5 28/02/2023 2023-02-28 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-03-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC294923 2022-03-01 2023-02-28 SC294923 2023-02-28 SC294923 2022-02-28 SC294923 2021-03-01 2022-02-28 SC294923 2022-02-28 SC294923 core:Subsidiary1 2022-03-01 2023-02-28 SC294923 core:Subsidiary2 2022-03-01 2023-02-28 SC294923 bus:RegisteredOffice 2022-03-01 2023-02-28 SC294923 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC294923 bus:LeadAgentIfApplicable 2022-03-01 2023-02-28 SC294923 bus:Director1 2022-03-01 2023-02-28 SC294923 bus:Director2 2022-03-01 2023-02-28 SC294923 bus:Director3 2022-03-01 2023-02-28 SC294923 core:WithinOneYear 2023-02-28 SC294923 core:WithinOneYear 2022-02-28 SC294923 core:AfterOneYear 2023-02-28 SC294923 core:ShareCapital 2023-02-28 SC294923 core:ShareCapital 2022-02-28 SC294923 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC294923 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC294923 bus:OrdinaryShareClass1 core:ShareCapital 2023-02-28 SC294923 bus:OrdinaryShareClass1 core:ShareCapital 2022-02-28 SC294923 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 SC294923 core:Non-currentFinancialInstruments 2023-02-28 SC294923 core:Non-currentFinancialInstruments 2022-02-28 SC294923 bus:SmallEntities 2022-03-01 2023-02-28 SC294923 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC294923 bus:AbridgedAccounts 2022-03-01 2023-02-28 SC294923 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 SC294923 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC294923 core:PlantMachinery 2022-03-01 2023-02-28 SC294923 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 SC294923 core:MotorVehicles 2022-03-01 2023-02-28
Company registration number: SC294923
A & M Ireland & Sons Limited
Unaudited filleted abridged financial statements
28 February 2023
A & M Ireland & Sons Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
A & M Ireland & Sons Limited
Directors and other information
Directors Mark Ireland
Gregor Ireland
Fraser Ireland
Company number SC294923
Registered office Ashburn House
St Andrews Road
Crail
Fife
KY10 3UL
Accountants Paterson Boyd & Co
Chartered Certified Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
Bankers The Co-operative Bank
PO Box 101
1 Balloon Street
Manchester
M60 4EP
A & M Ireland & Sons Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of A & M Ireland & Sons Limited
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A & M Ireland & Sons Limited for the year ended 28 February 2023 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of A & M Ireland & Sons Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of A & M Ireland & Sons Limited and state those matters that we have agreed to state to the board of directors of A & M Ireland & Sons Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & M Ireland & Sons Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that A & M Ireland & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A & M Ireland & Sons Limited. You consider that A & M Ireland & Sons Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of A & M Ireland & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
27 November 2023
A & M Ireland & Sons Limited
Abridged statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,052,276 2,086,116
Investments 6 600 600
_______ _______
2,052,876 2,086,716
Current assets
Stocks 74,000 40,000
Debtors 352,812 111,662
Cash at bank and in hand 594,495 571,366
_______ _______
1,021,307 723,028
Creditors: amounts falling due
within one year ( 1,291,572) ( 1,355,398)
_______ _______
Net current liabilities ( 270,265) ( 632,370)
_______ _______
Total assets less current liabilities 1,782,611 1,454,346
Creditors: amounts falling due
after more than one year ( 64,992) -
Provisions for liabilities ( 20,326) ( 26,658)
_______ _______
Net assets 1,697,293 1,427,688
_______ _______
Capital and reserves
Called up share capital 7 240 240
Profit and loss account 1,697,053 1,427,448
_______ _______
Shareholders funds 1,697,293 1,427,688
_______ _______
For the 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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its 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 financial statements.
These 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.
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 current year ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
Mark Ireland
Director
Company registration number: SC294923
A & M Ireland & Sons Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Ashburn House, St Andrews Road, Crail, Fife, KY10 3UL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 is subsequently stated at cost less any accumulated depreciation.
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 - Nil
Plant and machinery - 20% reducing balance
Fittings fixtures and equipment - 20& reducing balance
Motor vehicles - 25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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
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 stocks to their present location and condition.
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 and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
£
Cost
At 1 March 2022 and 28 February 2023 2,363,420
_______
Depreciation
At 1 March 2022 277,304
Charge for the year 33,840
_______
At 28 February 2023 311,144
_______
Carrying amount
At 28 February 2023 2,052,276
_______
At 28 February 2022 2,086,116
_______
6. Investments
£
Cost
At 1 March 2022 and 28 February 2023 600
_______
Impairment
At 1 March 2022 and 28 February 2023 -
_______
Carrying amount
At 28 February 2023 600
_______
At 28 February 2022 600
_______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Ashburn Caravan Park Ltd 8 Mitchell Street, Leven, Fife, KY8 4HJ. Ordinary £1 100
Grangemuir Woodland Chalet Park Ltd 8 Mitchell Street, Leven, Fife, KY8 4HJ. Ordinary £1 100
7. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 240 240 240 240
_______ _______ _______ _______