Company registration number SC139098 (Scotland)
JOHN REID & SONS (CROSSGATES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
JOHN REID & SONS (CROSSGATES) LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 5
JOHN REID & SONS (CROSSGATES) LIMITED
Report To The Directors On The Preparation Of The Unaudited Statutory Accounts Of John Reid & Sons (Crossgates) Limited
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John Reid & Sons (Crossgates) Limited for the year ended 31 March 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts
This report is made solely to the Board of Directors of John Reid & Sons (Crossgates) Limited, as a body, in accordance with the terms of our engagement letter dated 9 August 2021. Our work has been undertaken solely to prepare for your approval the financial statements of John Reid & Sons (Crossgates) Limited and state those matters that we have agreed to state to the Board of Directors of John Reid & Sons (Crossgates) Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John Reid & Sons (Crossgates) Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that John Reid & Sons (Crossgates) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of John Reid & Sons (Crossgates) Limited. You consider that John Reid & Sons (Crossgates) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of John Reid & Sons (Crossgates) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Condie & Co Limited
29 August 2024
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
JOHN REID & SONS (CROSSGATES) LIMITED
Statement Of Financial Position
As At 31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
75,365
75,990
Cash at bank and in hand
224,274
234,166
299,639
310,156
Creditors: amounts falling due within one year
5
(289,290)
(293,558)
Net current assets
10,349
16,598
Capital and reserves
Called up share capital
6
10,000
10,000
Profit and loss reserves
349
6,598
Total equity
10,349
16,598
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered 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 29 August 2024 and are signed on its behalf by:
Mr J M Reid
Director
Company Registration No. SC139098
JOHN REID & SONS (CROSSGATES) LIMITED
Notes To The Financial Statements
For The Year Ended 31 March 2024
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1
Accounting policies
Company information
John Reid & Sons (Crossgates) Limited is a private company limited by shares incorporated in Scotland. The registered office is 78 Milton Road, Kirkcaldy, Fife, KY1 1TP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the company had ceased trading and therefore will not continue in operational existence for the foreseeable future. All the assets and liabilities have been stated at their realisable values.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
JOHN REID & SONS (CROSSGATES) LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
JOHN REID & SONS (CROSSGATES) LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
75,365
75,365
Other debtors
625
75,365
75,990
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
322
Other creditors
285,543
290,178
Accruals and deferred income
3,425
3,380
289,290
293,558
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
7
Directors' transactions
The balance due to the directors, which is included in other creditors, is repayable on demand.
Description
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr J Reid and Mrs H Reid
289,543
(4,000)
285,543
289,543
(4,000)
285,543
8
Related party transactions
The company has taken advantage of Section 1AC35 of FRS 102 whereby only material transactions which are not under the normal market conditions need to be disclosed. There are no transactions with any related companies that are not under normal market conditions.