ANDREW SCOTT MACHINERY LIMITED 4883871 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of supplying and installing agricultural equipment Digita Accounts Production Advanced 6.30.9574.0 true true 4883871 2023-01-01 2023-12-31 4883871 2023-12-31 4883871 bus:OrdinaryShareClass1 2023-12-31 4883871 core:CurrentFinancialInstruments 2023-12-31 4883871 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 4883871 core:FurnitureFittingsToolsEquipment 2023-12-31 4883871 core:MotorVehicles 2023-12-31 4883871 core:OtherPropertyPlantEquipment 2023-12-31 4883871 bus:SmallEntities 2023-01-01 2023-12-31 4883871 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 4883871 bus:FullAccounts 2023-01-01 2023-12-31 4883871 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 4883871 bus:RegisteredOffice 2023-01-01 2023-12-31 4883871 bus:CompanySecretary1 2023-01-01 2023-12-31 4883871 bus:Director1 2023-01-01 2023-12-31 4883871 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 4883871 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 4883871 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 4883871 core:MotorVehicles 2023-01-01 2023-12-31 4883871 core:OfficeEquipment 2023-01-01 2023-12-31 4883871 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 4883871 core:PlantMachinery 2023-01-01 2023-12-31 4883871 countries:England 2023-01-01 2023-12-31 4883871 2022-12-31 4883871 core:FurnitureFittingsToolsEquipment 2022-12-31 4883871 core:MotorVehicles 2022-12-31 4883871 core:OtherPropertyPlantEquipment 2022-12-31 4883871 2022-01-01 2022-12-31 4883871 2022-12-31 4883871 bus:OrdinaryShareClass1 2022-12-31 4883871 core:CurrentFinancialInstruments 2022-12-31 4883871 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 4883871 core:FurnitureFittingsToolsEquipment 2022-12-31 4883871 core:MotorVehicles 2022-12-31 4883871 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 4883871

ANDREW SCOTT MACHINERY LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

ANDREW SCOTT MACHINERY LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

ANDREW SCOTT MACHINERY LIMITED

Company Information

Director

AA Scott

Company secretary

C M Scott

Registered office

10 Hunters Gate
Much Wenlock
Shropshire
TF13 6BW

Accountants

Anthony M Hughes & Co
Chartered Accountants
1 Queen Street
Stourbridge
West Midlands
DY8 1TP

 

ANDREW SCOTT MACHINERY LIMITED

(Registration number: 4883871)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

52,878

17,479

Current assets

 

Stocks

6

181,150

256,425

Debtors

7

146,057

160,564

Cash at bank and in hand

 

1,080,527

869,717

 

1,407,734

1,286,706

Creditors: Amounts falling due within one year

8

(250,609)

(230,460)

Net current assets

 

1,157,125

1,056,246

Total assets less current liabilities

 

1,210,003

1,073,725

Provisions for liabilities

(8,150)

(4,216)

Net assets

 

1,201,853

1,069,509

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,201,753

1,069,409

Shareholders' funds

 

1,201,853

1,069,509

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 20 September 2024
 

.........................................
AA Scott
Director

 

ANDREW SCOTT MACHINERY 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 England.

The address of its registered office is:
10 Hunters Gate
Much Wenlock
Shropshire
TF13 6BW

These financial statements were authorised for issue by the director on 20 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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

ANDREW SCOTT MACHINERY LIMITED

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

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.

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

Office equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Plant and machinery

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

ANDREW SCOTT MACHINERY LIMITED

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

17,625

5,827

 

ANDREW SCOTT MACHINERY LIMITED

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

924

146,233

-

147,157

Additions

499

57,202

12,794

70,495

Disposals

-

(146,233)

-

(146,233)

At 31 December 2023

1,423

57,202

12,794

71,419

Depreciation

At 1 January 2023

917

128,761

-

129,678

Charge for the year

126

14,300

3,198

17,624

Eliminated on disposal

-

(128,761)

-

(128,761)

At 31 December 2023

1,043

14,300

3,198

18,541

Carrying amount

At 31 December 2023

380

42,902

9,596

52,878

At 31 December 2022

7

17,472

-

17,479

6

Stocks

2023
£

2022
£

Other inventories

181,150

256,425

7

Debtors

Current

2023
£

2022
£

Trade debtors

146,057

160,564

 

146,057

160,564

8

Creditors

Creditors: amounts falling due within one year

 

ANDREW SCOTT MACHINERY LIMITED

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

2023
£

2022
£

Due within one year

Trade creditors

42,228

51,296

Taxation and social security

68,229

36,443

Accruals and deferred income

895

895

Other creditors

139,257

141,826

250,609

230,460

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100