15
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC317488
2023-02-01
2024-01-31
SC317488
2024-01-31
SC317488
2023-01-31
SC317488
2022-02-01
2023-01-31
SC317488
2023-01-31
SC317488
2022-01-31
SC317488
core:PlantMachinery
2023-02-01
2024-01-31
SC317488
core:FurnitureFittings
2023-02-01
2024-01-31
SC317488
bus:Director1
2023-02-01
2024-01-31
SC317488
bus:Director2
2023-02-01
2024-01-31
SC317488
core:WithinOneYear
2024-01-31
SC317488
core:WithinOneYear
2023-01-31
SC317488
core:AfterOneYear
2023-01-31
SC317488
core:ShareCapital
2024-01-31
SC317488
core:ShareCapital
2023-01-31
SC317488
core:RetainedEarningsAccumulatedLosses
2024-01-31
SC317488
core:RetainedEarningsAccumulatedLosses
2023-01-31
SC317488
bus:SmallEntities
2023-02-01
2024-01-31
SC317488
bus:AuditExemptWithAccountantsReport
2023-02-01
2024-01-31
SC317488
bus:SmallCompaniesRegimeForAccounts
2023-02-01
2024-01-31
SC317488
bus:PrivateLimitedCompanyLtd
2023-02-01
2024-01-31
SC317488
bus:AbridgedAccounts
2023-02-01
2024-01-31
SC317488
core:MotorVehicles
2023-02-01
2024-01-31
SC317488
core:EntitiesControlledByKeyManagementPersonnel
2023-02-01
2024-01-31
COMPANY REGISTRATION NUMBER:
SC317488
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31 January 2024
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
31 January 2024
Fixed assets
Tangible assets |
5 |
124,846 |
140,426 |
|
|
|
|
Current assets
Stocks |
108,849 |
110,560 |
Debtors |
262,157 |
391,203 |
Cash at bank and in hand |
986,941 |
221,306 |
|
------------ |
--------- |
|
1,357,947 |
723,069 |
|
|
|
Creditors: amounts falling due within one year |
492,221 |
347,704 |
|
------------ |
--------- |
Net current assets |
865,726 |
375,365 |
|
--------- |
--------- |
Total assets less current liabilities |
990,572 |
515,791 |
|
|
|
Creditors: amounts falling due after more than one year |
– |
21,699 |
|
|
|
Provisions |
31,212 |
35,107 |
|
--------- |
--------- |
Net assets |
959,360 |
458,985 |
|
--------- |
--------- |
|
|
|
Abridged Statement of Financial Position (continued) |
|
31 January 2024
Capital and reserves
Called up share capital |
4 |
4 |
Profit and loss account |
959,356 |
458,981 |
|
--------- |
--------- |
Shareholders funds |
959,360 |
458,985 |
|
--------- |
--------- |
|
|
|
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 January 2024 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 January 2024 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
31 October 2024
, and are signed on behalf of the board by:
Mr B Doak |
Mr C Doak |
Director |
Director |
|
|
Company registration number:
SC317488
Notes to the Abridged Financial Statements |
|
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Northfaulds, Lanark, ML11 7SA.
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.
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.
Taxation
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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 |
- |
15% reducing balance |
|
Fixtures and fittings |
- |
15% reducing balance |
|
Motor vehicles |
- |
10% - 25% reducing balance |
|
|
|
|
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 measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2023:
15
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 February 2023 |
608,892 |
Additions |
4,691 |
Disposals |
(
5,328) |
|
--------- |
At 31 January 2024 |
608,255 |
|
--------- |
Depreciation |
|
At 1 February 2023 |
468,466 |
Charge for the year |
19,673 |
Disposals |
(
4,730) |
|
--------- |
At 31 January 2024 |
483,409 |
|
--------- |
Carrying amount |
|
At 31 January 2024 |
124,846 |
|
--------- |
At 31 January 2023 |
140,426 |
|
--------- |
|
|
6.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
23,500 |
23,500 |
|
-------- |
-------- |
|
|
|
7.
Charges on assets
Creditors include net obligations under hire purchase contracts which are secured of £21,699 (2023 - £42,584).
8.
Pension commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. There were unpaid contributions of £1,534 (2023 - £1,177) at the balance sheet date.
9.
Directors' advances, credits and guarantees
The directors loan account was not in debit during the current or previous years.
10.
Related party transactions
The company provided a loan and paid costs on behalf of partnerships in which both directors are partners. The balance outstanding at the year end was £76,515 (2023 - £76,515) and is shown in other debtors in the balance sheet. It also received funds from Silent Valley Enterprises Limited, a company under common ownership. The balance due at the year end was £20,000 (2022 - £20,000) and this is shown in creditors. The loan is interest free and repayable on demand.