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Logo On Report
Registered Number: SC660094
Scotland

 

 

 

AIRDRIE MECHANICAL SERVICES LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Director Mark Sneddon
Registered Number SC660094
Registered Office Moffat Business Centre
96-98 Forrest Street
Airdrie
ML6 7AG
Accountants Libratum Accountancy Ltd
83 Coreshill Crescent

Hamilton
ML3 8FD
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 March 2024
Principal activities
The companys principal activity during the year was that of  plumbing and HVAC services.
Director
The director who served the company throughout the year was as follows:
Mark Sneddon
Statement of director's responsibilities
The director is responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The director is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the board.


----------------------------------
Mark Sneddon
Director

Date approved: 14 August 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 March 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Libratum Accountancy Ltd
31 March 2024



....................................................

Libratum Accountancy Ltd

83 Coreshill Crescent

Hamilton
ML3 8FD
14 August 2024
3
 
 
Notes
 
2024
£
  2023
£
Turnover 4,876,486    2,708,230 
Cost of sales (3,307,334)   (1,728,531)
Gross profit 1,569,152    979,699 
Selling and distribution costs (36,000)   (28,962)
Administrative expenses (923,609)   (659,087)
Other operating income   2,000 
Operating profit 609,543    293,650 
Other interest receivable and similar income 3,708    500 
Interest payable and similar charges (3,410)   (607)
Profit/(Loss) on ordinary activities before taxation 609,841    293,543 
Tax on profit on ordinary activities (104,603)   (61,759)
Profit/(Loss) for the financial year 505,238    231,784 
 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 122,094    74,366 
122,094    74,366 
Current assets      
Stocks 4 17,784    8,167 
Debtors 5 780,752    237,264 
Cash at bank and in hand 354,619    312,791 
1,153,155    558,222 
Creditors: amount falling due within one year 6 (952,478)   (363,400)
Net current assets 200,677    194,822 
 
Total assets less current liabilities 322,771    269,188 
Creditors: amount falling due after more than one year 7 (33,990)   (31,167)
Provisions for liabilities 8 (1,328)   (806)
Net assets 287,453    237,215 
 

Capital and reserves
     
Called up share capital 9 2    2 
Profit and loss account 287,451    237,213 
Shareholders' funds 287,453    237,215 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 14 August 2024 and were signed by:


-------------------------------
Mark Sneddon
Director
5
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 April 2022 2  185,429  185,431 
Profit for the year 231,784  231,784 
Total comprehensive income for the year 231,784  231,784 
Dividends (180,000) (180,000)
Total investments by and distributions to owners (180,000) (180,000)
At 31 March 2023 2  237,213  237,215 
At 01 April 2023 2  237,213  237,215 
Profit for the year 505,238  505,238 
Total comprehensive income for the year 505,238  505,238 
Dividends (455,000) (455,000)
Total investments by and distributions to owners (455,000) (455,000)
At 31 March 2024 2  287,451  287,453 
6
General Information
Airdrie Mechanical Services Ltd is a private company, limited by shares, registered in Scotland, registration number SC660094, registration address Moffat Business Centre, 96-98 Forrest Street, Airdrie, ML6 7AG.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
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
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery etc 25% SL
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 15 (2023 : 15).
3.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 April 2023 120,271    120,271 
Additions 91,689    91,689 
Disposals  
At 31 March 2024 211,960    211,960 
Depreciation
At 01 April 2023 45,905    45,905 
Charge for year 43,961    43,961 
On disposals  
At 31 March 2024 89,866    89,866 
Net book values
Closing balance as at 31 March 2024 122,094    122,094 
Opening balance as at 01 April 2023 74,366    74,366 


4.

Stocks

2024
£
  2023
£
Work in Progress 17,784    8,167 
17,784    8,167 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 415,892    33,185 
Other Debtors 364,860    204,079 
780,752    237,264 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 374,401    195,507 
Taxation and Social Security 127,455    60,011 
Obligations under HP/Financial Leases 21,013    11,000 
Other Creditors 429,609    96,882 
952,478    363,400 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Obligations under HP/Financial Leases 33,990    31,167 
33,990    31,167 

8.

Provisions for liabilities

2024
£
  2023
£
Pension Provisions 1,328    806 
1,328    806 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Class A shares of £1.00 each  
 

7