
2023-02-282022-03-01false13 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr D G HolmeSC4711852022-03-012023-02-28SC4711852023-02-28SC4711852022-02-28SC471185core:ComputerSoftware2023-02-28SC471185core:ComputerSoftware2022-02-28SC471185core:PlantMachinery2023-02-28SC471185core:FurnitureFittings2023-02-28SC471185core:ComputerEquipment2023-02-28SC471185core:MotorVehicles2023-02-28SC471185core:PlantMachinery2022-02-28SC471185core:FurnitureFittings2022-02-28SC471185core:ComputerEquipment2022-02-28SC471185core:MotorVehicles2022-02-28SC471185core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-28SC471185core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-28SC471185core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-28SC471185core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-28SC471185core:CurrentFinancialInstruments2023-02-28SC471185core:CurrentFinancialInstruments2022-02-28SC471185core:ShareCapital2023-02-28SC471185core:ShareCapital2022-02-28SC471185core:RetainedEarningsAccumulatedLosses2023-02-28SC471185core:RetainedEarningsAccumulatedLosses2022-02-28SC471185bus:Director12022-03-012023-02-28SC471185core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-28SC471185core:ComputerSoftware2022-03-012023-02-28SC471185core:PlantMachinery2022-03-012023-02-28SC471185core:FurnitureFittings2022-03-012023-02-28SC471185core:ComputerEquipment2022-03-012023-02-28SC471185core:MotorVehicles2022-03-012023-02-28SC4711852021-03-012022-02-28SC471185core:ComputerSoftware2022-02-28SC471185core:PlantMachinery2022-02-28SC471185core:FurnitureFittings2022-02-28SC471185core:ComputerEquipment2022-02-28SC471185core:MotorVehicles2022-02-28SC4711852022-02-28SC471185core:Non-currentFinancialInstruments2023-02-28SC471185core:Non-currentFinancialInstruments2022-02-28SC471185bus:PrivateLimitedCompanyLtd2022-03-012023-02-28SC471185bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-28SC471185bus:FRS1022022-03-012023-02-28SC471185bus:AuditExemptWithAccountantsReport2022-03-012023-02-28SC471185bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP