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2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
SC244336
2022-04-01
2023-03-31
SC244336
2023-03-31
SC244336
2022-03-31
SC244336
2021-04-01
2022-03-31
SC244336
2022-03-31
SC244336
core:LandBuildings
2022-04-01
2023-03-31
SC244336
core:PlantMachinery
2022-04-01
2023-03-31
SC244336
core:MotorVehicles
2022-04-01
2023-03-31
SC244336
bus:Director2
2022-04-01
2023-03-31
SC244336
bus:Director3
2022-04-01
2023-03-31
SC244336
core:WithinOneYear
2023-03-31
SC244336
core:WithinOneYear
2022-03-31
SC244336
core:ShareCapital
2023-03-31
SC244336
core:ShareCapital
2022-03-31
SC244336
core:RetainedEarningsAccumulatedLosses
2023-03-31
SC244336
core:RetainedEarningsAccumulatedLosses
2022-03-31
SC244336
core:CostValuation
core:Non-currentFinancialInstruments
2022-03-31
SC244336
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2023-03-31
SC244336
core:Non-currentFinancialInstruments
core:RevaluationsIncreaseDecreaseInInvestments
2023-03-31
SC244336
core:CostValuation
core:Non-currentFinancialInstruments
2023-03-31
SC244336
core:Non-currentFinancialInstruments
2023-03-31
SC244336
core:Non-currentFinancialInstruments
2022-03-31
SC244336
bus:SmallEntities
2022-04-01
2023-03-31
SC244336
bus:AuditExemptWithAccountantsReport
2022-04-01
2023-03-31
SC244336
bus:AbridgedAccounts
2022-04-01
2023-03-31
SC244336
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
SC244336
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
SC244336
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31st March 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
|
343,141 |
353,925 |
Investments |
6 |
|
1,918,820 |
1,765,294 |
|
|
------------ |
------------ |
|
|
2,261,961 |
2,119,219 |
|
|
|
|
|
Current assets
Stocks |
103,940 |
|
103,940 |
Debtors |
450,869 |
|
197,153 |
Cash at bank and in hand |
235,464 |
|
178,758 |
|
--------- |
|
--------- |
|
790,273 |
|
479,851 |
|
|
|
|
Creditors: amounts falling due within one year |
288,224 |
|
180,189 |
|
--------- |
|
--------- |
Net current assets |
|
502,049 |
299,662 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
2,764,010 |
2,418,881 |
|
|
|
|
Provisions
Taxation including deferred tax |
|
107,669 |
78,422 |
|
|
------------ |
------------ |
Net assets |
|
2,656,341 |
2,340,459 |
|
|
------------ |
------------ |
|
|
|
|
Abridged Statement of Financial Position (continued) |
|
31 March 2023
Capital and reserves
Called up share capital |
|
1,000 |
1,000 |
Profit and loss account |
|
2,655,341 |
2,339,459 |
|
|
------------ |
------------ |
Shareholders funds |
|
2,656,341 |
2,340,459 |
|
|
------------ |
------------ |
|
|
|
|
These abridged financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31st 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 abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
20 October 2023
, and are signed on behalf of the board by:
Mr T J Ferguson |
Mr J C Ferguson Jnr |
Director |
Director |
|
|
Company registration number:
SC244336
Notes to the Abridged Financial Statements |
|
Year ended 31st March 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 33 Strathaven Road, Kirkmuirhill, Lanarkshire, ML11 9RN.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
Land and Buildings |
- |
1% reducing balance |
|
Plant and Machinery |
- |
15% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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 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. 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 are 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 pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4.
Staff
The average number of persons employed by the company during the year amounted to
13
(2022:
14
).
5.
Tangible assets
|
£ |
Cost |
|
At 1st April 2022 |
562,677 |
Additions |
81,618 |
Disposals |
(
59,946) |
|
--------- |
At 31st March 2023 |
584,349 |
|
--------- |
Depreciation |
|
At 1st April 2022 |
208,752 |
Charge for the year |
60,640 |
Disposals |
(
28,184) |
|
--------- |
At 31st March 2023 |
241,208 |
|
--------- |
Carrying amount |
|
At 31st March 2023 |
343,141 |
|
--------- |
At 31st March 2022 |
353,925 |
|
--------- |
|
|
6.
Investments
|
£ |
Cost |
|
At 1st April 2022 |
1,765,294 |
Additions |
125,000 |
Revaluations |
28,526 |
|
------------ |
At 31st March 2023 |
1,918,820 |
|
------------ |
Impairment |
|
At 1st April 2022 and 31st March 2023 |
– |
|
------------ |
Carrying amount |
|
At 31st March 2023 |
1,918,820 |
|
------------ |
At 31st March 2022 |
1,765,294 |
|
------------ |
|
|
Investments held at valuation
Revalued investments are shown at valuation as valued by the investment provider.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
£ |
At 31st March 2023 |
|
Aggregate cost |
810,000 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
810,000 |
|
--------- |
|
|
At 31st March 2022 |
|
Aggregate cost |
685,000 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
685,000 |
|
--------- |
|
|
7.
Pension commitments
Included in other creditors, pension contributions totalling £784 (2022: £733) are due to the pension scheme at the year end.
8.
Directors' advances, credits and guarantees
During the year the company made payments to the directors of £219,838 (2022: £188,981) and the directors repaid £177,200 (2022: £178,900). The balance outstanding and due to the directors at 31 March was £4,277 (2022: £46,915). The loans are interest free and there are no agreed terms for repayment.