1 January 2023 v2024.55.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC7168642023-01-012023-12-31SC7168642023-12-31SC7168642022-12-31SC716864core:WithinOneYear2023-12-31SC716864core:WithinOneYear2022-12-31SC716864core:AfterOneYear2023-12-31SC716864core:AfterOneYear2022-12-31SC716864core:ShareCapital2023-12-31SC716864core:ShareCapital2022-12-31SC716864core:RetainedEarningsAccumulatedLosses2023-12-31SC716864core:RetainedEarningsAccumulatedLosses2022-12-31SC716864bus:Director12023-01-012023-12-31SC716864bus:RegisteredOffice2023-01-012023-12-31SC716864core:OtherResidualIntangibleAssets2023-01-012023-12-31SC7168642022-01-012022-12-31SC716864core:IntangibleAssetsOtherThanGoodwill2023-12-31SC716864core:IntangibleAssetsOtherThanGoodwill2022-12-31SC71686412023-01-012023-12-31SC716864countries:Scotland2023-01-012023-12-31SC716864bus:AuditExemptWithAccountantsReport2023-01-012023-12-31SC716864bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC716864bus:SmallEntities2023-01-012023-12-31SC716864bus:FullAccounts2023-01-012023-12-31
Company registration number:
SC716864
Lerwick Engineering Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Lerwick Engineering Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Lerwick Engineering Ltd
Year ended
31 December 2023
As described on the statement of financial position, the Board of Directors of
Lerwick Engineering Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 December 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
NGR Accountancy Ltd
Top Floor, The Garret
Esplanade
Lerwick
Shetland
ZE1 0LL
United Kingdom
Date:
4 November 2024
Lerwick Engineering Ltd
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Intangible assets 5
388,000
 
388,000
 
Current assets    
Debtors 6
1
 
1
 
Creditors: amounts falling due within one year 7
(63,200
)
(48,502
)
Net current liabilities
(63,199
)
(48,501
)
Total assets less current liabilities 324,801   339,499  
Creditors: amounts falling due after more than one year 8
(249,476
)
(327,373
)
Net assets
75,325
 
12,126
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
75,324
 
12,125
 
Shareholders funds
75,325
 
12,126
 
For the year ending
31 December 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
24 October 2024
, and are signed on behalf of the board by:
Jake Watt
Director
Company registration number:
SC716864
Lerwick Engineering Ltd
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
2 Fogralea
,
Lerwick
,
Shetland
,
ZE1 0SE
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Other intangible assets
Initially at cost and subsequently at cost less any accumulated impairment losses

Impairment

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.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2022:
1
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 January 2023
and
31 December 2023
388,000
 
Amortisation  
At
1 January 2023
and
31 December 2023
-  
Carrying amount  
At
31 December 2023
388,000
 
At 31 December 2022
388,000
 

6 Debtors

20232022
££
Other debtors
1
 
1
 

7 Creditors: amounts falling due within one year

20232022
££
Other creditors
63,200
 
48,502
 

8 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
249,476
 
327,373