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Registration number: SC220462

Alexander (Scotland) & Co Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Alexander (Scotland) & Co Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Alexander (Scotland) & Co Limited

Company Information

Directors

Miss G MacLachlan

Mr S J Sharp

Mr G MacLachlan

Company secretary

Miss G MacLachlan

Registered office

 

Meadowforth Road
Springkerse
STIRLING
FK7 7SA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Alexander (Scotland) & Co Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Alexander (Scotland) & Co Limited for the year ended 31 December 2023 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Alexander (Scotland) & Co Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Alexander (Scotland) & Co Limited and state those matters that we have agreed to state to the Board of Directors of Alexander (Scotland) & Co Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alexander (Scotland) & Co Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Alexander (Scotland) & Co Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Alexander (Scotland) & Co Limited. You consider that Alexander (Scotland) & Co Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Alexander (Scotland) & Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

16 September 2024

 

Alexander (Scotland) & Co Limited

(Registration number: SC220462)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,732,597

2,000,563

Investments

5

1

1

 

1,732,598

2,000,564

Current assets

 

Stocks

6

1,218,315

1,879,818

Debtors

7

1,948,236

3,558,139

Cash at bank and in hand

 

23,503

85,011

 

3,190,054

5,522,968

Creditors: Amounts falling due within one year

8

(2,606,816)

(2,409,872)

Net current assets

 

583,238

3,113,096

Total assets less current liabilities

 

2,315,836

5,113,660

Creditors: Amounts falling due after more than one year

8

(623,748)

(1,100,555)

Provisions for liabilities

(116,658)

(96,998)

Net assets

 

1,575,430

3,916,107

Capital and reserves

 

Called up share capital

10

10,001

10,001

Profit and loss account

1,565,429

3,906,106

Shareholders' funds

 

1,575,430

3,916,107

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Alexander (Scotland) & Co Limited

(Registration number: SC220462)
Balance Sheet as at 31 December 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

.........................................
Mr G MacLachlan
Director

 

Alexander (Scotland) & Co Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Meadowforth Road
Springkerse
STIRLING
FK7 7SA

These financial statements were authorised for issue by the Board on 16 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from the sale of steel. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Alexander (Scotland) & Co Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £200 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% Reducing balance

Furniture, fittings and equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

Other property, plant and equipment

20% Reducing balance

Leasehold Improvements

25% Reducing balance

 

Alexander (Scotland) & Co Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Alexander (Scotland) & Co Limited

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

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 39 (2022 - 44).

 

Alexander (Scotland) & Co Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant & equipment
£

Total
£

Cost or valuation

At 1 January 2023

1,555,399

210,594

597,897

304,815

2,668,705

Additions

-

1,414

89,819

-

91,233

Disposals

(211,318)

-

-

-

(211,318)

At 31 December 2023

1,344,081

212,008

687,716

304,815

2,548,620

Depreciation

At 1 January 2023

122,024

141,697

231,857

172,571

668,149

Charge for the year

26,969

15,223

94,747

33,060

169,999

Eliminated on disposal

(22,125)

-

-

-

(22,125)

At 31 December 2023

126,868

156,920

326,604

205,631

816,023

Carrying amount

At 31 December 2023

1,217,213

55,088

361,112

99,184

1,732,597

At 31 December 2022

1,433,375

68,898

366,045

132,245

2,000,563

Included within the net book value of land and buildings above is £1,217,213 (2022 - £1,433,375) in respect of freehold land and buildings.
 

 

Alexander (Scotland) & Co Limited

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

5

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 January 2023

1

Provision

Carrying amount

At 31 December 2023

1

At 31 December 2022

1

6

Stocks

2023
£

2022
£

Stock

1,218,315

1,879,818

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,785,924

2,496,758

Other debtors

 

6,291

1,003,617

Prepayments

 

63,062

57,764

Income tax asset

92,959

-

 

1,948,236

3,558,139

 

Alexander (Scotland) & Co Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

113,901

234,439

Trade creditors

 

880,826

1,399,778

Taxation and social security

 

198,129

511,626

Accruals and deferred income

 

16,917

6,384

Other creditors

 

1,397,043

257,645

 

2,606,816

2,409,872

Other creditors includes factored debts of £1,397,043 (2022 - £257,645). These are secured by a floating charge over the assets and undertakings of the company.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

623,748

1,100,555

Creditors include bank loans repayable by instalments of £204,033 (2022 - £349,562) due after more than five years.

 

Alexander (Scotland) & Co Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

464,309

949,028

Hire purchase contracts

159,439

151,527

623,748

1,100,555

Current loans and borrowings

2023
£

2022
£

Bank borrowings

59,052

199,874

Hire purchase contracts

54,849

34,565

113,901

234,439

The bank borrowings are secured by a bond and floating charge over the assets of the company. Standard securities have also been given over the properties at 10/5 East Pilton Farm Place, Edinburgh and the Yard on the North side of Springkerse Road, Stirling.

Hire purchase and finance lease liabilities are secured over the assets concerned.

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £1 each

10,001

10,001

10,001

10,001

       
 

Alexander (Scotland) & Co Limited

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

11

Related party transactions

The company operates a loan account with the director, Mr G MacLachlan
During the year, the director repaid loans totalling £801,102 to the company. At the year end, the balance due from the director was £0 (2022 - £801,102). This loan is unsecured, interest free and has no fixed repayment terms.