Registered number
02967541
Turf Irrigation Services (Scotland) Limited
Unaudited Filleted Accounts
30 June 2024
Turf Irrigation Services (Scotland) Limited
Registered number: 02967541
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 275,164 156,767
Investments 5 1 1
275,165 156,768
Current assets
Stocks 190,328 197,924
Debtors 6 360,305 505,109
Cash at bank and in hand 63,683 32,569
614,316 735,602
Creditors: amounts falling due within one year 7 (399,990) (521,639)
Net current assets 214,326 213,963
Total assets less current liabilities 489,491 370,731
Creditors: amounts falling due after more than one year 8 (50,963) (38,410)
Provisions for liabilities (67,877) (29,700)
Net assets 370,651 302,621
Capital and reserves
Called up share capital 51,000 51,000
Revaluation reserve 9 53,635 -
Profit and loss account 266,016 251,621
Shareholders' funds 370,651 302,621
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Q J Allardice
Director
Approved by the board on 9 September 2024
Turf Irrigation Services (Scotland) Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Plant and machinery assets were revalued during the year on a fair value basis and the surplus taken to a revaluation reserve. Other tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tenants improvements over 4 years
Plant and machinery over 5 years
Motor vehicles over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is provided on revaluations of property, plant and equipment and deducted from the revaluation surplus as part of the movement on other comprehensive income. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 19 18
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 26,175
At 30 June 2024 26,175
Amortisation
At 1 July 2023 26,175
At 30 June 2024 26,175
Net book value
At 30 June 2024 -
Goodwill is fully written off. Other intangible assets are amortised over their anticipated useful life of 4 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 11,874 236,261 118,030 366,165
Additions 4,651 40,240 70,984 115,875
Disposals - (25,772) (17,890) (43,662)
At 30 June 2024 16,525 250,729 171,124 438,378
Depreciation
At 1 July 2023 11,425 151,688 46,285 209,398
Charge for the year 1,443 30,422 25,153 57,018
Surplus on revaluation - (71,514) - (71,514)
On disposals - (25,724) (5,964) (31,688)
At 30 June 2024 12,868 84,872 65,474 163,214
Net book value
At 30 June 2024 3,657 165,857 105,650 275,164
At 30 June 2023 449 84,573 71,745 156,767
Plant and machinery: 2024 2023
£ £
Historical cost 250,730 236,261
Cumulative depreciation based on historical cost 156,385 151,687
94,345 84,574
Plant and machinery assets were revalued at £165,857 at the end of February 2024 based on their current market value in their present condition at that time. The revaluation was carried out by the directors in consultation with machinery suppliers.
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 July 2023 1
At 30 June 2024 1
6 Debtors 2024 2023
£ £
Trade debtors 271,790 427,129
Other debtors 88,515 77,980
360,305 505,109
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 43,650 34,384
Trade creditors 238,391 318,214
Taxation and social security costs 76,795 81,067
Other creditors 31,154 77,974
399,990 521,639
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,167 19,167
Obligations under finance lease and hire purchase contracts 41,796 19,243
50,963 38,410
9 Revaluation reserve 2024 2023
£ £
Gain on revaluation of plant and machinery 71,514 -
Deferred taxation arising on the revaluation of plant and machinery (17,879) -
At 30 June 2024 53,635 -
10 Other information
Turf Irrigation Services (Scotland) Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Brocklewood Avenue
Poulton Le Fylde
Lancashire
FY6 8BZ
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