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COMPANY REGISTRATION NUMBER: SC270130
A Neil McMurtrie (Blacksmiths) Ltd
Filleted Unaudited Financial Statements
31 December 2023
A Neil McMurtrie (Blacksmiths) Ltd
Financial Statements
Period from 1 July 2022 to 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
A Neil McMurtrie (Blacksmiths) Ltd
Statement of Financial Position
31 December 2023
31 Dec 23
30 Jun 22
Note
£
£
£
Fixed assets
Tangible assets
6
25,560
Current assets
Stocks
2,075
Debtors
7
3,786
4,548
Cash at bank and in hand
19,284
4,337
--------
--------
23,070
10,960
Creditors: amounts falling due within one year
8
16,771
11,288
--------
--------
Net current assets/(liabilities)
6,299
( 328)
-------
--------
Total assets less current liabilities
6,299
25,232
Creditors: amounts falling due after more than one year
9
8,050
Provisions
Taxation including deferred tax
6,390
-------
--------
Net assets
6,299
10,792
-------
--------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
6,199
10,692
-------
--------
Shareholders funds
6,299
10,792
-------
--------
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 period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A Neil McMurtrie (Blacksmiths) Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
A Neil McMurtrie
Director
Company registration number: SC270130
A Neil McMurtrie (Blacksmiths) Ltd
Notes to the Financial Statements
Period from 1 July 2022 to 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 Kellas Road, Wellbank, Dundee, Angus, DD5 3PE.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Plant and machinery
-
10% 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).
5. Tax on profit/(loss)
Major components of tax expense
Period from
1 Jul 22 to
Year to
31 Dec 23
30 Jun 22
£
£
Current tax:
UK current tax expense
13,686
1,086
Deferred tax:
Origination and reversal of timing differences
( 6,390)
200
-------
-------
Tax on profit/(loss)
7,296
1,286
-------
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 July 2022
45,000
40,221
85,221
Additions
5,000
5,000
Disposals
( 45,000)
( 45,221)
( 90,221)
--------
--------
--------
At 31 December 2023
--------
--------
--------
Depreciation
At 1 July 2022
38,245
21,416
59,661
Disposals
( 38,245)
( 21,416)
( 59,661)
--------
--------
--------
At 31 December 2023
--------
--------
--------
Carrying amount
At 31 December 2023
--------
--------
--------
At 30 June 2022
6,755
18,805
25,560
--------
--------
--------
7. Debtors
31 Dec 23
30 Jun 22
£
£
Trade debtors
3,938
Other debtors
3,786
610
-------
-------
3,786
4,548
-------
-------
8. Creditors: amounts falling due within one year
31 Dec 23
30 Jun 22
£
£
Trade creditors
1,387
Corporation tax
13,685
1,086
Social security and other taxes
965
2,393
Other creditors
2,121
6,422
--------
--------
16,771
11,288
--------
--------
9. Creditors: amounts falling due after more than one year
31 Dec 23
30 Jun 22
£
£
Other creditors
8,050
----
-------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31 Dec 23
30 Jun 22
£
£
Included in provisions
6,390
----
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Dec 23
30 Jun 22
£
£
Accelerated capital allowances
6,390
----
-------
11. Called up share capital
Issued, called up and fully paid
31 Dec 23
30 Jun 22
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. Transactions with directors
The company was under the control of Mr A. Neil McMurtrie throughout the current and previous period. Mr McMurtrie is the managing director and sole shareholder. At the period end the company was due Mr McMurtrie £121 (2022 - £13). This loan is interest free and has no set repayment date.
13. Related party transactions
There were no transactions with related parties during the period.