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REGISTERED NUMBER: SC295304 (Scotland)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Ironworks Engineering Ltd

Ironworks Engineering Ltd (Registered number: SC295304)






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




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


Ironworks Engineering Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D Moore
Mrs O Moore





SECRETARY: Mrs O Moore





REGISTERED OFFICE: 191 Station Road
Shotts
Lanarkshire
ML7 4BA





REGISTERED NUMBER: SC295304 (Scotland)





ACCOUNTANTS: Williams & Company
191 Station Road
Shotts
North Lanarkshire
ML7 4BA

Ironworks Engineering Ltd (Registered number: SC295304)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Engineering.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

D Moore
Mrs O Moore

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs O Moore - Secretary


7 March 2024

Ironworks Engineering Ltd (Registered number: SC295304)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 1,942,837 2,036,742

Cost of sales 1,200,815 1,147,051
GROSS PROFIT 742,022 889,691

Administrative expenses 279,669 316,905
OPERATING PROFIT 4 462,353 572,786

Interest receivable and similar
income

7,786

10,200
470,139 582,986

Interest payable and similar
expenses

1,736

3,241
PROFIT BEFORE TAXATION 468,403 579,745

Tax on profit 89,088 110,286
PROFIT FOR THE FINANCIAL YEAR 379,315 469,459

Ironworks Engineering Ltd (Registered number: SC295304)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 466,660 262,506

CURRENT ASSETS
Debtors 6 101,555 388,151
Investments 7 267,500 267,500
Cash at bank 781,955 789,852
1,151,010 1,445,503
CREDITORS
Amounts falling due within one year 8 160,542 367,500
NET CURRENT ASSETS 990,468 1,078,003
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,457,128

1,340,509

CREDITORS
Amounts falling due after more than
one year

9

(14,167

)

(24,167

)

PROVISIONS FOR LIABILITIES (19,470 ) (24,409 )
NET ASSETS 1,423,491 1,291,933

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,423,391 1,291,833
1,423,491 1,291,933

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 directors acknowledge their 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.

Ironworks Engineering Ltd (Registered number: SC295304)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:





D Moore - Director


Ironworks Engineering Ltd (Registered number: SC295304)

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

1. STATUTORY INFORMATION

Ironworks Engineering 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

25% reducing balance

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.

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.

Ironworks Engineering Ltd (Registered number: SC295304)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 43,214 53,885

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 100,856 551,058 651,914
Additions 236,100 16,191 252,291
Disposals - (20,747 ) (20,747 )
At 31 December 2023 336,956 546,502 883,458
DEPRECIATION
At 1 January 2023 - 389,408 389,408
Charge for year - 43,214 43,214
Eliminated on disposal - (15,824 ) (15,824 )
At 31 December 2023 - 416,798 416,798
NET BOOK VALUE
At 31 December 2023 336,956 129,704 466,660
At 31 December 2022 100,856 161,650 262,506

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 101,555 388,151

7. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Listed investments 267,500 267,500

Ironworks Engineering Ltd (Registered number: SC295304)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts - 35,384
Trade creditors - 102,138
Taxation and social security 143,502 212,998
Other creditors 7,040 6,980
160,542 367,500

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 14,167 24,167