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2023-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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xbrli:shares
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2023-05-01
2024-04-30
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2024-04-30
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COMPANY REGISTRATION NUMBER:
SC466064
Spring Distribution (Scotland) Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
Spring Distribution (Scotland) Limited |
|
Abridged Financial Statements |
|
Year ended 30 April 2024
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Spring Distribution (Scotland) Limited |
|
Abridged Statement of Financial Position |
|
30 April 2024
Fixed assets
Tangible assets |
5 |
|
4,093,783 |
4,134,795 |
|
|
|
|
|
Current assets
Debtors |
402,471 |
|
421,468 |
Cash at bank and in hand |
734,659 |
|
1,482,816 |
|
------------ |
|
------------ |
|
1,137,130 |
|
1,904,284 |
|
|
|
|
Creditors: amounts falling due within one year |
1,037,917 |
|
417,649 |
|
------------ |
|
------------ |
Net current assets |
|
99,213 |
1,486,635 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
4,192,996 |
5,621,430 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
– |
1,670,000 |
|
|
|
|
Provisions |
|
743,622 |
781,419 |
|
|
------------ |
------------ |
Net assets |
|
3,449,374 |
3,170,011 |
|
|
------------ |
------------ |
|
|
|
|
Spring Distribution (Scotland) Limited |
|
Abridged Statement of Financial Position (continued) |
|
30 April 2024
Capital and reserves
Called up share capital |
|
100 |
100 |
Other reserves |
|
2,474,344 |
2,474,344 |
Profit and loss account |
|
974,930 |
695,567 |
|
|
------------ |
------------ |
Shareholders funds |
|
3,449,374 |
3,170,011 |
|
|
------------ |
------------ |
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 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 abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
1 July 2024
, and are signed on behalf of the board by:
Company registration number:
SC466064
Spring Distribution (Scotland) Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 30 April 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 34 Inchmuir Road, Whitehill Industrial Estate, Bathgate, EH48 2EP.
2.
Statement of compliance
These abridged 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.
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 and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Investment properties Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. No depreciation is charged on investment properties.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
Freehold Property |
- |
1% reducing balance |
|
Plant & machinery |
- |
15% reducing balance |
|
Fixtures & fittings |
- |
20% reducing balance |
|
Motor vehicles |
- |
10% - 25% reducing balance |
|
|
|
|
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2023:
15
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 May 2023 |
4,546,329 |
Additions |
979 |
Disposals |
(
4,720) |
|
------------ |
At 30 April 2024 |
4,542,588 |
|
------------ |
Depreciation |
|
At 1 May 2023 |
411,534 |
Charge for the year |
41,053 |
Disposals |
(
3,782) |
|
------------ |
At 30 April 2024 |
448,805 |
|
------------ |
Carrying amount |
|
At 30 April 2024 |
4,093,783 |
|
------------ |
At 30 April 2023 |
4,134,795 |
|
------------ |
|
|
Tangible assets held at valuation
Freehold land and buildings were professionally valued by Graham & Sibbald, an independent valuer, to fair value at 25th September 2018.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
£ |
At 30 April 2024 |
|
Aggregate cost |
1,023,695 |
Aggregate depreciation |
(167,580) |
|
------------ |
Carrying value |
856,115 |
|
------------ |
|
|
At 30 April 2023 |
|
Aggregate cost |
1,023,695 |
Aggregate depreciation |
(154,543) |
|
------------ |
Carrying value |
869,152 |
|
------------ |
|
|
6.
Directors' advances, credits and guarantees
The company owed Mrs Lesley Ward, a director of the company £185,000 (2023 - owed to the company £2,550) at the balance sheet date. The company owed former directors at the balance sheet date the following sums - Mr Grant Garden, £185,000 (2023 - owed to the company £1,600), Mrs Dawn Carson £185,000 (2023 - £nil), - Ms Victoria Garden £185,000 (2023 - owed to the company £nil).
7.
Related party transactions
The company was under the control of the directors throughout the current year and previous period.