Company registration number SC735060 (Scotland)
FLUID POWER SCOTLAND LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
FLUID POWER SCOTLAND LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
FLUID POWER SCOTLAND LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF FLUID POWER SCOTLAND LTD
- 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 Fluid Power Scotland Ltd for the period ended 30 June 2023 which comprise, the balance sheet 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://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the board of directors of Fluid Power Scotland Ltd, as a body, in accordance with the terms of our engagement letter dated 26 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Fluid Power Scotland Ltd and state those matters that we have agreed to state to the board of directors of Fluid Power Scotland Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fluid Power Scotland Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Fluid Power Scotland Ltd 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 profit of Fluid Power Scotland Ltd. You consider that Fluid Power Scotland 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 financial statements of Fluid Power Scotland 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 financial statements.
A.J.B. Scholes Ltd
8 March 2024
Chartered Accountants
75 High Street
Laurencekirk
AB30 1BH
FLUID POWER SCOTLAND LTD
BALANCE SHEET
- 2 -
2023
Notes
£
£
Fixed assets
Tangible assets
4
58,026
Current assets
Stocks
16,000
Debtors
5
150,476
Cash at bank and in hand
28,904
195,380
Creditors: amounts falling due within one year
6
(162,747)
Net current assets
32,633
Total assets less current liabilities
90,659
Creditors: amounts falling due after more than one year
7
(16,689)
Provisions for liabilities
8
(12,479)
Net assets
61,491
Capital and reserves
Called up share capital
9
100
Profit and loss reserves
61,391
Total equity
61,491
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 June 2023 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 member has not required the company to obtain an audit of its financial statements for the period 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.
FLUID POWER SCOTLAND LTD
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 8 March 2024
Mr K Watson
Director
Company registration number SC735060 (Scotland)
FLUID POWER SCOTLAND LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
Fluid Power Scotland Ltd is a private company limited by shares incorporated in Scotland. The registered office is The Garage, Newtonhill, Stonehaven Road, Aberdeenshire, AB39 3NN.
1.1
Reporting period
These financial statements report on the period from the date of incorporation, 9 June 2022 to 30 June 2023. As these are the company's first financial statements, there are no comparative amounts.
1.2
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the director. The director is of the opinion that the company can continue to meet its obligations as they fall due for the foreseeable future. As a consequence, the director has prepared the financial statements on the going concern basis.true
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
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:
Plant and machinery
20% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
FLUID POWER SCOTLAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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).
1.7
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.
1.8
Financial instruments
The following assets and liabilities are classified as financial instruments, bank, trade debtors, trade creditors, hire purchase agreements and loans to/from related parties. Cash at bank in the balance sheet is held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to the supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the profit and loss account. Fixed assets acquired by hire purchase agreements are measured at cost and the liability associated with the agreements is measured at the discounted amounts due. Loans to/from related parties are measured at the undiscounted amounts receivable/payable.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing difference.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
FLUID POWER SCOTLAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
4
FLUID POWER SCOTLAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 9 June 2022
Additions
14,657
4,317
49,229
68,203
Disposals
(2,000)
(2,000)
At 30 June 2023
14,657
4,317
47,229
66,203
Depreciation and impairment
At 9 June 2022
Depreciation charged in the period
1,694
527
5,956
8,177
At 30 June 2023
1,694
527
5,956
8,177
Carrying amount
At 30 June 2023
12,963
3,790
41,273
58,026
5
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
150,476
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
29,060
Taxation and social security
33,162
Other creditors
100,525
162,747
Included in other creditors are liabilities of £4,261 in respect of the finance leases which are secured over the related fixed asset.
7
Creditors: amounts falling due after more than one year
2023
£
Other creditors
16,689
Included in other creditors are liabilities of £16,689 in respect of the finance leases which are secured over the related fixed asset.
FLUID POWER SCOTLAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 8 -
8
Provisions for liabilities
2023
£
Deferred tax liabilities
12,479
9
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100