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No description of principal activity
2022-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC027097
2022-11-01
2023-10-31
SC027097
2023-10-31
SC027097
2022-10-31
SC027097
2021-11-01
2022-10-31
SC027097
2022-10-31
SC027097
2021-10-31
SC027097
bus:OrdinaryShareClass1
2022-11-01
2023-10-31
SC027097
bus:Director2
2022-11-01
2023-10-31
SC027097
core:WithinOneYear
2023-10-31
SC027097
core:WithinOneYear
2022-10-31
SC027097
core:AfterOneYear
2023-10-31
SC027097
core:AfterOneYear
2022-10-31
SC027097
core:UKTax
2022-11-01
2023-10-31
SC027097
core:UKTax
2021-11-01
2022-10-31
SC027097
core:ShareCapital
2023-10-31
SC027097
core:ShareCapital
2022-10-31
SC027097
core:SharePremium
2023-10-31
SC027097
core:SharePremium
2022-10-31
SC027097
core:RetainedEarningsAccumulatedLosses
2023-10-31
SC027097
core:RetainedEarningsAccumulatedLosses
2022-10-31
SC027097
core:CostValuation
core:Non-currentFinancialInstruments
2023-10-31
SC027097
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2023-10-31
SC027097
core:Non-currentFinancialInstruments
2023-10-31
SC027097
core:Non-currentFinancialInstruments
2022-10-31
SC027097
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2022-11-01
2023-10-31
SC027097
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2022-11-01
2023-10-31
SC027097
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2022-11-01
2023-10-31
SC027097
bus:PrivateLimitedCompanyLtd
2022-11-01
2023-10-31
SC027097
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2022-11-01
2023-10-31
SC027097
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2023-10-31
SC027097
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2022-10-31
SC027097
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2022-11-01
2023-10-31
SC027097
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2022-11-01
2023-10-31
SC027097
core:Subsidiary1
2022-11-01
2023-10-31
COMPANY REGISTRATION NUMBER:
SC027097
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31 October 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
31 October 2023
Fixed assets
Tangible assets |
6 |
445,943 |
395,266 |
Investments |
7 |
11,813 |
11,813 |
|
--------- |
--------- |
|
457,756 |
407,079 |
|
|
|
|
Current assets
Stocks |
76,845 |
87,878 |
Debtors |
705,242 |
142,366 |
Cash at bank and in hand |
69,624 |
455,417 |
|
--------- |
--------- |
|
851,711 |
685,661 |
|
|
|
Creditors: amounts falling due within one year |
370,932 |
232,310 |
|
--------- |
--------- |
Net current assets |
480,779 |
453,351 |
|
--------- |
--------- |
Total assets less current liabilities |
938,535 |
860,430 |
|
|
|
Creditors: amounts falling due after more than one year |
22,500 |
32,500 |
|
|
|
Provisions
Taxation including deferred tax |
21,722 |
15,365 |
|
--------- |
--------- |
Net assets |
894,313 |
812,565 |
|
--------- |
--------- |
|
|
|
Abridged Statement of Financial Position (continued) |
|
31 October 2023
Capital and reserves
Called up share capital |
8 |
10,375 |
10,375 |
Share premium account |
9 |
11,375 |
11,375 |
Profit and loss account |
9 |
872,563 |
790,815 |
|
--------- |
--------- |
Shareholders funds |
894,313 |
812,565 |
|
--------- |
--------- |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
9 October 2024
, and are signed on behalf of the board by:
Company registration number:
SC027097
Notes to the Abridged Financial Statements |
|
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Tayview, South Union Street, Monifieth, Angus, DD5 4GH.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The directors have reviewed the company's current and forecasted financial situation and have assessed that the company has adequate resources to meet the ongoing obligations of the business for the foreseeable future. For this reason, the financial statements have been prepared on a going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and Machinery |
- |
20% - 33% Reducing balance |
|
|
|
|
No depreciation has been provided for in respect of land and buildings as, in the opinion of the directors, the current market value of these assets exceeds the amounts at which they are carried in the financial statements.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2022:
9
).
5.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
20,187 |
11,060 |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
6,357 |
453 |
|
-------- |
-------- |
Tax on profit |
26,544 |
11,513 |
|
-------- |
-------- |
|
|
|
6.
Tangible assets
|
£ |
Cost |
|
At 1 November 2022 |
565,758 |
Additions |
76,168 |
Disposals |
(
2,930) |
|
--------- |
At 31 October 2023 |
638,996 |
|
--------- |
Depreciation |
|
At 1 November 2022 |
170,492 |
Charge for the year |
25,474 |
Disposals |
(
2,913) |
|
--------- |
At 31 October 2023 |
193,053 |
|
--------- |
Carrying amount |
|
At 31 October 2023 |
445,943 |
|
--------- |
At 31 October 2022 |
395,266 |
|
--------- |
|
|
7.
Investments
|
£ |
Cost |
|
At 1 November 2022 and 31 October 2023 |
21,397 |
|
-------- |
Impairment |
|
At 1 November 2022 and 31 October 2023 |
9,584 |
|
-------- |
Carrying amount |
|
At 31 October 2023 |
11,813 |
|
-------- |
At 31 October 2022 |
11,813 |
|
-------- |
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
10,375 |
10,375 |
10,375 |
10,375 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
9.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
10.
Directors' advances, credits and guarantees
At the year end, the directors were due to pay £390,914 to the company (2022 - company owed directors £40,839) which is shown in debtors. This loan was repaid in full post year end.
11.
Related party transactions
The company was under the control of the directors throughout the current and previous year. During the year the company paid £nil (2022 - £nil) to The Fairmuir Property Investment Company Limited, a subsidiary company. Interbild Limited also paid expenses amounting to £1,073 (2022 - £985) on behalf of the subsidiary company. At the year end the balance owing from The Fairmuir Property Investment Company Limited was £140,965 (2022 - £139,892). Dividends of £1,485 (2022 - £3,441) were paid to the directors in the year.