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REGISTERED NUMBER: SC622878 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

EAST LOGAN LIMITED

EAST LOGAN LIMITED (REGISTERED NUMBER: SC622878)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

EAST LOGAN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: B G Yates
Mrs S S Yates
M D Yates





REGISTERED OFFICE: East Logan
CASTLE DOUGLAS
DG7 1NX





REGISTERED NUMBER: SC622878 (Scotland)





ACCOUNTANTS: Bell Ogilvy
Chartered Accountants
36 King Street
Castle Douglas
Dumfries & Galloway
DG7 1AF

EAST LOGAN LIMITED (REGISTERED NUMBER: SC622878)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 153
Tangible assets 5 3,809,651 3,854,674
Investments 6 181,590 181,590
3,991,241 4,036,417

CURRENT ASSETS
Stocks 1,233,242 1,265,207
Debtors 7 146,459 57,071
1,379,701 1,322,278
CREDITORS
Amounts falling due within one year 8 1,606,859 1,542,371
NET CURRENT LIABILITIES (227,158 ) (220,093 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,764,083

3,816,324

CREDITORS
Amounts falling due after more than one
year

9

(2,882,261

)

(2,965,620

)

PROVISIONS FOR LIABILITIES (377,602 ) (396,175 )
NET ASSETS 504,220 454,529

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 504,120 454,429
SHAREHOLDERS' FUNDS 504,220 454,529

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

EAST LOGAN LIMITED (REGISTERED NUMBER: SC622878)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by:





B G Yates - Director


EAST LOGAN LIMITED (REGISTERED NUMBER: SC622878)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

East Logan Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis. The directors have confirmed that they will not seek repayment of their loans to the detriment of the company.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

BPS Entitlements are being amortised evenly over their estimated useful life of four years.

The assets are reviewed for impairment if there are any factors that indicate the carrying amount may be impaired.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery etc - 10% to 20% on reducing balance basis

Amounts written off each asset over the estimated useful life represent cost less residual value.
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

EAST LOGAN LIMITED (REGISTERED NUMBER: SC622878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Cash
Cash and cash equivalents comprise cash on hand and call deposits, and other short term high liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

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 conditional 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 represented as non current liabilities.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of financial activities over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

EAST LOGAN LIMITED (REGISTERED NUMBER: SC622878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 24,611
AMORTISATION
At 1 April 2023 24,458
Charge for year 153
At 31 March 2024 24,611
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 153

EAST LOGAN LIMITED (REGISTERED NUMBER: SC622878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 1,583,190 2,943,496 4,526,686
Additions - 320,818 320,818
Disposals - (131,221 ) (131,221 )
At 31 March 2024 1,583,190 3,133,093 4,716,283
DEPRECIATION
At 1 April 2023 - 672,012 672,012
Charge for year - 288,432 288,432
Eliminated on disposal - (53,812 ) (53,812 )
At 31 March 2024 - 906,632 906,632
NET BOOK VALUE
At 31 March 2024 1,583,190 2,226,461 3,809,651
At 31 March 2023 1,583,190 2,271,484 3,854,674

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 181,590
NET BOOK VALUE
At 31 March 2024 181,590
At 31 March 2023 181,590

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 120,620 26,943
Other debtors 25,839 30,128
146,459 57,071

EAST LOGAN LIMITED (REGISTERED NUMBER: SC622878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 102,576 93,602
Hire purchase contracts 158,013 168,542
Trade creditors 253,321 148,856
Taxation and social security 6,254 6,225
Other creditors 1,086,695 1,125,146
1,606,859 1,542,371

Hire purchase creditors are secured over the assets to which they relate.

Other creditors includes the sum of £1,082,725 (2023: £1,120,146) due from the company to the directors of the company.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 2,679,871 2,709,010
Hire purchase contracts 202,390 256,610
2,882,261 2,965,620

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 500,000 500,000

Repayable by instalments
Bank loans more 5 yr by instal 1,833,618 1,855,081

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,775,871 2,801,410
Hire purchase contracts 360,403 425,152
3,136,274 3,226,562

Hire purchase creditors are secured over the assets to which they relate.

Bank loans are secured by way of a floating charge over the assets of East Logan Ltd.

11. RELATED PARTY DISCLOSURES

During the year the directors provided the company with an interest free loan, repayable on demand. The balance owing to the Directors at the year end was £1,082,725 (2023: £1,120,146).

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
EAST LOGAN LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of East Logan Limited for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, 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 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 East Logan Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of East Logan Limited and state those matters that we have agreed to state to the Board of Directors of East Logan Limited, 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 the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that East Logan Limited 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 East Logan Limited. You consider that East Logan Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of East Logan Limited. 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.






Bell Ogilvy
Chartered Accountants
36 King Street
Castle Douglas
Dumfries & Galloway
DG7 1AF


30 July 2024