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COMPANY REGISTRATION NUMBER: SC576634
East Coast Rendering Specialists Ltd
Filleted Unaudited Financial Statements
30 September 2023
East Coast Rendering Specialists Ltd
Financial Statements
Year ended 30 September 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
East Coast Rendering Specialists Ltd
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
13,670
17,322
Current assets
Stocks
13,242
36,627
Debtors
6
27,071
74,338
Cash at bank and in hand
147,289
81,534
---------
---------
187,602
192,499
Creditors: amounts falling due within one year
7
35,572
47,145
---------
---------
Net current assets
152,030
145,354
---------
---------
Total assets less current liabilities
165,700
162,676
Provisions
2,597
3,291
---------
---------
Net assets
163,103
159,385
---------
---------
Capital and reserves
Called up share capital
9
99
99
Profit and loss account
163,004
159,286
---------
---------
Shareholders funds
163,103
159,385
---------
---------
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 year ending 30 September 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 year 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 .
East Coast Rendering Specialists Ltd
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
Mr D. Gall
Director
Company registration number: SC576634
East Coast Rendering Specialists Ltd
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
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.
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.
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% straight line
Motor vehicles
-
25% reducing balance
Office Equipment
-
33% straight line
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on nominal level of activity. No element of profit is included in the valuation of work in progress.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
2,295
12,909
Deferred tax:
Origination and reversal of timing differences
( 694)
( 923)
-------
--------
Tax on profit
1,601
11,986
-------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
8,319
63,479
-------
--------
Profit on ordinary activities by rate of tax
2,295
12,909
Effect of capital allowances and depreciation
( 694)
( 923)
-------
--------
Tax on profit
1,601
11,986
-------
--------
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 October 2022
9,152
21,480
1,578
32,210
Additions
333
333
Disposals
( 333)
( 333)
-------
--------
-------
--------
At 30 September 2023
9,152
21,480
1,578
32,210
-------
--------
-------
--------
Depreciation
At 1 October 2022
3,661
9,649
1,578
14,888
Charge for the year
915
2,958
111
3,984
Disposals
( 332)
( 332)
-------
--------
-------
--------
At 30 September 2023
4,576
12,607
1,357
18,540
-------
--------
-------
--------
Carrying amount
At 30 September 2023
4,576
8,873
221
13,670
-------
--------
-------
--------
At 30 September 2022
5,491
11,831
17,322
-------
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
16,975
Other debtors
27,071
57,363
--------
--------
27,071
74,338
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,560
6,078
Corporation tax
2,295
12,909
Other creditors
19,717
28,158
--------
--------
35,572
47,145
--------
--------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
2,597
3,291
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
2,597
3,291
-------
-------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
99
99
99
99
----
----
----
----