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REGISTERED NUMBER: SC341625 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Derek Smith Roughcasters Limited

Derek Smith Roughcasters Limited (Registered number: SC341625)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Derek Smith Roughcasters Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: D Smith





REGISTERED OFFICE: 1 Bute Gardens
Carlisle Road
Blackwood
ML11 9HA





REGISTERED NUMBER: SC341625 (Scotland)





ACCOUNTANTS: ICW Accountancy Ltd
15 St Leonard Street
Lanark
Lanarkshire
ML11 7AB

Derek Smith Roughcasters Limited (Registered number: SC341625)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,698 23,372

CURRENT ASSETS
Debtors 5 4,914 7,350
Cash at bank and in hand 9,897 6,305
14,811 13,655
CREDITORS
Amounts falling due within one year 6 7,430 13,033
NET CURRENT ASSETS 7,381 622
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,079

23,994

CREDITORS
Amounts falling due after more than one year 7 - 10,800
NET ASSETS 26,079 13,194

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 26,078 13,193
26,079 13,194

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.

Derek Smith Roughcasters Limited (Registered number: SC341625)

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 November 2023 and were signed by:





D Smith - Director


Derek Smith Roughcasters Limited (Registered number: SC341625)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Derek Smith Roughcasters Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & Machinery 20% Reducing Balance

Motor Vehicles 20% Reducing Balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

Derek Smith Roughcasters Limited (Registered number: SC341625)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 34,233
DEPRECIATION
At 1 April 2022 10,861
Charge for year 4,674
At 31 March 2023 15,535
NET BOOK VALUE
At 31 March 2023 18,698
At 31 March 2022 23,372

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 480 1,699
Other debtors 4,434 5,651
4,914 7,350

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 82 100
Taxation and social security 5,435 1,682
Other creditors 1,913 11,251
7,430 13,033

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Other creditors - 10,800

Derek Smith Roughcasters Limited (Registered number: SC341625)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
D Smith
Balance outstanding at start of year (10,331 ) -
Amounts advanced 33,764 38,000
Amounts repaid (23,706 ) (48,331 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (273 ) (10,331 )

Throughout the year the maximum outstanding was £6,294 (2022: £17,360). This has been fully repaid, the company owes Mr Smith the Director £273.10 (2022: £10,331) at the end of the year. There was no interest paid and no set repayment terms are in place.