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Registered Number: SC370036
Scotland

 

 

 

EMF MANUFACTURING LTD


Abridged Accounts
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 181,282    233,012 
181,282    233,012 
Current assets      
Stocks 47,180    31,293 
Debtors 301,954    208,987 
Cash at bank and in hand 189,781    338,691 
538,915    578,971 
Creditors: amount falling due within one year (315,408)   (256,910)
Net current assets 223,507    322,061 
 
Total assets less current liabilities 404,789    555,073 
Creditors: amount falling due after more than one year (73,169)   (130,258)
Provisions for liabilities (29,126)   (32,846)
Net assets 302,494    391,969 
 

Capital and reserves
     
Called up share capital 5 20    20 
Profit and loss account 302,474    391,949 
Shareholders' funds 302,494    391,969 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 27 August 2024 and were signed on its behalf by:


-------------------------------
D J A Civil
Director
1
General Information
EMF Manufacturing Limited is a private company limited by shares registered in Scotland. The registered office is 2 Dunlop Square, Deans Industrial Estate, Livingston, West Lothian, EH54 8SB. The principal place of business is Unit 2, Deans Industrial Estate, Livingston, West Lothian, EH54 8SB.

1.

Accounting policies

Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. The monetary amounts are rounded to the nearest £.
The key area of estimates and judgement for the company are in relation to the assessment of the requirement for a provision for slow moving and obsolete stock, and for a provision for doubtful debt. Stock and debtors are regularly reviewed by management and specific provisions are made in the financial statements where required.
The following principal accounting policies have been applied: 

Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate he cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Plant & Machinery                               - straight line over 3 to 8 years
Motor Vehicles                                     - straight line over 4 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.   

Stocks
Stocks are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other  debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing out-right short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies a a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. if objective evidence of impairment is found, an impairment loss is recognised in the Statement of Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. if a financial asset has a variable rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.

Directors' Emoluments

2023
£
  2022
£
Administrative Expenses
Directors Salaries 17,688    17,338 
Directors Pension Contributions 30,000    26,000 
47,688    43,338 

3.

Average number of employees


Average number of employees during the year was 18 (2022 : 18).
4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 January 2023 531,999    531,999 
Additions 821    821 
Disposals  
At 31 December 2023 532,820    532,820 
Depreciation
At 01 January 2023 298,987    298,987 
Charge for year 52,551    52,551 
On disposals  
At 31 December 2023 351,538    351,538 
Net book values
Closing balance as at 31 December 2023 181,282    181,282 
Opening balance as at 01 January 2023 233,012    233,012 


5.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
9 Class A shares of £1.00 each  
9 Class B shares of £1.00 each  
1 Class C share of £1.00 each  
1 Class D share of £1.00 each  
20    20 

2