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COMPANY REGISTRATION NUMBER: SC197458
Fraser Dunlop Limited
Filleted Unaudited Abridged Financial Statements
For the year ended
29 February 2024
Fraser Dunlop Limited
Abridged Financial Statements
Year ended 29th February 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Fraser Dunlop Limited
Abridged Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,041,405
1,077,944
Current assets
Stocks
14,935
12,826
Debtors
228,518
250,829
Cash at bank and in hand
154,669
222,542
---------
---------
398,122
486,197
Creditors: amounts falling due within one year
569,747
592,495
---------
---------
Net current liabilities
171,625
106,298
------------
------------
Total assets less current liabilities
869,780
971,646
Creditors: amounts falling due after more than one year
206,175
258,498
Provisions
Taxation including deferred tax
192,471
202,291
---------
---------
Net assets
471,134
510,857
---------
---------
Fraser Dunlop Limited
Abridged Statement of Financial Position (continued)
29 February 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
471,034
510,757
---------
---------
Shareholders funds
471,134
510,857
---------
---------
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 29th February 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 29th February 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 23 September 2024 , and are signed on behalf of the board by:
Miss H A Dunlop
Director
Company registration number: SC197458
Fraser Dunlop Limited
Notes to the Abridged Financial Statements
Year ended 29th February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Dippolview, Westsidewood, Carnwath, Lanarkshire, ML11 8LJ.
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.
Going concern
The directors are of the opinion that there are sufficient funds available to the company to meet its liabilities as they fall due and as a result the accounts are prepared on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
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.
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:
Freehold Property
-
2% reducing balance
Plant and Machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office Equipment
-
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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. 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. Staff
The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).
5. Tangible assets
£
Cost
At 1st March 2023
2,636,342
Additions
190,922
Disposals
( 30,430)
------------
At 29th February 2024
2,796,834
------------
Depreciation
At 1st March 2023
1,558,398
Charge for the year
224,837
Disposals
( 27,806)
------------
At 29th February 2024
1,755,429
------------
Carrying amount
At 29th February 2024
1,041,405
------------
At 28th February 2023
1,077,944
------------
Capital commitments
2024
2023
£
£
Contracted for but not provided for in the abridged financial statements
150,000
----
---------
6. Charges on assets
Creditors include obligations under hire purchase contracts of £374,096 (2023: £456,087) which are secured on company assets.
7. Pension commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions of £244 (2023: £639) were due to the fund at the balance sheet date.
8. Directors' advances, credits and guarantees
The directors' loans were not in debit at any time during the year. The loans are interest free and repayable on demand.
9. Related party transactions
The company paid management fees and other charges of £36,000 during the year (2023: £36,000) to Messrs Thomas Dunlop and Son, a partnership between Mr and Mrs F Dunlop . The amount owed to Messrs Thomas Dunlop & Son by the company at the balance sheet date was £ 3,600 (2023: £ 3,600 ).