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Registered number: SC440478
Smith Taylor & Glen Limited
Financial Statements
For The Year Ended 31 January 2024
Gillespie's
Chartered Accountants
33 Leslie Street
Blairgowrie
Perthshire
PH10 6AW
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC440478
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 22,500 31,500
Tangible Assets 5 91,371 122,014
113,871 153,514
CURRENT ASSETS
Debtors 6 34,521 91,383
Cash at bank and in hand 28,773 63
63,294 91,446
Creditors: Amounts Falling Due Within One Year 7 (151,615 ) (172,836 )
NET CURRENT ASSETS (LIABILITIES) (88,321 ) (81,390 )
TOTAL ASSETS LESS CURRENT LIABILITIES 25,550 72,124
Creditors: Amounts Falling Due After More Than One Year 8 (20,655 ) (30,431 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (22,843 ) (23,183 )
NET (LIABILITIES)/ASSETS (17,948 ) 18,510
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (17,949 ) 18,509
SHAREHOLDERS' FUNDS (17,948) 18,510
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Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gordon Smith
Director
30th October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Smith Taylor & Glen Limited Registered number SC440478 is a limited by shares company incorporated in Scotland. The Registered Office is 33 Leslie Street, Blairgowrie, Perthshire, PH10 6AW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 33% Straight Line
2.6. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
Construction 3 5
4 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 90,000
As at 31 January 2024 90,000
Amortisation
As at 1 February 2023 58,500
Provided during the period 9,000
As at 31 January 2024 67,500
Net Book Value
As at 31 January 2024 22,500
As at 1 February 2023 31,500
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 264,626 43,739 5,147 313,512
Additions 1,850 - - 1,850
Disposals - (12,052 ) - (12,052 )
As at 31 January 2024 266,476 31,687 5,147 303,310
Depreciation
As at 1 February 2023 160,298 26,215 4,985 191,498
Provided during the period 26,544 3,913 162 30,619
Disposals - (10,178 ) - (10,178 )
As at 31 January 2024 186,842 19,950 5,147 211,939
Net Book Value
As at 31 January 2024 79,634 11,737 - 91,371
As at 1 February 2023 104,328 17,524 162 122,014
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 29,911 85,902
Prepayments and accrued income 2,040 1,969
Other debtors 2,570 3,512
34,521 91,383
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 23,595 7,265
Bank loans and overdrafts 10,000 26,096
Corporation tax 12,337 13,493
VAT 17,669 22,823
Other creditors < 1 year 3,607 3,428
Company credit card 409 1,857
Accruals and deferred income 1,273 40
Directors' loan accounts 82,725 97,834
151,615 172,836
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 20,655 30,431
20,655 30,431
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Included within Creditors is the following loans from the directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Gordon Smith 52,740 23,460 34,010 - 42,190
Mrs Jean Smith 45,094 22,540 27,099 - 40,535
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2024 2023
£ £
Mr Gordon Smith 23,460 42,075
Mrs Jean Smith 22,540 70,425
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11. Controlling Party
The company's controlling party is Gordon Smith by virtue of his ownership of 51% of the issued share capital in the company.
Page 6