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Company registration number: SC173210
Hy-Clad Limited
Unaudited filleted financial statements
31 March 2024
Hy-Clad Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Hy-Clad Limited
Directors and other information
Directors John Shanks
Ross Shanks (Appointed 30 March 2024)
Secretary Jean Marsden Shanks
Company number SC173210
Registered office Blackston Farm
Avonbridge
Falkirk
FK1 2LF
Business address Blackston Farm
Avonbridge
Falkirk
FK1 2LF
Accountants Barrie Scott & Co.
16-18 Weir Street
Falkirk
FK1 1RA
Hy-Clad Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Hy-Clad Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hy-Clad Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and 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 Hy-Clad Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Hy-Clad Limited and state those matters that we have agreed to state to the board of directors of Hy-Clad 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 Hy-Clad Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Hy-Clad 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 Hy-Clad Limited. You consider that Hy-Clad 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 Hy-Clad 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.
Barrie Scott & Co.
Accountants & Tax Advisers
16-18 Weir Street
Falkirk
FK1 1RA
26 August 2024
Hy-Clad Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 153,359 147,301
_______ _______
153,359 147,301
Current assets
Stocks 22,230 21,140
Debtors 6 129,595 142,703
Cash at bank and in hand 252,225 172,625
_______ _______
404,050 336,468
Creditors: amounts falling due
within one year 7 ( 181,996) ( 122,382)
_______ _______
Net current assets 222,054 214,086
_______ _______
Total assets less current liabilities 375,413 361,387
Provisions for liabilities ( 32,755) ( 26,496)
_______ _______
Net assets 342,658 334,891
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 342,558 334,791
_______ _______
Shareholders funds 342,658 334,891
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Ross Shanks
Director
Company registration number: SC173210
Hy-Clad Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 100 283,004 283,104
Profit for the year 55,787 55,787
_______ _______ _______
Total comprehensive income for the year - 55,787 55,787
Dividends paid and payable ( 4,000) ( 4,000)
_______ _______ _______
Total investments by and distributions to owners - ( 4,000) ( 4,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 334,790 334,890
Profit for the year 17,768 17,768
_______ _______ _______
Total comprehensive income for the year - 17,768 17,768
Dividends paid and payable ( 10,000) ( 10,000)
_______ _______ _______
Total investments by and distributions to owners - ( 10,000) ( 10,000)
_______ _______ _______
At 31 March 2024 100 342,558 342,658
_______ _______ _______
Hy-Clad Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Hy-Clad Limited, Blackston Farm, Avonbridge, Falkirk, FK1 2LF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
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. 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 a 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.
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:
Long leasehold property - 2 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
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.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 8,010 178,107 210,027 396,144
Additions 14,950 - 41,000 55,950
_______ _______ _______ _______
At 31 March 2024 22,960 178,107 251,027 452,094
_______ _______ _______ _______
Depreciation
At 1 April 2023 160 136,526 112,157 248,843
Charge for the year 459 14,714 34,719 49,892
_______ _______ _______ _______
At 31 March 2024 619 151,240 146,876 298,735
_______ _______ _______ _______
Carrying amount
At 31 March 2024 22,341 26,867 104,151 153,359
_______ _______ _______ _______
At 31 March 2023 7,850 41,581 97,870 147,301
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 127,528 116,852
Other debtors 2,067 25,851
_______ _______
129,595 142,703
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 68,446 42,384
Corporation tax 7,729 -
Social security and other taxes 27,621 2,479
Other creditors 78,200 77,519
_______ _______
181,996 122,382
_______ _______