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COMPANY REGISTRATION NUMBER: SC465514
Alan M Ross (Plant Hire) Limited
Filleted Unaudited Financial Statements
31 December 2023
Alan M Ross (Plant Hire) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
311,716
318,664
Current assets
Debtors
5
23,083
57,052
Cash at bank and in hand
17,615
--------
--------
23,083
74,667
Creditors: amounts falling due within one year
6
211,873
281,550
---------
---------
Net current liabilities
188,790
206,883
---------
---------
Total assets less current liabilities
122,926
111,781
Creditors: amounts falling due after more than one year
7
22,199
38,783
---------
---------
Net assets
100,727
72,998
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
100,725
72,996
---------
--------
Shareholders funds
100,727
72,998
---------
--------
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 income and retained earnings has not been delivered.
For the year ending 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:
- 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 .
Alan M Ross (Plant Hire) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mr A M Ross
Director
Company registration number: SC465514
Alan M Ross (Plant Hire) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Balachladich Quarry, Wester Urray, Muir of Ord, IV6 7UL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
10% - 20% straight line
Motor vehicles
-
6% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
444,976
444,976
Additions
29,206
29,206
---------
--------
---------
At 31 December 2023
444,976
29,206
474,182
---------
--------
---------
Depreciation
At 1 January 2023
126,312
126,312
Charge for the year
34,387
1,767
36,154
---------
--------
---------
At 31 December 2023
160,699
1,767
162,466
---------
--------
---------
Carrying amount
At 31 December 2023
284,277
27,439
311,716
---------
--------
---------
At 31 December 2022
318,664
318,664
---------
--------
---------
5. Debtors
2023
2022
£
£
Trade debtors
16,532
7,052
Other debtors
6,551
50,000
--------
--------
23,083
57,052
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
951
Social security and other taxes
2,335
1,888
Other creditors
208,587
279,662
---------
---------
211,873
281,550
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
22,199
38,783
--------
--------
8. Related party transactions
During the year sales of plant hire and machinery for £71,050 (2022 - £64,650) were made to a company in which one of the directors is also a director and shareholder. At 31 December 2023 included in trade debtors is £ 16,532 (2022 - £7,052) due from this company. Alan M Ross (Plant Hire) Ltd loaned this company £56,000 (2022 - £90,000) during the year and this company paid for £1,150 - £2022 -£nil) of costs on behalf of Alan M Ross (Plant Hire) Ltd of which £650 (2022 - £nil) had been repaid. At 31 December 2023 £5,820 (2022 - £50,000) was included in other detbors in relation to this loan which is interest free and has no definite terms of repayment . At 31 December 2023 the company owed two (2022 - one) directors £ 190,833 (2022 - £263,000). This loan is interest free and has no definite terms of repayment.