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REGISTERED NUMBER: SC542442 (Scotland)















REEKIE LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






REEKIE LTD (REGISTERED NUMBER: SC542442)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 7

Statement of Income and Retained Earnings 8

Balance Sheet 9

Notes to the Financial Statements 10 to 19


REEKIE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Eric Hay Macleod Gardiner
Jamie Hay Macleod Gardiner



SECRETARY: Jamie Hay Macleod Gardiner



REGISTERED OFFICE: 171 St. Leonard Street
Lanark
Lanarkshire
ML11 7DZ



REGISTERED NUMBER: SC542442 (Scotland)



AUDITORS: Milne Craig
Chartered accountants
Statutory auditor
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA



BANKERS: Clydesdale Bank PLC
Dunn Square
1 Causeyside Street
Paisley
Renfrewshire
PA1 1BH

REEKIE LTD (REGISTERED NUMBER: SC542442)

STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

The directors present their strategic report for the year ended 28 February 2023.

The principal activity of the company has become that of a non-trading entity as all trade was transferred at the end of the prior year to other group companies.

REVIEW OF BUSINESS
On 1 March 2022 the trade from Reekie Limited was transferred to Daniel Ross (Engineers) Limited and Hamilton Bros. (Engineering) Limited.

The key financial highlights are as follows:
2023 2022 2021
£ £ £
Turnover - 13,329,770 13,584,504
Turnover (fall)/growth - (1.9% 5.8%
Profit before tax - 494,095 403,453

The net assets of the company have remained at £1,024,183 as at 28 February 2023.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk for the entity in the current year is recoverability of amounts owed by group undertakings and liquidity available to repay liabilities in the next 12 months.

The risk over recoverability of intercompany balances and liquidity to repay liabilities is managed at the group level.

FUTURE DEVELOPMENTS
The company will become a dormant entity in the future.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances and loans from group undertakings. The main purpose of these instruments is to finance the company's operations.

Loans from group undertakings are interest free and will be repaid as cash flow permits.

ENVIRONMENT
The company recognises the importance of its environmental responsibilities and has policies in place to manage its impact on the environment.

ON BEHALF OF THE BOARD:





Eric Hay Macleod Gardiner - Director


21 November 2023

REEKIE LTD (REGISTERED NUMBER: SC542442)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28 FEBRUARY 2023

The directors present their report with the financial statements of the company for the year ended 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a non-trading entity.

DIVIDENDS
No dividends will be distributed for the year ended 28 February 2023.

DIRECTORS
Eric Hay Macleod Gardiner has held office during the whole of the period from 1 March 2022 to the date of this report.

Other changes in directors holding office are as follows:

Bryce Miller Smith - resigned 31 May 2022
Jamie Hay Macleod Gardiner - appointed 26 August 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Milne Craig, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Eric Hay Macleod Gardiner - Director


21 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REEKIE LTD

Opinion
We have audited the financial statements of Reekie Ltd (the 'company') for the year ended 28 February 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 28 February 2023;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REEKIE LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REEKIE LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company, and determined that the most significant are those that relate to the form and content of the financial statements such as the accounting policies and the UK Companies Act 2006.

We assessed how the Company is complying with these frameworks by observing the oversight of those charged with governance, the culture of honesty and ethical behaviours and a strong emphasis placed on fraud prevention, which may reduce opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud because of the likelihood of detection and punishment.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur, by making an assessment of the key fraud risks to the Company, and the manner in which such risks may occur in practice, based on our previous knowledge of the Company, as well as an assessment of the current business environment.

Based on this understanding, we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered higher, we performed audit procedures to address each identified fraud risk, including management override of controls. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error. We evaluated the design and operational effectiveness of controls put in place to address the risks identified, or that otherwise prevent, deter and detect fraud.

In addition, our audit procedures included enquiring of management concerning actual and potential litigation and claims, and performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. We addressed the fraud risk in relation to revenue recognition by testing completeness and cut off of income.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

As with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance, and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REEKIE LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kirsty Mackie BAcc CA (Senior Statutory Auditor)
for and on behalf of Milne Craig
Chartered accountants
Statutory auditor
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA

21 November 2023

REEKIE LTD (REGISTERED NUMBER: SC542442)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 28 FEBRUARY 2023

28/2/23 28/2/22
Notes £    £   

TURNOVER 3 - 13,329,770

Cost of sales - (11,247,870 )
GROSS PROFIT - 2,081,900

Administrative expenses - (1,581,407 )
- 500,493

Other operating income - 31,930
OPERATING PROFIT - 532,423

Interest receivable and similar income - 2
- 532,425

Interest payable and similar expenses 5 - (38,330 )
PROFIT BEFORE TAXATION 6 - 494,095

Tax on profit 7 - (114,312 )
PROFIT FOR THE FINANCIAL YEAR - 379,783

Retained earnings at beginning of year 1,024,083 644,300

RETAINED EARNINGS AT END OF
YEAR

1,024,083

1,024,083

REEKIE LTD (REGISTERED NUMBER: SC542442)

BALANCE SHEET
28 FEBRUARY 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 - 156,227

CURRENT ASSETS
Stocks 9 - 4,909,390
Debtors 10 1,391,994 1,306,750
Cash in hand - 385
1,391,994 6,216,525
CREDITORS
Amounts falling due within one year 11 367,811 5,320,716
NET CURRENT ASSETS 1,024,183 895,809
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,024,183

1,052,036

CREDITORS
Amounts falling due after more than one
year

12

-

27,853
NET ASSETS 1,024,183 1,024,183

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 1,024,083 1,024,083
SHAREHOLDERS' FUNDS 1,024,183 1,024,183

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2023 and were signed on its behalf by:





Eric Hay Macleod Gardiner - Director


REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Reekie Ltd is a private company, limited by shares, registered in Scotland. The Company’s registered number is SC542442 and registered office address is 171 St. Leonard Street, Lanark, Lanarkshire, ML11 7DZ.

The nature of the company's operations and its principal activities was that of the distribution, sale, and repair of agricultural and industrial machinery.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Critical accounting judgements & key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to be sold, or where stock is sold post year end at a loss.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 12.5% on cost
Fixtures and fittings - 50% on cost, 25% on cost and 10% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its 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 transactions 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.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, 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.


REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated 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.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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

REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business for the year ended 28 February 2022 is given below:

£   
Sale of Wholegoods 9,478,319
Parts Sales 2,487,389
Rendering of services 1,016,549
Miscellaneous income 347,513
13,329,770

This analysis is not considered to be applicable to the year ended 28 February 2023.

An analysis of turnover by geographical market for the year ended 28 February 2022 is given below:

£   
United Kingdom 13,329,770
13,329,770

This analysis is not considered to be applicable to the year ended 28 February 2023.

REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. EMPLOYEES AND DIRECTORS
28/2/23 28/2/22
£    £   
Wages and salaries - 615,761
Social security costs - 26,349
Other pension costs - 27,804
- 669,914

The average number of employees during the year was as follows:
28/2/23 28/2/22

Office and management - 11
Mechanics, counter staff and forecourt - 16
- 27

28/2/23 28/2/22
£    £   
Directors' remuneration - -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
28/2/23 28/2/22
£    £   
Other Interest - 33,191
Hire purchase - 5,139
- 38,330

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

28/2/23 28/2/22
£    £   
Depreciation - owned assets - 53,260
Depreciation - assets on hire purchase contracts - 28,533
Profit on disposal of fixed assets - (750 )
Auditors' remuneration - 10,513

REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
28/2/23 28/2/22
£    £   
Current tax:
UK corporation tax - 114,136
Under/(over) accrual of
corporation tax - 176

Tax on profit - 114,312

UK corporation tax has been charged at 19% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

28/2/23 28/2/22
£    £   
Profit before tax - 494,095
Profit multiplied by the standard rate of corporation tax in the UK of 0%
(2022 - 19%)

-

93,878

Effects of:
Expenses not deductible for tax purposes - (1,423 )
Adjustments to tax charge in respect of previous periods - 176
deferred tax

Movement in unprovided deferred tax - 21,681
Total tax charge - 114,312

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2022 33,540 119,721 89,933 329,143 572,337
Reclassification/transfer (33,540 ) (119,721 ) (89,933 ) (329,143 ) (572,337 )
At 28 February 2023 - - - - -
DEPRECIATION
At 1 March 2022 11,373 68,960 84,473 251,304 416,110
Reclassification/transfer (11,373 ) (68,960 ) (84,473 ) (251,304 ) (416,110 )
At 28 February 2023 - - - - -
NET BOOK VALUE
At 28 February 2023 - - - - -
At 28 February 2022 22,167 50,761 5,460 77,839 156,227

REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

8. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £NIL (2022 - £ 56,158 ) in respect of assets held under hire purchase contracts.

9. STOCKS
28/2/23 28/2/22
£    £   
Stocks - 719,081
Finished goods - 4,190,309
- 4,909,390

At the balance sheet date finished goods includes stock to the value of £nil (2022 - £3,206,862) which were held under hire purchase contracts and finance loans. All amounts become repayable on sale of the related stock items.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade debtors - 1,110,322
Amounts owed by group undertakings 1,389,794 3,127
Other debtors - 192,438
VAT 2,200 -
Prepayments - 863
1,391,994 1,306,750

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Bank loans and overdrafts (see note 13) 367,811 99,878
Other loans (see note 13) - 3,478,269
Hire purchase contracts (see note 14) - 21,284
Trade creditors - 167,722
Amounts owed to group undertakings - 841,510
Corporation tax - 114,056
Social security and other taxes - 110,909
Other creditors - 8,773
Accrued expenses - 478,315
367,811 5,320,716

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/2/23 28/2/22
£    £   
Hire purchase contracts (see note 14) - 27,853

REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

13. LOANS

An analysis of the maturity of loans is given below:

28/2/23 28/2/22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 367,811 99,878
Other loans - 3,478,269
367,811 3,578,147

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

28/2/23 28/2/22
£    £   
Net obligations repayable:
Within one year - 21,284
Between one and five years - 27,853
- 49,137

15. SECURED DEBTS

The following secured debts are included within creditors:

28/2/23 28/2/22
£    £   
Bank overdrafts 367,811 99,878
Hire purchase contracts - 49,137
Other loans - 3,478,269
367,811 3,627,284

Hire purchase creditors and other loans are secured over the assets to which they relate.

The bank overdraft facility and bank loan are secured by a supported guarantee held by Daniel Ross (Engineers) Limited, Hamilton Bros. (Engineering) Limited, Reekie Ltd and Hamilton Ross Holdings Limited, a floating charge over company assets and a legal first charge over property specified freehold property.

REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

16. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

2023 2022
£ £
Financial assets
Financial assets that are debt instruments measured at amortised cost 1,389,794 1,305,887
Cash and cash equivalents - 385
1,389,794 1,306,272
Financial liabilities
Financial liabilities measured at amortised cost 367,811 4,645,289

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28/2/23 28/2/22
value: £    £   
100 Ordinary £1 100 100

18. RESERVES
Retained
earnings
£   

At 1 March 2022 1,024,083
Profit for the year -
At 28 February 2023 1,024,083

Retained earnings
Includes all current and prior year retained profits and losses less dividends.

19. PENSION COMMITMENTS

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund amounting to £nil including contributions in respect of directors and employees (2022 - £30,576). There were £nil contributions payable to the fund at 28 February 2023 (2022 - £3,571).

20. CONTINGENT LIABILITIES

Bank Guarantees
Cross bank guarantees exist between all group companies. The gross bank borrowing at 28 February 2023 amounted to £444,571 (2022 - £299,332).

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

22. ULTIMATE CONTROLLING PARTY

The share capital of the company's ultimate parent company, Daniel Ross (Channel Islands) Limited, is held in trust and no individual is considered by the directors to be the ultimate controlling party.