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REGISTERED NUMBER: SC351372















OLD MILL CHIMNEYS (SCOTLAND) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






OLD MILL CHIMNEYS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC351372)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Balance Sheet 1

Notes to the Financial Statements 4


OLD MILL CHIMNEYS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC351372)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 368,500 401,500
Tangible assets 5 100,865 65,086
469,365 466,586

CURRENT ASSETS
Stocks 31,961 25,922
Debtors 6 66,356 35,800
Cash at bank and in hand 11,214 25,116
109,531 86,838
CREDITORS
Amounts falling due within one year 7 121,722 118,251
NET CURRENT LIABILITIES (12,191 ) (31,413 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

457,174

435,173

CREDITORS
Amounts falling due after more than one year 8 (316,448 ) (326,907 )

PROVISIONS FOR LIABILITIES (12,069 ) (4,935 )
NET ASSETS 128,657 103,331

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 128,557 103,231
SHAREHOLDERS' FUNDS 128,657 103,331

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing 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.

OLD MILL CHIMNEYS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC351372)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

OLD MILL CHIMNEYS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC351372)

BALANCE SHEET - continued
31 MARCH 2023



The financial statements were approved by the director and authorised for issue on 17 November 2023 and were signed by:





G R Cox - Director


OLD MILL CHIMNEYS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC351372)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Old Mill Chimneys (Scotland) Limited is a private company, limited by shares, registered in Scotland. The company's registered office is North Commonside Farm, Greenock Road, Inchinnan, Renfrew, PA4 9NA.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Judgements
The company considers, on an annual basis, the judgements made by management when applying its significant accounting policies which would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements.

Turnover
Turnover represents the invoiced sales of goods and services, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer.

Long term contracts are reflected in the profit and loss account by recording turnover and related costs as activity progresses. Turnover represents net costs plus attributable profit, estimated to have been earned, less foreseeable losses. Turnover in excess of payments on account is separately disclosed in debtors as amounts recoverable on contracts.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and Straight line over 25 years

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill, plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

OLD MILL CHIMNEYS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC351372)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Government grants
Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become 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 shall be recognised in income in the period in which it becomes receivable.

Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. Replacement cost of stock is not materially different.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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

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

OLD MILL CHIMNEYS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC351372)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 660,000
AMORTISATION
At 1 April 2022 258,500
Charge for year 33,000
At 31 March 2023 291,500
NET BOOK VALUE
At 31 March 2023 368,500
At 31 March 2022 401,500

OLD MILL CHIMNEYS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC351372)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 165,552
Additions 51,711
Disposals (16,793 )
At 31 March 2023 200,470
DEPRECIATION
At 1 April 2022 100,466
Charge for year 10,976
Eliminated on disposal (11,837 )
At 31 March 2023 99,605
NET BOOK VALUE
At 31 March 2023 100,865
At 31 March 2022 65,086


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 58,812 28,362
Other debtors 7,544 7,438
66,356 35,800

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,374
Trade creditors 61,294 23,586
Taxation and social security 8,736 34,534
Other creditors 41,692 49,757
121,722 118,251

OLD MILL CHIMNEYS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC351372)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 22,571 33,030
Other creditors 293,877 293,877
316,448 326,907

9. OTHER FINANCIAL COMMITMENTS

The total amount of commitments under non-cancellable operating leases at the balance sheet date amounted to £NIL (2022: £3,122).

10. RELATED PARTY DISCLOSURES

At the year end, the director was owed £205,916 (2022: £207,553) by the company. This loan is unsecured, no interest has been charged and the director will not seek repayment of £175,000 of the amount due within 12 months of the balance sheet date.

During the year, the company was charged rent of £16,800 (2022: £10,500) for the use of premises owned by the director.