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REGISTERED NUMBER: SC053377 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

The Saw Centre Limited

The Saw Centre Limited (Registered number: SC053377)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Saw Centre Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: I Galbraith
Mrs A M V Galbraith
A Galbraith
D Stevenson





SECRETARY: I Galbraith





REGISTERED OFFICE: 650 Eglinton Street
Glasgow
G5 9RP





REGISTERED NUMBER: SC053377 (Scotland)





ACCOUNTANTS: GMH Chartered Accountants
St James Business Centre
Linwood Road
Paisley
Renfrewshire
PA3 3AT

The Saw Centre Limited (Registered number: SC053377)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 783,932 736,547
Investments 5 4 4
783,936 736,551

CURRENT ASSETS
Stocks 6 664,408 574,391
Debtors 7 787,483 710,722
Cash at bank and in hand 26,534 131,793
1,478,425 1,416,906
CREDITORS
Amounts falling due within one year 8 1,233,894 1,124,437
NET CURRENT ASSETS 244,531 292,469
TOTAL ASSETS LESS CURRENT LIABILITIES 1,028,467 1,029,020

CREDITORS
Amounts falling due after more than one
year

9

286,775

316,939
NET ASSETS 741,692 712,081

CAPITAL AND RESERVES
Called up share capital 10 76,000 76,000
Capital redemption reserve 24,000 24,000
Retained earnings 641,692 612,081
SHAREHOLDERS' FUNDS 741,692 712,081

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

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

The directors acknowledge their 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.

The Saw Centre Limited (Registered number: SC053377)

Balance Sheet - continued
31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2024 and were signed on its behalf by:




A Galbraith - Director



D Stevenson - Director


The Saw Centre Limited (Registered number: SC053377)

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

1. STATUTORY INFORMATION

The Saw Centre 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 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 have prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Preparation of consolidated financial statements
The financial statements contain information about The Saw Centre Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates of judgements used in the preparation of these financial statements.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 5% on cost
Plant and machinery - 20% on reducing balance, 15% on reducing balance, 10% on reducing balance and 5% on reducing balance
Motor vehicles - 25% on cost

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurances 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.

The Saw Centre Limited (Registered number: SC053377)

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

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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.

Financial instruments
Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit and loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the assets carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


The Saw Centre Limited (Registered number: SC053377)

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

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss [if any]. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 33 ) .

The Saw Centre Limited (Registered number: SC053377)

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

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 June 2022 34,243 927,951 292,411 1,254,605
Additions 87,940 22,988 39,871 150,799
At 31 May 2023 122,183 950,939 332,282 1,405,404
DEPRECIATION
At 1 June 2022 4,161 447,798 66,099 518,058
Charge for year 2,446 26,957 74,011 103,414
At 31 May 2023 6,607 474,755 140,110 621,472
NET BOOK VALUE
At 31 May 2023 115,576 476,184 192,172 783,932
At 31 May 2022 30,082 480,153 226,312 736,547

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 June 2022 - 307,126 288,407 595,533
Additions 47,077 2,901 38,316 88,294
At 31 May 2023 47,077 310,027 326,723 683,827
DEPRECIATION
At 1 June 2022 - 20,615 63,196 83,811
Charge for year - 15,129 73,300 88,429
At 31 May 2023 - 35,744 136,496 172,240
NET BOOK VALUE
At 31 May 2023 47,077 274,283 190,227 511,587
At 31 May 2022 - 286,511 225,211 511,722

The Saw Centre Limited (Registered number: SC053377)

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

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2022
and 31 May 2023 4
NET BOOK VALUE
At 31 May 2023 4
At 31 May 2022 4

6. STOCKS
31.5.23 31.5.22
£    £   
Stocks 664,408 574,391

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 676,782 625,509
Other debtors 89,756 59,080
Prepayments and accrued income 20,945 26,133
787,483 710,722

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Hire purchase contracts 111,737 106,620
Trade creditors 742,945 563,663
Other creditors 58,037 60,520
Social security and other taxes 30,027 40,493
VAT 106,773 145,358
Accruals and deferred income 184,375 207,783
1,233,894 1,124,437

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Hire purchase contracts 286,775 316,939

The Saw Centre Limited (Registered number: SC053377)

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

10. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
1,020,000 "A" Ordinary shares 5p 51,000 51,000
500,000 "B" Ordinary shares 5p 25,000 25,000
76,000 76,000

11. SECURITIES

There is a bond and floating charge in favour of the Bank of Scotland over the whole assets of the company.

In addition, the Bank of Scotland holds a personal guarantee from two of the directors.

Net obligations under finance leases and hire purchase contracts are secured on the assets held under contract.

12. CAPITAL COMMITMENTS
31.5.23 31.5.22
£    £   
Contracted but not provided for in the
financial statements 78,385 -

The assets committed as at the reporting date were financed by additional loan and hire purchase finance.

13. OPERATING LEASE COMMITMENTS

Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases as follows:-

20232022
£   £   

Non-cancellable operating leases105,709111,445

14. RELATED PARTY TRANSACTIONS

Included in other debtors is an amount due from one of the directors of £382 [2022:- £382]. During the year the company ceased to pay any expenses on their behalf [2022:- £29,815 paid on their behalf].

There are no fixed interest or repayments terms associated with this loan.

The Saw Centre Limited (Registered number: SC053377)

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

15. RETIREMENT BENEFIT SCHEMES

Defined contribution schemes

2023 2022
£    £   

Charge to profit and loss in respect of defined contribution schemes 72,283 143,435


The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.