Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01trueNo description of principal activityfalse2323truefalse SC140710 2023-01-01 2023-12-31 SC140710 2022-01-01 2022-12-31 SC140710 2023-12-31 SC140710 2022-12-31 SC140710 c:Director1 2023-01-01 2023-12-31 SC140710 c:Director2 2023-01-01 2023-12-31 SC140710 c:RegisteredOffice 2023-01-01 2023-12-31 SC140710 d:Buildings 2023-01-01 2023-12-31 SC140710 d:Buildings 2023-12-31 SC140710 d:Buildings 2022-12-31 SC140710 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC140710 d:PlantMachinery 2023-01-01 2023-12-31 SC140710 d:PlantMachinery 2023-12-31 SC140710 d:PlantMachinery 2022-12-31 SC140710 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC140710 d:MotorVehicles 2023-01-01 2023-12-31 SC140710 d:MotorVehicles 2023-12-31 SC140710 d:MotorVehicles 2022-12-31 SC140710 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC140710 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC140710 d:CurrentFinancialInstruments 2023-12-31 SC140710 d:CurrentFinancialInstruments 2022-12-31 SC140710 d:Non-currentFinancialInstruments 2023-12-31 SC140710 d:Non-currentFinancialInstruments 2022-12-31 SC140710 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC140710 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC140710 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 SC140710 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 SC140710 d:ShareCapital 2023-12-31 SC140710 d:ShareCapital 2022-12-31 SC140710 d:CapitalRedemptionReserve 2023-12-31 SC140710 d:CapitalRedemptionReserve 2022-12-31 SC140710 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC140710 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC140710 c:OrdinaryShareClass2 2023-01-01 2023-12-31 SC140710 c:OrdinaryShareClass2 2023-12-31 SC140710 c:OrdinaryShareClass2 2022-12-31 SC140710 c:OrdinaryShareClass3 2023-01-01 2023-12-31 SC140710 c:OrdinaryShareClass3 2023-12-31 SC140710 c:OrdinaryShareClass3 2022-12-31 SC140710 c:FRS102 2023-01-01 2023-12-31 SC140710 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC140710 c:FullAccounts 2023-01-01 2023-12-31 SC140710 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC140710 d:WithinOneYear 2023-12-31 SC140710 d:WithinOneYear 2022-12-31 SC140710 d:BetweenOneFiveYears 2023-12-31 SC140710 d:BetweenOneFiveYears 2022-12-31 SC140710 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC140710










STEADVALE AIR SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
STEADVALE AIR SYSTEMS LIMITED
 

COMPANY INFORMATION


Directors
Mrs K Robertson 
Mr S Robertson 




Registered number
SC140710



Registered office
Boston Road
Viewfield Industrial Estate

Glenrothes

Fife

KY6 2RE




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
STEADVALE AIR SYSTEMS LIMITED
REGISTERED NUMBER: SC140710

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
924,731
810,474

  
924,731
810,474

Current assets
  

Stocks
  
482,537
450,252

Debtors: amounts falling due within one year
 5 
488,013
316,791

Cash at bank and in hand
  
316,493
565,264

  
1,287,043
1,332,307

Creditors: amounts falling due within one year
 6 
(387,417)
(616,300)

Net current assets
  
 
 
899,626
 
 
716,007

Total assets less current liabilities
  
1,824,357
1,526,481

Creditors: amounts falling due after more than one year
 7 
(135,195)
(157,061)

Provisions for liabilities
  

Deferred tax
  
(83,332)
(47,516)

  
 
 
(83,332)
 
 
(47,516)

Accruals and deferred income
 8 
(2,875)
(20,208)

Net assets
  
1,602,955
1,301,696


Capital and reserves
  

Called up share capital 
 10 
2,336
2,336

Capital redemption reserve
  
9,377
9,377

Profit and loss account
  
1,591,242
1,289,983

  
1,602,955
1,301,696


Page 1

 
STEADVALE AIR SYSTEMS LIMITED
REGISTERED NUMBER: SC140710

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs K Robertson
Director

Date: 28 March 2024

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
STEADVALE AIR SYSTEMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is limited by shares and incorporated in Scotland; Registration Number SC140710. The address of the registered office is Boston Road, Viewfield Industrial Estate, Glenrothes, KY6 2RE.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
STEADVALE AIR SYSTEMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

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

The current 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
STEADVALE AIR SYSTEMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land and property
-
0-2% straight line
Plant and machinery
-
25% - 33% straight line
Motor vehicles
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Stocks are recognised as an expense in the period in which the related revenue is recognised.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2022 - 23).

Page 5

 
STEADVALE AIR SYSTEMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold land and property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost


At 1 January 2023
690,000
1,469,650
94,943
2,254,593


Additions
-
194,863
-
194,863


Disposals
-
(7,655)
(26,133)
(33,788)



At 31 December 2023

690,000
1,656,858
68,810
2,415,668



Depreciation


At 1 January 2023
131,817
1,243,190
69,112
1,444,119


Charge for the year on owned assets
7,000
64,194
9,412
80,606


Disposals
-
(7,655)
(26,133)
(33,788)



At 31 December 2023

138,817
1,299,729
52,391
1,490,937



Net book value



At 31 December 2023
551,183
357,129
16,419
924,731



At 31 December 2022
558,183
226,460
25,831
810,474


5.


Debtors

2023
2022
£
£


Trade debtors
442,954
278,234

Prepayments and accrued income
45,059
38,557

488,013
316,791


Page 6

 
STEADVALE AIR SYSTEMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
39,379
51,129

Trade creditors
146,547
407,909

Other taxation and social security
100,919
81,168

Obligations under finance lease and hire purchase contracts
47,006
44,045

Other creditors
3,948
3,263

Accruals and deferred income
49,618
28,786

387,417
616,300


Secured loans
The bank loans are secured by a floating charge over the assets of the company. The hire purchase contracts are secured over the relevant assets.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
62,730
144,061

Net obligations under finance leases and hire purchase contracts
72,465
13,000

135,195
157,061


Secured loans
The bank loans are secured by a floating charge over the assets of the company. The hire purchase contracts are secured over the relevant assets.


8.


Accruals and deferred income

2023
2022
£
£

Grants
2,875
20,208

2,875
20,208


Page 7

 
STEADVALE AIR SYSTEMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Government grants

2023
2022
£
£



At 31 December 2022
20,208
42,708

Amortisation
(17,333)
(22,500)

At 31 December 2023
2,875
20,208


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



175,189 (2022 - 175,189) Ordinary A shares of £0.01 each
1,751.89
1,751.89
58,395 (2022 - 58,395) Ordinary B shares of £0.01 each
583.95
583.95

2,335.84

2,335.84



11.


Contingent liabilities

The Company has granted a guarantee to the Commissioners of HM Revenue & Customs for £20,000 (2022 - £20,000).


12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
1,825
2,433

Later than 1 year and not later than 5 years
-
1,825

1,825
4,258


Page 8