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REGISTERED NUMBER: SC022512 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

George Brown & Sons Engineers (Leith)Ltd

George Brown & Sons Engineers (Leith)Ltd (Registered number: SC022512)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


George Brown & Sons Engineers (Leith)Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: G C Brown
Mrs C L B Suttle





SECRETARY: Mrs C L B Suttle





REGISTERED OFFICE: 5/6 The Shore
Leith
Edinburgh
EH6 6QS





REGISTERED NUMBER: SC022512 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

George Brown & Sons Engineers (Leith)Ltd (Registered number: SC022512)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 181,319 222,465

CURRENT ASSETS
Stocks 269,246 253,345
Debtors 5 1,024,253 1,013,457
Cash at bank and in hand 1,803,111 1,913,601
3,096,610 3,180,403
CREDITORS
Amounts falling due within one year 6 737,802 623,359
NET CURRENT ASSETS 2,358,808 2,557,044
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,540,127

2,779,509

PROVISIONS FOR LIABILITIES 42,836 54,884
NET ASSETS 2,497,291 2,724,625

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Capital redemption reserve 2,000 2,000
Retained earnings 2,465,291 2,692,625
SHAREHOLDERS' FUNDS 2,497,291 2,724,625

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.

George Brown & Sons Engineers (Leith)Ltd (Registered number: SC022512)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





G C Brown - Director


George Brown & Sons Engineers (Leith)Ltd (Registered number: SC022512)

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

1. STATUTORY INFORMATION

George Brown & Sons Engineers (Leith)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.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:


Plant and machinery etc. 25%RB
Fixtures and fittings 25%RB
Motor vehicles 25%RB
Heritable property 5%RB
Self constructed assets 25%RB
Computers 33.3%SL


Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


George Brown & Sons Engineers (Leith)Ltd (Registered number: SC022512)

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

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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 45 ) .

4. TANGIBLE FIXED ASSETS
Heritable Computer Plant and
property equipment machinery
£    £    £   
COST
At 1 January 2023 21,617 2,330 604,068
Additions - 607 14,320
Disposals - - -
At 31 December 2023 21,617 2,937 618,388
DEPRECIATION
At 1 January 2023 18,687 776 507,942
Charge for year 147 978 27,611
Eliminated on disposal - - -
At 31 December 2023 18,834 1,754 535,553
NET BOOK VALUE
At 31 December 2023 2,783 1,183 82,835
At 31 December 2022 2,930 1,554 96,126

George Brown & Sons Engineers (Leith)Ltd (Registered number: SC022512)

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

4. TANGIBLE FIXED ASSETS - continued

Fixtures Self
and Motor constructed
fittings vehicles assets Totals
£    £    £    £   
COST
At 1 January 2023 48,031 268,583 83,478 1,028,107
Additions - 7,650 - 22,577
Disposals - (8,250 ) - (8,250 )
At 31 December 2023 48,031 267,983 83,478 1,042,434
DEPRECIATION
At 1 January 2023 39,209 157,947 81,081 805,642
Charge for year 2,206 28,702 599 60,243
Eliminated on disposal - (4,770 ) - (4,770 )
At 31 December 2023 41,415 181,879 81,680 861,115
NET BOOK VALUE
At 31 December 2023 6,616 86,104 1,798 181,319
At 31 December 2022 8,822 110,636 2,397 222,465

There were no indicators of impairment in the year.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 960,316 969,786
Other debtors 63,937 43,671
1,024,253 1,013,457

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 351,363 340,053
Taxation and social security 283,393 263,719
Other creditors 103,046 19,587
737,802 623,359

7. SECURED DEBTS

The Bank of Scotland holds a standard security over the company's premises and a bond and floating charge over the assets of the company. The Royal Bank of Scotland also holds a standard security over the assets of the company.

George Brown & Sons Engineers (Leith)Ltd (Registered number: SC022512)

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

8. SALE OF PROPERTY

There is an agreement in place for the sale of property, currently held within heritable property in the accounts, dated 2023. The finalisation of the sale will not take place until 2024 and the property will continue to be held within heritable property until this date.