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Registration number: SC135720

Akro Plant Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Akro Plant Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Akro Plant Limited

Company Information

Director

Mr R J Robertson

Company secretary

Mrs J Robertson

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Akro Plant Limited

(Registration number: SC135720)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

877,523

1,015,319

Current assets

 

Stocks

5

98,082

89,582

Debtors

6

212,552

251,844

Cash at bank and in hand

 

1,175,813

806,306

 

1,486,447

1,147,732

Creditors: Amounts falling due within one year

7

(239,164)

(158,225)

Net current assets

 

1,247,283

989,507

Total assets less current liabilities

 

2,124,806

2,004,826

Provisions for liabilities

(106,694)

(123,326)

Net assets

 

2,018,112

1,881,500

Capital and reserves

 

Called up share capital

9

2

2

Share premium reserve

14,632

14,632

Retained earnings

2,003,478

1,866,866

Shareholders' funds

 

2,018,112

1,881,500

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

 

Akro Plant Limited

(Registration number: SC135720)
Balance Sheet as at 28 February 2023

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 14 November 2023
 

.........................................
Mr R J Robertson
Director

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 14 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from renting and leasing of construction and civil engineering machinery and equipment. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £200 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

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

Plant and machinery

10% - 33% straight line

Furniture, fittings and equipment

25% straight line

Motor vehicles

25% reducing balance

Land and buildings

2% straight line (50% residual)

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 9 (2022 - 11).

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

225,860

185,225

226,701

4,389,323

5,027,109

Additions

-

-

-

213,790

213,790

Disposals

-

-

-

(16,105)

(16,105)

At 28 February 2023

225,860

185,225

226,701

4,587,008

5,224,794

Depreciation

At 1 March 2022

4,320

169,472

146,223

3,691,775

4,011,790

Charge for the year

2,160

4,198

20,120

323,508

349,986

Eliminated on disposal

-

-

-

(14,505)

(14,505)

At 28 February 2023

6,480

173,670

166,343

4,000,778

4,347,271

Carrying amount

At 28 February 2023

219,380

11,555

60,358

586,230

877,523

At 28 February 2022

221,540

15,753

80,478

697,548

1,015,319

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Included within the net book value of land and buildings above is £219,380 (2022 - £221,540) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of long leasehold land and buildings.
 

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Stocks

2023
£

2022
£

Stock

98,082

89,582

6

Debtors

2023
£

2022
£

Trade debtors

200,161

241,097

Other debtors

12,391

10,747

212,552

251,844

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

1,519

Trade creditors

 

135,345

64,710

Taxation and social security

 

84,518

76,442

Other creditors

 

19,301

15,554

 

239,164

158,225

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

-

1,519

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Related party transactions

The company operates a loan account with the director,Mr R Robertson.
During the year, the director advanced loans totalling £3,808 to the company. At the year end, the balance due to
the director was £18,153 (2022 - £14,345). This loan is unsecured, interest free and has no fixed repayment terms.

 

11

Exceptional items

Exceptional items, which have been included within adminstrative expenses, reflect transactions relating to the
resolution and settlement of various tax liabilities.