REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Hugh Stirling Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Hugh Stirling Limited |
Hugh Stirling Limited (Registered number: SC035017) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
Hugh Stirling Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
25 Sandyford Place |
Glasgow |
G3 7NG |
Hugh Stirling Limited (Registered number: SC035017) |
Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The business saw a slight reduction in turnover following the post pandemic growth in 2022. Turnover fell from £14,133k in 2022 to £13,746k in 2023, cost of sales also reduced from £11,737k to £11,473k, for a gross profit of £2,272k (2022 - £2,395k). From this, the company made a pre-tax loss of £262k (2022 - loss £67k). As at the balance sheet date the company had net assets of £24k (2022 - £286k), including cash reserves of £426k (2022 - £599k). |
The loss was increased by one-off charges totalling £145k, being legal costs of £45k for company restructure and interest on deferred VAT and PAYE liabilities of £100k. These liabilities were fully cleared during the year, allowing the business to move forward on a stable basis. The company received a soft loan from the majority shareholders for £900k and this was used to clear deferred PAYE and VAT including interest charges. There is no requirement or plan for this loan to be repaid in the short to medium term. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Directors continue to monitor the price of both the goods and labour used by the company in its trade. Increased energy prices and other economic factors continue to result in stubbornly high inflation in the UK through the year and this in turn has driven a cost-of-living crisis, which is exerting upward pressure on wages. Mitigating these risks will require a focus on efficiency within the business, to keep costs down as much as possible and therefore maintain competitive prices for customers. |
The business is also exposed to risks that customers, particularly large, corporate customers, will be unable to pay for services rendered timeously, leading to cash flow problems. The Directors have ensured that credit control remains a key area of focus for the finance team, in order to ensure that cash is received from customers on-time, or where there are issues, these are spotted early and can therefore be managed. While the company does have some long-term debt, the company's borrowings are mainly fixed-rate and therefore exposure to further increases in interest rates are limited. |
FUTURE OUTLOOK |
The Directors are confident that the business will trade well and profitably in 2024, despite some economic difficulties in the UK. The business is particularly looking to grow business related to its in-house manufacturing facility and are planning to invest further in equipment to support this. The company should have sufficient reserves to continue to operate as normal. |
ENVIRONMENTAL |
The company recognises the importance of environmental responsibilities and has policies in place to manage its impact on the environment, including maintaining certification under ISO 14001 - Environmental Management, which ensures the company implements best practices currently prevalent in the industry. The Directors continue to look for new ways to reduce the impact on the environment. |
ON BEHALF OF THE BOARD: |
Hugh Stirling Limited (Registered number: SC035017) |
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 construction services and facilities management. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
The directors during the year under review were: |
- resigned 24.4.23 |
- appointed 25.9.23 |
The beneficial interests of the directors holding office on 31 December 2023 in the issued share capital of the company were as follows: |
1.1.23 |
or date of |
appointment |
31.12.23 | if later |
Ordinary £0.10 shares |
40 | 40 |
40 | 40 |
100 | 100 |
- | - |
FINANCIAL INSTRUMENTS |
The main financial instruments of the company are bank balances, trade debtors and trade creditors. These are managed and monitored through internal control procedures and via regular management meetings between the Directors and the management team. |
DISCLOSURE IN THE STRATEGIC REPORT |
The Directors have chosen to include those matters which are required by the Companies Act 2006 to be in the Report of the Directors, but are strategic in nature, within the Strategic Report. |
Hugh Stirling Limited (Registered number: SC035017) |
Report of the Directors |
for the Year Ended 31 December 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Stevenson & Kyles, have been appointed in accordance with section 485 of the Companies Act 2006. They will be proposed for re-appointment at an upcoming general meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Hugh Stirling Limited |
Opinion |
We have audited the financial statements of Hugh Stirling Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
Hugh Stirling Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Hugh Stirling Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Auditor's approach to assessing the risks of material misstatement due to irregularities |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. Those that have a direct impact include: FRS 102, Companies Act 2006, UK tax laws. Those that have an indirect impact include: employment matters, health and safety regulations, data protection laws, quality management standards and environmental management standards. We then considered the extent to which non-compliance might have a material effect on the financial statements. |
We assessed the risk of material misstatement in respect of fraud and made enquiries of management as to the existence of, or any evidence of, actual or suspected instances of fraud. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. |
Audit procedures designed to respond to the risk of non-compliance with laws and regulations |
Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations identified above. We made enquiries of management and those charged with governance as to any non-compliance and corroborated responses given by review of relevant certificates and correspondence. We reviewed the legal costs incurred by the client for evidence of any undisclosed matters. |
Compliance with the requirements of the accounting standards and Company Law in terms of the form and content of the accounts was ensured using disclosure checklists and through vouching of disclosures to supporting documentation. |
Audit procedures designed to respond to the risk of fraud |
In response to the risk of fraud through management override, we incorporated testing of manual journal entries into our audit approach. In order to address the risk of fraud in relation to recognition of revenue we undertook substantive testing of revenues earned in relation to a sample of construction jobs completed in the period, tracing them through to ledger postings and sales invoicing. |
Considerations around likelihood of detection |
There are inherent difficulties in the audit process described above to detect the existence of irregularities. We have mitigated these limitations by assessing the adequacy of the company's internal controls including the existence of appropriate segregation of duties and by the nature, timing and extent of the audit procedures involved, by introducing an element of unpredictability in our sampling and testing. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Hugh Stirling Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
25 Sandyford Place |
Glasgow |
G3 7NG |
Hugh Stirling Limited (Registered number: SC035017) |
Statement of Comprehensive |
Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(108,339 | ) | (46,107 | ) |
Other operating income |
OPERATING LOSS | 5 | ( |
) | ( |
) |
Interest receivable and similar income |
(67,564 | ) | (26,084 | ) |
Interest payable and similar expenses | 6 |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 7 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
Hugh Stirling Limited (Registered number: SC035017) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stock | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Share premium | 17 |
Retained earnings | 17 | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hugh Stirling Limited (Registered number: SC035017) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2023 | ( |
) |
Hugh Stirling Limited (Registered number: SC035017) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Hugh Stirling Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
This information is included in the consolidated financial statements of Wallace Topco Limited as at 31 December 2023 and these financial statements may be obtained from 1 Ashley Drive, Bothwell, Glasgow, G71 8BS. |
Turnover |
Turnover in relation to facility management services is recognised when the company has performed its contractual obligations under the relevant agreement and has therefore generated a contractual right to receive income. Such income is measured at the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other taxes, where applicable. |
Turnover in relation to building works is recognised at the point at which the relevant project has been substantially completed, thereby creating a contractual right to receive income. Such income is measured at the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other taxes, where applicable. |
Where the terms of services provided allow the company to invoice customers in advance of completion of the relevant work, an adjustment is made to defer that portion of the revenues not yet earned. |
Tangible fixed assets |
Tangible fixed assets are initially recognised at cost and subsequently measured at cost less depreciation and impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Leasehold property improvements | - | 10% on cost |
Plant and machinery | - | 10% and 25% on cost |
Fittings and equipment | - | 25% on cost |
Motor vehicles | - | 25% on cost |
Computer equipment | - | 33.33% on cost |
Hugh Stirling Limited (Registered number: SC035017) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stock, comprising raw materials and consumables to be used in construction projects, is valued at the lower of cost and estimated selling price, less costs to complete and sell. In making this estimation the Directors have made due provision for any obsolete or slow moving items. |
Work in progress represents the estimated value of income yet to be billed in connection with ongoing projects being undertaken by the business. This is calculated with regards to anticipated margin and the stage of completion based on the percentage of direct materials and labour expended compared with the budgeted total. |
Financial instruments |
Basic financial instruments, including 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 administrative expenses. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Capital amounts payable under finance leases are recognised in full as liabilities at the commencement of the agreement and interest charges made based on the sum-of-digits method across the lifetime 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. |
Hugh Stirling Limited (Registered number: SC035017) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Grant income |
Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate. |
3. | CRITICAL ACCOUNTING JUDGEMENTS |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effect on amounts recognised in these financial statements: |
Work in Progress |
Judgement is required in accounting for contracts in progress at the balance sheet date, particularly as regards profit recognition and the assessment of future losses of contracts. |
4. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Support and administration | 25 | 25 |
Direct staff | 110 | 135 |
Key management personnel are restricted to directors. |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Hugh Stirling Limited (Registered number: SC035017) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Bank loan interest |
Interest on tax paid late |
Hire purchase interest |
7. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
8. | TANGIBLE FIXED ASSETS |
Leasehold | Fittings |
property | Plant and | and |
improvement | machinery | equipment |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Reclassification/transfer |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Hugh Stirling Limited (Registered number: SC035017) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Reclassification/transfer |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Reclassification/transfer |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Reclassification/transfer | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Hugh Stirling Limited (Registered number: SC035017) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | STOCK |
31.12.23 | 31.12.22 |
£ | £ |
Raw materials and consumables |
Work-in-progress |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Amounts due from group entities are interest free, unsecured and repayable on demand. |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Hire purchase contracts (see note 14) |
Trade creditors |
Social security and other taxes |
Other creditors |
Payments received on account | 409,326 | 61,088 |
Accrued charges |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 13) |
Hire purchase contracts (see note 14) |
Other creditors |
Hugh Stirling Limited (Registered number: SC035017) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.23 | 31.12.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.12.23 | 31.12.22 |
£ | £ |
Between one and five years |
In more than five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Hire purchase contracts | 368,277 | 499,867 |
Hugh Stirling Limited (Registered number: SC035017) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £0.10 | 200 | 200 |
17. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | 285,993 |
Deficit for the year | ( |
) | ( |
) |
At 31 December 2023 | ( |
) | 23,958 |
Called up share capital - represents the nominal value of shares that have been issued. |
Share premium - represents the premium paid above the nominal value. |
Retained earnings - represents all accumulated profit and loss less dividends paid. |
18. | RELATED PARTY DISCLOSURES |
31.12.23 | 31.12.22 |
£ | £ |
Expenditure |
Amount due from related parties |
31.12.23 | 31.12.22 |
£ | £ |
Sales |
31.12.23 | 31.12.22 |
£ | £ |
Sales |
Expenditure |
Amount due from related parties |
Amount due to related parties |
19. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Wallace Topco Ltd, a company registered in Scotland. Wallace Topco Ltd prepare consolidated financial statements, and these are available from the registered address: 1 Ashley Drive, Bothwell, Glasgow, G71 8BS. |