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REGISTERED NUMBER: SC046752 (Scotland)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

EUROSCOT ENGINEERING LIMITED

EUROSCOT ENGINEERING LIMITED (REGISTERED NUMBER: SC046752)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EUROSCOT ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: J F Rorison
Mrs J L Rorison



SECRETARY: Mrs J L Rorison



REGISTERED OFFICE: 427 Hillington Road
Glasgow
G52 4UJ



REGISTERED NUMBER: SC046752 (Scotland)



ACCOUNTANTS: McLay, McAlister & McGibbon (Ayr) Ltd
Arran House
15D Skye Road
Prestwick
Ayrshire
KA9 2TA



SOLICITORS: Miller, Beckett & Jackson
190 St Vincent Street
Glasgow
G2 5SP

EUROSCOT ENGINEERING LIMITED (REGISTERED NUMBER: SC046752)

BALANCE SHEET
31 AUGUST 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,208,016 924,610

CURRENT ASSETS
Stocks 311,263 209,631
Debtors 5 1,202,733 975,206
Cash at bank 103,756 59,987
1,617,752 1,244,824
CREDITORS
Amounts falling due within one year 6 765,109 445,200
NET CURRENT ASSETS 852,643 799,624
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,060,659

1,724,234

CREDITORS
Amounts falling due after more than one
year

7

(559,123

)

(369,431

)

PROVISIONS FOR LIABILITIES 10 (240,840 ) (165,192 )

ACCRUALS AND DEFERRED INCOME (244,656 ) (187,613 )
NET ASSETS 1,016,040 1,001,998

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 1,006,040 991,998
SHAREHOLDERS' FUNDS 1,016,040 1,001,998

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 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.

EUROSCOT ENGINEERING LIMITED (REGISTERED NUMBER: SC046752)

BALANCE SHEET - continued
31 AUGUST 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





J F Rorison - Director


EUROSCOT ENGINEERING LIMITED (REGISTERED NUMBER: SC046752)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Euroscot Engineering 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.

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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 15% on reducing balance

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

EUROSCOT ENGINEERING LIMITED (REGISTERED NUMBER: SC046752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

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.

Grants
Capital grants received towards the cost of tangible fixed assets are included in creditors as deferred income and credited to the income statement over the life of the related asset.

Grants of a revenue nature are recognised in the income statement to match the related expenditure and when the conditions for receipt are met.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 23 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 2,301,988
Additions 538,001
Disposals (245,097 )
At 31 August 2023 2,594,892
DEPRECIATION
At 1 September 2022 1,377,378
Charge for year 186,722
Eliminated on disposal (177,224 )
At 31 August 2023 1,386,876
NET BOOK VALUE
At 31 August 2023 1,208,016
At 31 August 2022 924,610

Assets held under HP agreements amount to cost £1,261,684 (2022 - £783,467), aggregate depreciation £336,712 (2022 - £213,937) and a net book value of £924,972 (2022 - £569,530).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 610,235 351,233
Amounts owed by group undertakings 293,688 298,909
Other debtors 298,810 325,064
1,202,733 975,206

EUROSCOT ENGINEERING LIMITED (REGISTERED NUMBER: SC046752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 216,882 144,130
Trade creditors 298,718 201,696
Taxation and social security 100,287 53,210
Other creditors 139,222 36,164
765,109 445,200

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans 18,333 30,000
Hire purchase contracts (see note 8) 529,526 308,110
Other creditors 11,264 31,321
559,123 369,431

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.8.23 31.8.22
£    £   
Net obligations repayable:
Within one year 216,882 144,130
Between one and five years 529,526 308,110
746,408 452,240

9. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Hire purchase contracts 746,408 452,240
Other loans 20,583 38,000
766,991 490,240

Hire purchase creditors are secured against the specific assets financed.

Other loans are secured by a bond and floating charge, subject to a ranking agreement.

The company has a bank overdraft facility secured by a floating charge over the company's assets.

10. PROVISIONS FOR LIABILITIES
31.8.23 31.8.22
£    £   
Deferred tax 240,840 165,192

EUROSCOT ENGINEERING LIMITED (REGISTERED NUMBER: SC046752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2022 165,192
Provided during year 75,648
Balance at 31 August 2023 240,840

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022:

31.8.23 31.8.22
£    £   
J F Rorison and Mrs J L Rorison
Balance outstanding at start of year 98,201 81,514
Amounts advanced 12,414 98,201
Amounts repaid (48,201 ) (81,514 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 62,414 98,201

Interest has been charged at 2.25% on the average overdrawn balance.

12. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by the directors, J F Rorison and Mrs J L Rorison by virtue of their shareholding in the parent company, RDP (Ayr) Ltd.