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Registered number: SC615671
Protool Engineering Supplies Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Harleys Bookkeeping & Tax Returns Ltd
Dalgety Bay Business Centre
Sybrig House
Ridge Way
Dalgety Bay
KY11 9JN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: SC615671
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,560 3,421
2,560 3,421
CURRENT ASSETS
Stocks 5 20,158 19,452
Debtors 6 43,689 48,748
Cash at bank and in hand 124,399 94,108
188,246 162,308
Creditors: Amounts Falling Due Within One Year 7 (80,231 ) (78,459 )
NET CURRENT ASSETS (LIABILITIES) 108,015 83,849
TOTAL ASSETS LESS CURRENT LIABILITIES 110,575 87,270
NET ASSETS 110,575 87,270
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 110,475 87,170
SHAREHOLDERS' FUNDS 110,575 87,270
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Lindsay Lovell
Director
20/09/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Protool Engineering Supplies Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC615671 . The registered office is Block 20, Unit 2, Ridge Way, Dalgety Bay, Fife, KY11 9JN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing balance
Motor Vehicles 25% Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
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4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2023 829 4,000 4,829
As at 31 December 2023 829 4,000 4,829
Depreciation
As at 1 January 2023 408 1,000 1,408
Provided during the period 111 750 861
As at 31 December 2023 519 1,750 2,269
Net Book Value
As at 31 December 2023 310 2,250 2,560
As at 1 January 2023 421 3,000 3,421
5. Stocks
2023 2022
£ £
Finished goods 20,158 19,452
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 43,689 48,748
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 42,687 43,836
Corporation tax 15,253 11,892
Other taxes and social security 557 2,368
VAT 18,506 17,184
Other creditors 350 310
Accruals and deferred income 2,164 2,094
Director's loan account 714 775
80,231 78,459
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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