34 31/05/2023 2023-05-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-06-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC154748 2022-06-01 2023-05-31 SC154748 2023-05-31 SC154748 2022-05-31 SC154748 2021-06-01 2022-05-31 SC154748 2022-05-31 SC154748 2021-05-31 SC154748 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 SC154748 core:PlantMachinery 2022-06-01 2023-05-31 SC154748 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 SC154748 core:MotorVehicles 2022-06-01 2023-05-31 SC154748 bus:RegisteredOffice 2022-06-01 2023-05-31 SC154748 bus:LeadAgentIfApplicable 2022-06-01 2023-05-31 SC154748 bus:Director1 2022-06-01 2023-05-31 SC154748 bus:CompanySecretary1 2022-06-01 2023-05-31 SC154748 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 SC154748 core:PlantMachinery 2022-05-31 SC154748 core:FurnitureFittingsToolsEquipment 2022-05-31 SC154748 core:MotorVehicles 2022-05-31 SC154748 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 SC154748 core:PlantMachinery 2023-05-31 SC154748 core:FurnitureFittingsToolsEquipment 2023-05-31 SC154748 core:MotorVehicles 2023-05-31 SC154748 core:WithinOneYear 2023-05-31 SC154748 core:WithinOneYear 2022-05-31 SC154748 core:AfterOneYear 2023-05-31 SC154748 core:AfterOneYear 2022-05-31 SC154748 core:RetainedEarningsAccumulatedLosses 2021-06-01 2022-05-31 SC154748 core:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 SC154748 core:ShareCapital 2023-05-31 SC154748 core:ShareCapital 2022-05-31 SC154748 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC154748 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC154748 core:ShareCapital 2021-05-31 SC154748 core:RetainedEarningsAccumulatedLosses 2021-05-31 SC154748 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 SC154748 core:PlantMachinery 2022-05-31 SC154748 core:FurnitureFittingsToolsEquipment 2022-05-31 SC154748 core:MotorVehicles 2022-05-31 SC154748 bus:Director1 2022-05-31 SC154748 bus:Director1 2023-05-31 SC154748 bus:Director1 2021-05-31 SC154748 bus:Director1 2022-05-31 SC154748 bus:Director1 2021-06-01 2022-05-31 SC154748 bus:SmallEntities 2022-06-01 2023-05-31 SC154748 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC154748 bus:AbridgedAccounts 2022-06-01 2023-05-31 SC154748 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 SC154748 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31
Company registration number: SC154748
Clanmill Limited
Unaudited abridged financial statements
31 May 2023
Clanmill Limited
Contents
Directors and other information
Director's report
Accountants report
Abridged statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Clanmill Limited
Directors and other information
Director Mr M Polat
Secretary T Unal
Company number SC154748
Registered office 57b Beardmore Way
Clydebank
Glasgow
G81 4HT
Accountants Carrick Kerr & Co
54 Cowgate
Kirkintilloch
Glasgow
G66 1HN
Clanmill Limited
Director's report
Year ended 31 May 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 May 2023.
Director
The director who served the company during the year was as follows:
Mr M Polat
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 19 October 2023 and signed on behalf of the board by:
Mr M Polat
Director
Clanmill Limited
Accountants report to the director on the preparation of the
unaudited statutory financial statements of Clanmill Limited
Year ended 31 May 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 May 2023 which comprise the abridged statement of comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Carrick Kerr & Co
54 Cowgate
Kirkintilloch
Glasgow
G66 1HN
19 October 2023
Clanmill Limited
Abridged statement of comprehensive income
Year ended 31 May 2023
2023 2022
Note £ £
Gross profit 1,242,419 1,135,790
Administrative expenses ( 997,399) ( 718,043)
_______ _______
Operating profit 245,020 417,747
Other interest receivable and similar income 431 18
Interest payable and similar expenses ( 14,360) ( 10,190)
_______ _______
Profit before taxation 5 231,091 407,575
Tax on profit ( 47,548) ( 60,780)
_______ _______
Profit for the financial year and total comprehensive income 183,543 346,795
_______ _______
All the activities of the company are from continuing operations.
Clanmill Limited
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 1,062,156 1,071,271
_______ _______
1,062,156 1,071,271
Current assets
Stocks 97,500 55,600
Debtors 7 176,953 341,440
Cash at bank and in hand 7,837 -
_______ _______
282,290 397,040
Creditors: amounts falling due
within one year 8 ( 355,646) ( 439,355)
_______ _______
Net current liabilities ( 73,356) ( 42,315)
_______ _______
Total assets less current liabilities 988,800 1,028,956
Creditors: amounts falling due
after more than one year 9 ( 132,157) ( 195,856)
_______ _______
Net assets 856,643 833,100
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 846,643 823,100
_______ _______
Shareholders funds 856,643 833,100
_______ _______
For the year ending 31 May 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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'.
All of the members have consented to the preparation of the abridged statement of comprehensive income for the current year ending 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
Mr M Polat
Director
Company registration number: SC154748
Clanmill Limited
Statement of changes in equity
Year ended 31 May 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2021 10,000 656,305 666,305
Profit for the year 346,795 346,795
_______ _______ _______
Total comprehensive income for the year - 346,795 346,795
Dividends paid and payable ( 180,000) ( 180,000)
_______ _______ _______
Total investments by and distributions to owners - ( 180,000) ( 180,000)
_______ _______ _______
At 31 May 2022 and 1 June 2022 10,000 823,100 833,100
Profit for the year 183,543 183,543
_______ _______ _______
Total comprehensive income for the year - 183,543 183,543
Dividends paid and payable ( 160,000) ( 160,000)
_______ _______ _______
Total investments by and distributions to owners - ( 160,000) ( 160,000)
_______ _______ _______
At 31 May 2023 10,000 846,643 856,643
_______ _______ _______
Clanmill Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 57b Beardmore Way, Clydebank, Glasgow, G81 4HT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 2 % reducing balance
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 34 (2022: 33 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 93,465 96,454
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 June 2022 787,210 796,759 30,788 185,976 1,800,733
Additions - 84,350 - - 84,350
_______ _______ _______ _______ _______
At 31 May 2023 787,210 881,109 30,788 185,976 1,885,083
_______ _______ _______ _______ _______
Depreciation
At 1 June 2022 103,812 524,679 4,618 96,353 729,462
Charge for the year 13,668 53,465 3,926 22,406 93,465
_______ _______ _______ _______ _______
At 31 May 2023 117,480 578,144 8,544 118,759 822,927
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2023 669,730 302,965 22,244 67,217 1,062,156
_______ _______ _______ _______ _______
At 31 May 2022 683,398 272,080 26,170 89,623 1,071,271
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 93,461 62,956
Other debtors 83,492 278,484
_______ _______
176,953 341,440
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 48,259 58,736
Trade creditors 239,150 296,720
Corporation tax 47,609 60,841
Social security and other taxes 5,293 7,011
Other creditors 15,335 16,047
_______ _______
355,646 439,355
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 115,814 160,258
Other creditors 16,343 35,598
_______ _______
132,157 195,856
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr M Polat 246,131 95,400 ( 345,000) ( 3,469)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr M Polat ( 32,919) 279,050 - 246,131
_______ _______ _______ _______