Company registration number SC027461 (Scotland)
George Strachan Limited
Unaudited financial statements
for the year ended 31 December 2022
Pages for filing with registrar
George Strachan Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of George Strachan Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of George Strachan Limited for the year ended 31 December 2022 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the director of George Strachan Limited, in accordance with the terms of our engagement letter dated 15 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of George Strachan Limited and state those matters that we have agreed to state to the director of George Strachan Limited, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George Strachan Limited and its director, for our work or for this report.
It is your duty to ensure that George Strachan 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 loss of George Strachan Limited. You consider that George Strachan 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 George Strachan 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.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
19 February 2024
George Strachan Limited
Statement of financial position
as at 31 December 2022
2
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
2
371,097
380,611
Investments
3
2,992
2,992
374,089
383,603
Current assets
Stocks
516,769
588,257
Debtors
67,309
34,743
Cash at bank and in hand
204,222
138,201
788,300
761,201
Creditors: amounts falling due within one year
(916,164)
(867,284)
Net current liabilities
(127,864)
(106,083)
Net assets
246,225
277,520
Capital and reserves
Called up share capital
9,500
9,500
Revaluation reserve
4
22,188
22,188
Profit and loss reserves
214,537
245,832
Total equity
246,225
277,520
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
George Strachan Limited
Statement of financial position (continued)
as at 31 December 2022
3
The financial statements were approved by the board of directors and authorised for issue on 19 February 2024 and are signed on its behalf by:
Mrs Annie Strachan
Director
Company Registration No. SC027461
George Strachan Limited
Notes to the financial statements
for the year ended 31 December 2022
4
1
Accounting policies
Company information
George Strachan Limited is a private company limited by shares incorporated in Scotland. The registered office is Ballater Road, Aboyne, AB34 5HT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services and excludes value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Fixtures and fittings
15% reducing balance and 25% straight line
Motor vehicles
25% reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
George Strachan Limited
Notes to the financial statements (continued)
for the year ended 31 December 2022
1
Accounting policies (continued)
5
1.5
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Tangible fixed assets
Total
£
Cost
At 1 January 2022
689,487
Additions
4,448
At 31 December 2022
693,935
Depreciation and impairment
At 1 January 2022
308,876
Depreciation charged in the year
13,962
At 31 December 2022
322,838
Carrying amount
At 31 December 2022
371,097
At 31 December 2021
380,611
3
Fixed asset investments
2022
2021
£
£
Other investments other than loans
2,992
2,992
4
Revaluation reserve
2022
2021
£
£
At the beginning and end of the year
22,188
22,188
5
Directors' transactions
During the year the director entered into the following advances and credits with the company :
George Strachan Limited
Notes to the financial statements (continued)
for the year ended 31 December 2022
5
Directors' transactions (continued)
6
Description
Opening credit balance
Amounts repaid
Closing credit balance
£
£
£
Director's loan
419,729
(3,067)
416,662
419,729
(3,067)
416,662