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REGISTERED NUMBER: SC192280 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Stewart Technology Ltd.

Stewart Technology Ltd. (Registered number: SC192280)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Stewart Technology Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J S Robertson
S M G Robertson
S W Brennand
S J G Robertson





REGISTERED OFFICE: Tweedside Park
Galashiels
Borders
TD1 3TE





REGISTERED NUMBER: SC192280 (Scotland)





ACCOUNTANT: Gall Robertson CA
Tweedside Park
Tweedbank
Galashiels
Selkirkshire
TD1 3TE

Stewart Technology Ltd. (Registered number: SC192280)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,206,944 1,078,808

CURRENT ASSETS
Stocks 5 2,171,382 2,256,841
Debtors 6 1,902,578 1,245,412
Cash at bank 228,420 117,870
4,302,380 3,620,123
CREDITORS
Amounts falling due within one year 7 3,284,684 3,003,003
NET CURRENT ASSETS 1,017,696 617,120
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,224,640

1,695,928

CREDITORS
Amounts falling due after more than one
year

8

(512,874

)

(425,622

)

PROVISIONS FOR LIABILITIES (105,865 ) (88,035 )
NET ASSETS 1,605,901 1,182,271

CAPITAL AND RESERVES
Called up share capital 25,910 25,910
Retained earnings 1,579,991 1,156,361
SHAREHOLDERS' FUNDS 1,605,901 1,182,271

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Stewart Technology Ltd. (Registered number: SC192280)

Balance Sheet - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by:





J S Robertson - Director


Stewart Technology Ltd. (Registered number: SC192280)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Stewart Technology Ltd. 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going Concern
The directors have assessed a period of 12 months from the date of approval of the financial statements and consider that no material uncertainties exist that cast significant doubt about the ability of the company to continue as a going concern. Thus the directors adopt the going concern basis of accounting in preparing the financial statements.

Revenue
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Stewart Technology Ltd. (Registered number: SC192280)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on cost, 15% on cost and 15% on reducing balance
Office equipment - 33% on cost, 25% on cost and 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost and 20% on reducing balance

Tangible assets are initially recorded at cost, and are 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. If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Stewart Technology Ltd. (Registered number: SC192280)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

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 in finance costs in profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2022 - 53 ) .

Stewart Technology Ltd. (Registered number: SC192280)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Assets
Freehold under Plant and
property construction machinery
£    £    £   
COST
At 1 January 2023 416,982 240,082 1,282,643
Additions - 57,728 122,026
Disposals - - -
At 31 December 2023 416,982 297,810 1,404,669
DEPRECIATION
At 1 January 2023 154,283 - 736,354
Charge for year 8,340 - 95,004
Eliminated on disposal - - -
At 31 December 2023 162,623 - 831,358
NET BOOK VALUE
At 31 December 2023 254,359 297,810 573,311
At 31 December 2022 262,699 240,082 546,289

Fixtures
Office and Motor
equipment fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 68,172 87,680 75,238 2,170,797
Additions - 8,823 59,018 247,595
Disposals - - (24,126 ) (24,126 )
At 31 December 2023 68,172 96,503 110,130 2,394,266
DEPRECIATION
At 1 January 2023 67,733 82,848 50,771 1,091,989
Charge for year 401 2,851 12,863 119,459
Eliminated on disposal - - (24,126 ) (24,126 )
At 31 December 2023 68,134 85,699 39,508 1,187,322
NET BOOK VALUE
At 31 December 2023 38 10,804 70,622 1,206,944
At 31 December 2022 439 4,832 24,467 1,078,808

Stewart Technology Ltd. (Registered number: SC192280)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 88,399 32,114 120,513
Additions - 54,218 54,218
At 31 December 2023 88,399 86,332 174,731
DEPRECIATION
At 1 January 2023 58,078 19,400 77,478
Charge for year 10,526 9,789 20,315
At 31 December 2023 68,604 29,189 97,793
NET BOOK VALUE
At 31 December 2023 19,795 57,143 76,938
At 31 December 2022 30,321 12,714 43,035

5. STOCKS
31.12.23 31.12.22
£    £   
Stocks 2,171,382 2,256,841

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,731,299 1,143,717
Other debtors 27,723 26,289
Accrued income 132,391 71,498
Prepayments 11,165 3,908
1,902,578 1,245,412

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 852,156 1,008,527
Hire purchase contracts (see note 9) 87,305 -
Payments on account 281,790 134,291
Trade creditors 1,322,205 1,413,463
Taxation and social security 270,186 79,650
Other creditors 471,042 367,072
3,284,684 3,003,003

Stewart Technology Ltd. (Registered number: SC192280)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 187,601 371,720
Hire purchase contracts (see note 9) 209,382 -
Other creditors 115,891 53,902
512,874 425,622

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 87,305 -
Between one and five years 209,382 -
296,687 -

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year - 2,143

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 725,828 909,560
Bank loans 313,929 470,687
Hire purchase contracts 296,687 -
1,336,444 1,380,247

There is a floating charge in favour of Clydesdale Bank PLC over all the assets of the company effective from 10th June 2004. There is an invoice discounting agreement in favour of the Clydesdale Bank PLC effective from 24th June 2004.