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COMPANY REGISTRATION NUMBER: SC136446
JR POWER TRANSMISSION SCOTLAND LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2023
JR POWER TRANSMISSION SCOTLAND LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
JR POWER TRANSMISSION SCOTLAND LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
6
18,360
14,171
CURRENT ASSETS
Stocks
62,099
63,815
Debtors
7
499,361
402,831
Cash at bank and in hand
24
52
---------
---------
561,484
466,698
CREDITORS: amounts falling due within one year
8
411,228
375,529
---------
---------
NET CURRENT ASSETS
150,256
91,169
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
168,616
105,340
CREDITORS: amounts falling due after more than one year
9
7,164
2,599
PROVISIONS FOR LIABILITIES
Deferred tax
2,823
1,055
---------
---------
NET ASSETS
158,629
101,686
---------
---------
JR POWER TRANSMISSION SCOTLAND LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2023
2023
2022
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
10
10,000
10,000
Profit and loss account
11
148,629
91,686
---------
---------
SHAREHOLDERS FUNDS
158,629
101,686
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 April 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 were approved by the board of directors and authorised for issue on 7 February 2024 , and are signed on behalf of the board by:
Mr M Butler
Director
Company registration number: SC136446
JR POWER TRANSMISSION SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 9 Faraday Street, Dryburgh Industrial Estate, Dundee, DD2 3QQ.
2. STATEMENT OF COMPLIANCE
These 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 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
Going concern
The Board of Directors confirms that, after making appropriate enquiries, that it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Corporation & deferred tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
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 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.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
14,497
14,021
Adjustments in respect of prior periods
( 1,381)
--------
--------
Total current tax
14,497
12,640
--------
--------
Deferred tax:
Origination and reversal of timing differences
1,768
944
--------
--------
Tax on profit
16,265
13,584
--------
--------
6. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 May 2022
9,803
73,885
83,688
Additions
12,495
12,495
Disposals
( 37,082)
( 37,082)
-------
--------
--------
At 30 April 2023
9,803
49,298
59,101
-------
--------
--------
Depreciation
At 1 May 2022
9,803
59,714
69,517
Charge for the year
6,120
6,120
Disposals
( 34,896)
( 34,896)
-------
--------
--------
At 30 April 2023
9,803
30,938
40,741
-------
--------
--------
Carrying amount
At 30 April 2023
18,360
18,360
-------
--------
--------
At 30 April 2022
14,171
14,171
-------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 April 2023
15,632
--------
At 30 April 2022
8,741
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
323,291
254,292
Amounts owed by group undertakings and undertakings in which the company has a participating interest
165,411
140,925
Other debtors
10,659
7,614
---------
---------
499,361
402,831
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
99,138
93,385
Trade creditors
238,267
215,628
Corporation tax
14,497
14,121
Social security and other taxes
19,009
14,433
Other creditors
40,317
37,962
---------
---------
411,228
375,529
---------
---------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
7,164
2,599
-------
-------
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
11. RESERVES
Profit and loss account - This reserve records retained earnings and accumulated losses.
12. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
18,500
18,500
Later than 1 year and not later than 5 years
18,500
37,000
--------
--------
37,000
55,500
--------
--------
13. RELATED PARTY TRANSACTIONS
The company is controlled by its directors who each own 50% of the issued share capital of the holding company, JR Power Motion Limited. At the year end, as a result of payments made on behalf of the holding company, the company was due to receive £165,411 (2022 - £140,925) from JR Power Motion Limited. This amount is included in Debtors in the above note.
14. CONTROLLING PARTY
The company is a 100% owned subsidiary of JR Power Motion Limited, a company registered in Scotland.