REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Almacit Engineering Ltd. |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Almacit Engineering Ltd. |
Almacit Engineering Ltd. (Registered number: SC272300) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Almacit Engineering Ltd. |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
Chartered Accountants |
Scottca Ltd |
34 Ferryhill |
Forres |
Moray |
IV36 2GY |
Almacit Engineering Ltd. (Registered number: SC272300) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Almacit Engineering Ltd. (Registered number: SC272300) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Almacit Engineering Ltd. (Registered number: SC272300) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Almacit Engineering Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised as follows: |
Sale of Goods |
Sale of goods are recognised when the company has delivered products to the customer, the customer has accepted the products, and collectability of the related receivables is fairly assured. |
Construction contracts and rendering of Services |
Revenue from construction contracts, including long-term service provision contracts, is recognised by reference to the sage of completion of contact activity at the balance sheet date. This is normally determined by the proportion that contract costs incurred to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion.. If the nature of a particular contract means that costs incurred do not accurately reflect the progress of contact activity, an alternative approach is used such as the achievement of pre-determined contract milestones. |
Profit attributable to contact activity is recognised if the final outcome of such contracts can be reliably assessed. On all contracts, full provision is made for any losses in the year in which they are first foreseen. |
Revenue from services provided on a short-term or one-off basis is recognised when the service is completed. |
Goodwill |
Useful life of goodwill has been changed from 20 to 10 years inline with FRS102(a). |
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 |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
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 items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Almacit Engineering Ltd. (Registered number: SC272300) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Deferred government grants |
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account in line with the terms of the agreement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Almacit Engineering Ltd. (Registered number: SC272300) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Almacit Engineering Ltd. (Registered number: SC272300) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Other creditors |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is A McDonald. |