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Registration number: SC560313

Astute Fire Engineering Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Astute Fire Engineering Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Accountants' Report

9

 

Astute Fire Engineering Ltd

Company Information

Directors

Dr Adam Bittern

Mr Kenneth Hamill

Mr Callum David MacInnes

Registered office

1 Glenacre Gardens
Largs
KA30 9BQ

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Astute Fire Engineering Ltd

(Registration number: SC560313)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

66,242

82,960

Current assets

 

Debtors

5

410,228

273,964

Cash at bank and in hand

 

521,698

225,332

 

931,926

499,296

Creditors: Amounts falling due within one year

6

(515,994)

(214,997)

Net current assets

 

415,932

284,299

Total assets less current liabilities

 

482,174

367,259

Creditors: Amounts falling due after more than one year

6

(8,636)

(32,978)

Provisions for liabilities

(13,248)

(16,593)

Net assets

 

460,290

317,688

Capital and reserves

 

Called up share capital

8

71

80

Capital redemption reserve

9

-

Retained earnings

460,210

317,608

Shareholders' funds

 

460,290

317,688

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 October 2023 and signed on its behalf by:
 

.........................................
Mr Kenneth Hamill
Director

 

Astute Fire Engineering Ltd

Notes to the Unaudited 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.

2

Accounting policies

Statement of compliance

These 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 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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

 

Astute Fire Engineering Ltd

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

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

Motor Vehicles

Reducing balance at 25%

Office Equipment

Straight line at 33%

Fixtures and Fittings

Reducing balance at 25%

Plant and Machinery

Reducing balance at 25%

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.

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.

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.

 

Astute Fire Engineering Ltd

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

Financial instruments

Classification
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.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 16).

 

Astute Fire Engineering Ltd

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2022

22,027

4,768

33,147

112,843

Additions

1,198

26,627

4,953

36,418

Disposals

(2,349)

-

(8,853)

(112,843)

At 31 March 2023

20,876

31,395

29,247

36,418

Depreciation

At 1 April 2022

7,534

2,546

22,949

56,796

Charge for the year

3,714

7,212

8,984

9,105

Eliminated on disposal

(1,514)

-

(8,836)

(56,796)

At 31 March 2023

9,734

9,758

23,097

9,105

Carrying amount

At 31 March 2023

11,142

21,637

6,150

27,313

At 31 March 2022

14,493

2,222

10,198

56,047

Total
£

Cost or valuation

At 1 April 2022

172,785

Additions

69,196

Disposals

(124,045)

At 31 March 2023

117,936

Depreciation

At 1 April 2022

89,825

Charge for the year

29,015

Eliminated on disposal

(67,146)

At 31 March 2023

51,694

Carrying amount

At 31 March 2023

66,242

At 31 March 2022

82,960

 

Astute Fire Engineering Ltd

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

5

Debtors

Current

2023
£

2022
£

Trade debtors

406,007

248,275

Prepayments

3,180

3,740

Other debtors

1,041

21,949

 

410,228

273,964

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

4,101

25,972

Taxation and social security

 

345,768

179,610

Other creditors

 

166,125

9,415

 

515,994

214,997

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

8,636

32,978

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

8,636

32,978

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

4,101

25,972

 

Astute Fire Engineering Ltd

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

71

71

80

80

         

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2023
 £

2022
 £

Dr Adam Bittern

61

111

Mr Callum MacInnes

3,031

1,207

Mr Kenneth Hamill

491

292

Mr James McGonigal

157

68

 

3,740

1,678

The maximum balance outstanding during the year amounted to £3,740.

The directors current accounts are repayable on demand.

Amounts owed to other shareholders, Miss Suzanne Gaffney and Mrs Maureen Hamill, are £61 (2022: £111) and £490 (2022: £292) respectively.

These balances are also repayable on demand.

Included in Other Creditors is £157,500 (2022: £Nil) owed to Mr James McGonigal in relation to a Share Buyback.

The company has a commitment to purchase a further 11 shares from Mr James McGonigal by 31 March 2026, for the fixed sum of £192,500.
 

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Astute Fire Engineering Ltd
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 Astute Fire Engineering Ltd for the year ended 31 March 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Astute Fire 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 Astute Fire Engineering Ltd and state those matters that we have agreed to state to the Board of Directors of Astute Fire Engineering Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Astute Fire Engineering Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Astute Fire 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 Astute Fire Engineering Ltd. You consider that Astute Fire 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 Astute Fire 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.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

12 October 2023