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Registration number: SC227056

I & J Plant & Vehicle Services Ltd.

Unaudited Filleted Financial Statements

for the Period from 1 February 2023 to 29 February 2024

 

I & J Plant & Vehicle Services Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

Accountants' Report

9

 

I & J Plant & Vehicle Services Ltd.

Company Information

Directors

Mr John Erskine

Mr Ian Russell

Company secretary

Mr Ian Russell

Registered office

Unit 30
Chattan Works
Bonnyside Road
Bonnybridge
FK4 2AD

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

I & J Plant & Vehicle Services Ltd.

(Registration number: SC227056)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

-

79,281

Current assets

 

Stocks

6

-

1,580

Debtors

7

-

32,247

Cash at bank and in hand

 

219,424

112,562

 

219,424

146,389

Creditors: Amounts falling due within one year

8

(207,406)

(195,501)

Net current assets/(liabilities)

 

12,018

(49,112)

Total assets less current liabilities

 

12,018

30,169

Provisions for liabilities

-

(15,063)

Net assets

 

12,018

15,106

Capital and reserves

 

Called up share capital

18

18

Retained earnings

12,000

15,088

Shareholders' funds

 

12,018

15,106

For the financial period ending 29 February 2024 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 

 

I & J Plant & Vehicle Services Ltd.

(Registration number: SC227056)
Balance Sheet as at 29 February 2024

.........................................
Mr Ian Russell
Company secretary and director

 

I & J Plant & Vehicle Services Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

I & J Plant & Vehicle Services Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

I & J Plant & Vehicle Services Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
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.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

20,000

20,000

Disposals

(20,000)

(20,000)

At 29 February 2024

-

-

Amortisation

At 1 February 2023

20,000

20,000

Amortisation eliminated on disposals

(20,000)

(20,000)

At 29 February 2024

-

-

Carrying amount

At 29 February 2024

-

-

 

I & J Plant & Vehicle Services Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 29 February 2024

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

243,719

520

41,925

286,164

Disposals

(243,719)

(520)

(41,925)

(286,164)

At 29 February 2024

-

-

-

-

Depreciation

At 1 February 2023

179,225

520

27,138

206,883

Eliminated on disposal

(179,225)

(520)

(27,138)

(206,883)

At 29 February 2024

-

-

-

-

Carrying amount

At 29 February 2024

-

-

-

-

At 31 January 2023

64,494

-

14,787

79,281

6

Stocks

2024
£

2023
£

Work in progress

-

1,580

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

30,534

Prepayments

-

1,713

 

-

32,247

 

I & J Plant & Vehicle Services Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

26,867

23,175

Other creditors

180,539

172,326

207,406

195,501

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

1 February 2023 to 29 February 2024
 £

Year ended 31 January 2023
 £

Mr I Russell

88,542

82,276

Mr J Erskine

88,199

81,934

 

176,741

164,210

The maximum balance outstanding during the year amounted to £176,741.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
I & J Plant & Vehicle Services Ltd.
for the Period Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of I & J Plant & Vehicle Services Ltd. for the period ended 29 February 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of I & J Plant & Vehicle Services Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of I & J Plant & Vehicle Services Ltd. and state those matters that we have agreed to state to the Board of Directors of I & J Plant & Vehicle Services Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I & J Plant & Vehicle Services Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that I & J Plant & Vehicle Services Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of I & J Plant & Vehicle Services Ltd.. You consider that I & J Plant & Vehicle Services Ltd. is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of I & J Plant & Vehicle Services Ltd.. 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 accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

8 April 2024