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REGISTERED NUMBER: SC170206 (Scotland)















Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Spear Engineering (Scotland) Limited

Spear Engineering (Scotland) Limited (Registered number: SC170206)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Spear Engineering (Scotland) Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: Mr B W Montgomery





REGISTERED OFFICE: Christian Hall
Cuminestown
Turriff
Aberdeenshire
AB53 5UE





REGISTERED NUMBER: SC170206 (Scotland)





ACCOUNTANTS: SBP
Accountants
9 Carmelite Street
Banff
Aberdeenshire
AB45 1AF

Spear Engineering (Scotland) Limited (Registered number: SC170206)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,731 10,862

CURRENT ASSETS
Stocks 5 30,707 40,814
Debtors 6 51,834 59,007
Cash in hand 914 6
83,455 99,827
CREDITORS
Amounts falling due within one year 7 120,965 140,037
NET CURRENT LIABILITIES (37,510 ) (40,210 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(26,779

)

(29,348

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (26,781 ) (29,350 )
SHAREHOLDERS' FUNDS (26,779 ) (29,348 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 15 August 2024 and were signed by:





Mr B W Montgomery - Director


Spear Engineering (Scotland) Limited (Registered number: SC170206)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Spear Engineering (Scotland) 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 3 (2022 - 4 ) .

Spear Engineering (Scotland) Limited (Registered number: SC170206)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2022 7,554 73,851 1,188
Additions - 1,564 -
Disposals - (1,688 ) (881 )
At 30 November 2023 7,554 73,727 307
DEPRECIATION
At 1 December 2022 - 71,784 1,188
Charge for year - 908 -
Eliminated on disposal - (1,688 ) (881 )
At 30 November 2023 - 71,004 307
NET BOOK VALUE
At 30 November 2023 7,554 2,723 -
At 30 November 2022 7,554 2,067 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022 8,535 2,554 93,682
Additions - 94 1,658
Disposals (3,935 ) (1,505 ) (8,009 )
At 30 November 2023 4,600 1,143 87,331
DEPRECIATION
At 1 December 2022 7,553 2,295 82,820
Charge for year 86 159 1,153
Eliminated on disposal (3,299 ) (1,505 ) (7,373 )
At 30 November 2023 4,340 949 76,600
NET BOOK VALUE
At 30 November 2023 260 194 10,731
At 30 November 2022 982 259 10,862

5. STOCKS
30.11.23 30.11.22
£    £   
Stock 27,902 34,884
Work-in-progress 2,805 5,930
30,707 40,814

Spear Engineering (Scotland) Limited (Registered number: SC170206)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 51,567 58,802
Prepayments 267 205
51,834 59,007

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 17,560 25,176
Other loans 7,750 10,750
Trade creditors 4,711 9,251
Social security and other taxes 414 976
VAT 10,160 12,229
Other creditors 15,900 15,390
Directors' current accounts 51,305 52,841
Accrued expenses 13,165 13,424
120,965 140,037

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr & Mrs Montgomery.