Fettes and Rankine Engineering Ltd
Registered number: SC278367
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 49,298 69,298
Current assets
Stocks 11,048 11,075
Debtors 5 71,776 123,792
Cash at bank and in hand 30,368 74,602
113,192 209,469
Creditors: amounts falling due within one year 6 (78,326) (174,383)
Net current assets 34,866 35,086
Total assets less current liabilities 84,164 104,384
Creditors: amounts falling due after more than one year 7 - (16,826)
Provisions for liabilities (9,366) (13,848)
Net assets 74,798 73,710
Capital and reserves
Called up share capital 100 100
Profit and loss account 74,698 73,610
Shareholders' funds 74,798 73,710
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P.J Rankine
Director
Approved by the board on 22 October 2023
Fettes and Rankine Engineering Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 137,800
At 31 January 2023 137,800
Amortisation
At 1 February 2022 137,800
At 31 January 2023 137,800
Net book value
At 31 January 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 8,896 219,058 60,746 288,700
At 31 January 2023 8,896 219,058 60,746 288,700
Depreciation
At 1 February 2022 8,896 156,314 54,192 219,402
Charge for the year - 15,000 5,000 20,000
At 31 January 2023 8,896 171,314 59,192 239,402
Net book value
At 31 January 2023 - 47,744 1,554 49,298
At 31 January 2022 - 62,744 6,554 69,298
5 Debtors 2023 2022
£ £
Trade debtors 46,550 90,279
Prepayments 25,226 18,045
Other debtors - 15,468
71,776 123,792
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 23,841
Trade creditors 42,373 94,891
Corporation tax 7,749 17,791
Accruals 32,166 37,860
Other creditors (3,962) -
78,326 174,383
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts - 326
Other creditors - 16,500
- 16,826
8 Other information
Fettes and Rankine Engineering Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Brodies House
31-33 Union Grove
Aberdeen
AB10 6SD
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