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REGISTERED NUMBER: SC029048 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Clyde Associated Engineers, Limited

Clyde Associated Engineers, Limited (Registered number: SC029048)






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


Clyde Associated Engineers, Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr D McKerracher
Mrs L Cardiff
Mr A Kelso
Mr S McLeod





SECRETARY: Mrs L Cardiff





REGISTERED OFFICE: Block 5
76 Beardmore Way
Clydebank Industrial Estate, Clydebank
Glasgow
G81 4HT





REGISTERED NUMBER: SC029048 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN

Clyde Associated Engineers, Limited (Registered number: SC029048)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,135 2,474
Tangible assets 5 560,493 505,629
562,628 508,103

CURRENT ASSETS
Stocks 925,023 697,946
Debtors 6 2,926,665 2,679,540
Cash in hand 820 820
3,852,508 3,378,306
CREDITORS
Amounts falling due within one year 7 2,920,917 2,498,969
NET CURRENT ASSETS 931,591 879,337
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,494,219

1,387,440

CREDITORS
Amounts falling due after more than one
year

8

(229,610

)

(321,783

)

PROVISIONS FOR LIABILITIES (57,924 ) (80,412 )
NET ASSETS 1,206,685 985,245

CAPITAL AND RESERVES
Called up share capital 700 700
Share premium 14,160 14,160
Non distributable fair value
reserve 170,232 72,430
Capital redemption reserve 440 440
Retained earnings 1,021,153 897,515
SHAREHOLDERS' FUNDS 1,206,685 985,245

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.

Clyde Associated Engineers, Limited (Registered number: SC029048)

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2024 and were signed on its behalf by:





Mrs L Cardiff - Director


Clyde Associated Engineers, Limited (Registered number: SC029048)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Clyde Associated Engineers, 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.

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 as modified by the revaluation of certain assets.

Going concern
The financial statements are prepared on the going concern basis of accounting as, in the opinion of the directors, there are no matters of material uncertainty which cast doubt on the company's ability to continue.

Significant judgements and estimates
The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated note.

Turnover
Turnover represents net invoiced sales of goods, servicing and installation work, excluding value added tax after adjusting for work in progress. Income is recognised when the service is provided or the goods are delivered to the customer.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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.
Land and buildings - 2% straight line on cost or valuation
Plant and machinery etc - 25% on cost, 20% on cost and 2% on cost

Stocks
Stock 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.

Clyde Associated Engineers, Limited (Registered number: SC029048)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft is shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effective of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Clyde Associated Engineers, Limited (Registered number: SC029048)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

Employee benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Provisions for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 58 (2023 - 44 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 3,390
AMORTISATION
At 1 April 2023 916
Charge for year 339
At 31 March 2024 1,255
NET BOOK VALUE
At 31 March 2024 2,135
At 31 March 2023 2,474

Clyde Associated Engineers, Limited (Registered number: SC029048)

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 OR VALUATION
At 1 April 2023 275,000 634,860 909,860
Additions - 78,194 78,194
Disposals - (29,030 ) (29,030 )
Revaluations 55,000 - 55,000
At 31 March 2024 330,000 684,024 1,014,024
DEPRECIATION
At 1 April 2023 22,000 382,231 404,231
Charge for year 6,600 93,730 100,330
Eliminated on disposal - (29,030 ) (29,030 )
Revaluation adjustments (22,000 ) - (22,000 )
At 31 March 2024 6,600 446,931 453,531
NET BOOK VALUE
At 31 March 2024 323,400 237,093 560,493
At 31 March 2023 253,000 252,629 505,629

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2013 250,000 - 250,000
Valuation in 2019 25,000 - 25,000
Valuation in 2024 55,000 - 55,000
Cost - 684,024 684,024
330,000 684,024 1,014,024

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 240,057 240,057
Aggregate depreciation 105,501 100,700

Freehold land and buildings were valued on an open market basis on 29 March 2023 by J & E Shepherd, Chartered Surveyors .

In the opinion of the directors, the value at the balance sheet date is not materially different.

Clyde Associated Engineers, Limited (Registered number: SC029048)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 April 2023 272,078
Additions 63,200
Transfer to ownership (65,939 )
At 31 March 2024 269,339
DEPRECIATION
At 1 April 2023 144,662
Charge for year 69,051
Transfer to ownership (64,218 )
At 31 March 2024 149,495
NET BOOK VALUE
At 31 March 2024 119,844
At 31 March 2023 127,416

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,909,685 2,666,941
Other debtors 16,980 12,599
2,926,665 2,679,540

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 544,085 541,752
Hire purchase contracts (see note 9) 55,223 49,250
Trade creditors 1,676,945 1,321,194
Taxation and social security 362,804 359,115
Other creditors 281,860 227,658
2,920,917 2,498,969

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 117,979 211,852
Hire purchase contracts (see note 9) 111,631 109,931
229,610 321,783

Clyde Associated Engineers, Limited (Registered number: SC029048)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 55,223 49,250
Between one and five years 111,631 109,931
166,854 159,181

Non-cancellable operating leases
2024 2023
£    £   
Within one year 75,352 55,097
Between one and five years 136,911 97,653
212,263 152,750

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 448,529 444,082
Bank loans 213,535 309,522
Hire purchase contracts 166,854 159,181
828,918 912,785

Clydesdale Bank plc holds a standard security over the company's premises at 76 Beardmore Way, Clydebank in addition to two floating charges over the assets and undertakings of the company, and a guarantee from Mr. Douglas McKerracher, Mr. Adam Kelso, Mr. Simon McLeod and Ms. Lesley Cardiff for £75,000 (plus interest and expenses).

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

11. POST BALANCE SHEET EVENTS

Following the end of the reporting period but prior to the signing of these financial statements, the company acquired the assets and goodwill of Foodmek Limited, a company in liquidation, for £375,000.

The directors also sought finance in relation to this acquisition in the form of a loan facility offered by Clydesdale Bank PLC (trading as Virgin Money) for £375,000 which is secured over the property at 17 Shanwell Road South, Tayport, DD6 9YB.