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REGISTERED NUMBER: SC498873 (Scotland)














Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Reid Brothers Int Ltd

Reid Brothers Int Ltd (Registered number: SC498873)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

Reid Brothers Int Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: D Rooney





SECRETARY:





REGISTERED OFFICE: Comac House
2 Coddington Crescent
Eurocentral
North Lanarkshire
ML1 4YF





REGISTERED NUMBER: SC498873 (Scotland)





ACCOUNTANTS: Gordon Ferguson & Co Ltd
76 Hamilton Road
Motherwell
Lanarkshire
ML1 3BY

Reid Brothers Int Ltd (Registered number: SC498873)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 36,000 60,000
Tangible assets 5 142,733 163,673
178,733 223,673

CURRENT ASSETS
Stocks 707,692 667,895
Debtors 6 275,484 342,453
Cash at bank and in hand 134,982 22,756
1,118,158 1,033,104
CREDITORS
Amounts falling due within one year 7 440,648 445,987
NET CURRENT ASSETS 677,510 587,117
TOTAL ASSETS LESS CURRENT
LIABILITIES

856,243

810,790

CREDITORS
Amounts falling due after more than one
year

8

168,351

138,422
NET ASSETS 687,892 672,368

CAPITAL AND RESERVES
Called up share capital 107 107
Retained earnings 687,785 672,261
687,892 672,368

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Reid Brothers Int Ltd (Registered number: SC498873)

Balance Sheet - continued
31 December 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 director and authorised for issue on 11 September 2024 and were signed by:





D Rooney - Director


Reid Brothers Int Ltd (Registered number: SC498873)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Reid Brothers Int Ltd 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Reid Brothers Int Ltd (Registered number: SC498873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 240,000
AMORTISATION
At 1 January 2023 180,000
Charge for year 24,000
At 31 December 2023 204,000
NET BOOK VALUE
At 31 December 2023 36,000
At 31 December 2022 60,000

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 33,794 85,243 49,533
Additions - 19,203 -
At 31 December 2023 33,794 104,446 49,533
DEPRECIATION
At 1 January 2023 7,022 34,817 10,258
Charge for year 3,379 18,009 4,954
At 31 December 2023 10,401 52,826 15,212
NET BOOK VALUE
At 31 December 2023 23,393 51,620 34,321
At 31 December 2022 26,772 50,426 39,275

Reid Brothers Int Ltd (Registered number: SC498873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 46,348 28,064 242,982
Additions - - 19,203
At 31 December 2023 46,348 28,064 262,185
DEPRECIATION
At 1 January 2023 13,598 13,614 79,309
Charge for year 8,188 5,613 40,143
At 31 December 2023 21,786 19,227 119,452
NET BOOK VALUE
At 31 December 2023 24,562 8,837 142,733
At 31 December 2022 32,750 14,450 163,673

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 30,967 19,995 50,962
DEPRECIATION
At 1 January 2023 11,355 833 12,188
Charge for year 6,193 4,791 10,984
At 31 December 2023 17,548 5,624 23,172
NET BOOK VALUE
At 31 December 2023 13,419 14,371 27,790
At 31 December 2022 19,612 19,162 38,774

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 173,468 209,622
Other debtors 102,016 132,831
275,484 342,453

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 36,000 36,000
Trade creditors 203,862 211,759
Taxation and social security 113,467 126,835
Other creditors 87,319 71,393
440,648 445,987

Reid Brothers Int Ltd (Registered number: SC498873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Other creditors 168,351 138,422

Reid Brothers Int Ltd

Report of the Accountants to the Director of
Reid Brothers Int Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2023 set out on pages two to six and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Gordon Ferguson & Co Ltd
76 Hamilton Road
Motherwell
Lanarkshire
ML1 3BY


11 September 2024