Fettes and Rankine Engineering Ltd
Registered number: SC278367
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 27,744 49,298
Current assets
Stocks 8,733 11,048
Debtors 5 140,347 71,776
Cash at bank and in hand 96,459 30,368
245,539 113,192
Creditors: amounts falling due within one year 6 (189,356) (78,326)
Net current assets 56,183 34,866
Total assets less current liabilities 83,927 84,164
Creditors: amounts falling due after more than one year 7 3,817 -
Provisions for liabilities (9,366) (9,366)
Net assets 78,378 74,798
Capital and reserves
Called up share capital 100 100
Profit and loss account 78,278 74,698
Shareholders' funds 78,378 74,798
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P.J Rankine
Director
Approved by the board on 4 October 2024
Fettes and Rankine Engineering Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 137,800
At 31 January 2024 137,800
Amortisation
At 1 February 2023 137,800
At 31 January 2024 137,800
Net book value
At 31 January 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 8,896 219,058 60,746 288,700
At 31 January 2024 8,896 219,058 60,746 288,700
Depreciation
At 1 February 2023 8,896 171,314 59,192 239,402
Charge for the year - 20,000 1,554 21,554
At 31 January 2024 8,896 191,314 60,746 260,956
Net book value
At 31 January 2024 - 27,744 - 27,744
At 31 January 2023 - 47,744 1,554 49,298
5 Debtors 2024 2023
£ £
Trade debtors 2,715 46,550
Prepayments 8,632 25,226
Other debtors 129,000 -
140,347 71,776
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 149,298 42,373
Corporation tax 9,457 7,749
Accruals 32,016 32,166
Other creditors (1,415) (3,962)
189,356 78,326
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors (3,817) -
8 Other information
Fettes and Rankine Engineering Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Brodies House
31-33 Union Grove
Aberdeen
AB10 6SD
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