Company Registration No. SC035314 (Scotland)
H L STEWART OF STRUTHERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
H L STEWART OF STRUTHERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,249
24,138
Investments
4
75
75
22,324
24,213
Current assets
Stocks
29,482
32,369
Debtors
5
34,078
96,623
Cash at bank and in hand
119,346
80,678
182,906
209,670
Creditors: amounts falling due within one year
6
(26,978)
(27,233)
Net current assets
155,928
182,437
Total assets less current liabilities
178,252
206,650
Provisions for liabilities
7
-
0
(2,766)
Net assets
178,252
203,884
Capital and reserves
Called up share capital
8
12,999
12,999
Capital redemption reserve
25,882
25,882
Profit and loss reserves
139,371
165,003
Total equity
178,252
203,884

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 26 August 2024
Margaret F Lambie
Director
Company Registration No. SC035314
H L STEWART OF STRUTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

H L Stewart of Struthers Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the income from farming, net of Value Added Tax and trade discounts.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tenants' improvements
5% straight line
Plant and equipment
15% reducing balance
Motor Vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Investments in shares are initially recognised at fair value, which is normally the transaction price less the transaction costs. Subsequent measurement is at fair value, where shares are publicly traded or their fair value can be measured reliably. Where fair value cannot be measured reliably, investments are included at cost less impairment.

Unlisted investments were valued by the directors.

1.5
Stocks

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

H L STEWART OF STRUTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

1.7
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

H L STEWART OF STRUTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Tenants' improvements
Plant and equipment
Motor Vehicles
Total
£
£
£
£
Cost
At 1 December 2022
76,610
13,996
11,795
102,401
Additions
-
0
2,426
-
0
2,426
At 30 November 2023
76,610
16,422
11,795
104,827
Depreciation and impairment
At 1 December 2022
66,278
6,824
5,161
78,263
Depreciation charged in the year
1,216
1,440
1,659
4,315
At 30 November 2023
67,494
8,264
6,820
82,578
Carrying amount
At 30 November 2023
9,116
8,158
4,975
22,249
At 30 November 2022
10,332
7,172
6,634
24,138
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
75
75
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 December 2022 & 30 November 2023
75
Carrying amount
At 30 November 2023
75
At 30 November 2022
75
H L STEWART OF STRUTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,006
66,114
Corporation tax recoverable
1,337
1,337
Other debtors
18,361
26,635
Prepayments and accrued income
2,917
2,537
33,621
96,623
Deferred tax asset
457
-
0
34,078
96,623
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,535
24,141
Corporation tax
-
0
8
Other taxation and social security
2,026
-
0
Accruals and deferred income
3,417
3,084
26,978
27,233
7
Provisions for liabilities
2023
2022
£
£
Capital Grants
-
293
Deferred tax liabilities
-
0
2,473
-
0
2,766
Movements on provisions apart from deferred tax liabilities:
Capital Grants
£
At 1 December 2022
293
Other movements
(293)
At 30 November 2023
-
H L STEWART OF STRUTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
12,999 Ordinary Shares of £1 each
12,999
12,999
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