Caseware UK (AP4) 2023.0.135 2023.0.135 No description of principal activityfalse34false2023-02-0133trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC023683 2023-02-01 2024-01-31 SC023683 2022-02-01 2023-01-31 SC023683 2024-01-31 SC023683 2023-01-31 SC023683 c:CompanySecretary1 2023-02-01 2024-01-31 SC023683 c:Director1 2023-02-01 2024-01-31 SC023683 c:Director2 2023-02-01 2024-01-31 SC023683 c:RegisteredOffice 2023-02-01 2024-01-31 SC023683 d:Buildings 2023-02-01 2024-01-31 SC023683 d:Buildings 2024-01-31 SC023683 d:Buildings 2023-01-31 SC023683 d:PlantMachinery 2023-02-01 2024-01-31 SC023683 d:PlantMachinery 2023-01-31 SC023683 d:FurnitureFittings 2023-02-01 2024-01-31 SC023683 d:FurnitureFittings 2023-01-31 SC023683 d:CurrentFinancialInstruments 2024-01-31 SC023683 d:CurrentFinancialInstruments 2023-01-31 SC023683 d:Non-currentFinancialInstruments 2024-01-31 SC023683 d:Non-currentFinancialInstruments 2023-01-31 SC023683 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 SC023683 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 SC023683 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 SC023683 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 SC023683 d:ShareCapital 2024-01-31 SC023683 d:ShareCapital 2023-01-31 SC023683 d:RevaluationReserve 2024-01-31 SC023683 d:RevaluationReserve 2023-01-31 SC023683 d:OtherMiscellaneousReserve 2024-01-31 SC023683 d:OtherMiscellaneousReserve 2023-01-31 SC023683 d:RetainedEarningsAccumulatedLosses 2024-01-31 SC023683 d:RetainedEarningsAccumulatedLosses 2023-01-31 SC023683 c:OrdinaryShareClass2 2023-02-01 2024-01-31 SC023683 c:OrdinaryShareClass2 2024-01-31 SC023683 c:OrdinaryShareClass2 2023-01-31 SC023683 c:OrdinaryShareClass3 2023-02-01 2024-01-31 SC023683 c:OrdinaryShareClass3 2024-01-31 SC023683 c:OrdinaryShareClass3 2023-01-31 SC023683 c:FRS102 2023-02-01 2024-01-31 SC023683 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 SC023683 c:FullAccounts 2023-02-01 2024-01-31 SC023683 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC023683 d:WithinOneYear 2024-01-31 SC023683 d:WithinOneYear 2023-01-31 SC023683 5 2023-02-01 2024-01-31 SC023683 e:PoundSterling 2023-02-01 2024-01-31 xbrli:pure iso4217:GBP xbrli:shares
Registered number: SC023683










NORTHERN TOOL & GEAR COMPANY LIMITED
FINANCIAL STATEMENTS
For the year ended 31 January 2024

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

COMPANY INFORMATION


Directors
Mr Gordon Strachan 
Mr Graeme Strachan 




Company secretary
Thorntons Law LLP



Registered number
SC023683



Registered office
John Street West

Arbroath

DD11 1RT




Accountants
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 8


 
NORTHERN TOOL & GEAR COMPANY LIMITED
Registered number: SC023683

STATEMENT OF FINANCIAL POSITION
As at 31 January 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
680,236
790,025

  
680,236
790,025

Current assets
  

Debtors: amounts falling due within one year
 5 
703,485
934,350

Cash at bank and in hand
  
205,881
23

  
909,366
934,373

Creditors: amounts falling due within one year
 6 
(359,029)
(474,456)

Net current assets
  
 
 
550,337
 
 
459,917

Total assets less current liabilities
  
1,230,573
1,249,942

Creditors: amounts falling due after more than one year
 7 
(14,237)
(24,186)

  

Net assets
  
1,216,336
1,225,756


Capital and reserves
  

Called up share capital 
 8 
10,824
10,824

Revaluation reserve
  
411,261
421,069

Other reserves
  
6,000
6,000

Profit and loss account
  
788,251
787,863

  
1,216,336
1,225,756


Page 1

 
NORTHERN TOOL & GEAR COMPANY LIMITED
Registered number: SC023683

STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 January 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 August 2024.




Mr Gordon Strachan
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2024

1.


GENERAL INFORMATION

Northern Tool & Gear Company Limited is a private company, limited by shares, domiciled in Scotland with registration number SC023683.  The registered office is John Street West, Arbroath, DD11 1RT.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Freehold property
-
0-2.5% straight line
Plant & machinery
-
10% straight line
Fixtures & fittings
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

REVALUATION OF TANGIBLE FIXED ASSETS

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 4

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.6

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 34 (2023 - 33).

Page 5

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2024

4.


TANGIBLE FIXED ASSETS





Freehold property
Plant & machinery
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 February 2023
600,000
5,053,438
163,681
5,817,119



At 31 January 2024
600,000
5,053,438
163,681
5,817,119



Depreciation



At 1 February 2023
-
4,891,463
135,631
5,027,094


Charge for the year on owned assets
-
89,868
5,618
95,486


On revalued assets
14,303
-
-
14,303



At 31 January 2024
14,303
4,981,331
141,249
5,136,883



Net book value




At 31 January 2024
585,697
72,107
22,432
680,236



At 31 January 2023
600,000
161,975
28,050
790,025


5.


DEBTORS

2024
2023
£
£


Trade debtors
380,804
496,048

Other debtors
298,762
405,772

Prepayments and accrued income
23,919
32,530

703,485
934,350


Page 6

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2024

6.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
46,445

Bank loans
10,000
10,000

Trade creditors
241,928
315,303

Other taxation and social security
74,179
68,670

Other creditors
8,068
8,178

Accruals and deferred income
24,854
25,860

359,029
474,456





7.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
14,237
24,167

Other creditors
-
19

14,237
24,186




Page 7

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2024

8.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



3,826 (2023 - 3,826) Ordinary A shares of £1.00 each
3,826
3,826
6,998 (2023 - 6,998) Ordinary B shares of £1.00 each
6,998
6,998

10,824

10,824



9.


COMMITMENTS UNDER OPERATING LEASES

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
9,750

-
9,750


Page 8