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COMPANY REGISTRATION NUMBER: SC035193
Findlay, Irvine Limited
Filleted Unaudited Financial Statements
For the year ending
31 May 2024
Findlay, Irvine Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
222,476
237,837
Current assets
Stocks
426,011
368,508
Debtors
6
1,280,322
923,246
Cash at bank and in hand
4,142,379
4,366,021
------------
------------
5,848,712
5,657,775
Creditors: amounts falling due within one year
7
768,555
677,271
------------
------------
Net current assets
5,080,157
4,980,504
------------
------------
Total assets less current liabilities
5,302,633
5,218,341
Provisions
Taxation including deferred tax
10,019
13,394
------------
------------
Net assets
5,292,614
5,204,947
------------
------------
Capital and reserves
Called up share capital
8
8,658
8,658
Share premium account
39,142
39,142
Revaluation reserve
107,937
107,937
Capital redemption reserve
78,607
78,607
Profit and loss account
5,058,270
4,970,603
------------
------------
Shareholders funds
5,292,614
5,204,947
------------
------------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 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 financial statements .
Findlay, Irvine Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 8 October 2024 , and are signed on behalf of the board by:
C J Irvine
Director
Company registration number: SC035193
Findlay, Irvine Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Scotland ( SC035193 ). The address of the registered office is 42-44 Bog Road, Penicuik, Midlothian, EH26 9BU.
2. Statement of compliance
These 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 , as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfills its contractual obligations to customers by supplying goods and services and excludes value added tax. Where services are performed gradually over time revenue is recognised as activity progresses by reference to the value of the work performed.
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. On transition to FRS 102 on 1 June 2015, the fair value of certain assets was taken as the deemed cost.
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:
Land & buildings
-
Nil and 5%
Plant & machinery
-
10%, 20% and 33% Straight line
Motor vehicles
-
25% Straight line
Equipment
-
33% Straight line
Heritable land is not depreciated. In the opinion of the directors the realisable value of heritable land is in excess of the net book value and consequently there is no charge for depreciation.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 assets, which include trade and other debtors, taxes receivable and cash at bank, 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. Basic financial liabilities, which include trade and other creditors, bank and other loans and taxes due 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
The company contributes to defined contribution schemes in respect of certain directors and employees. Contributions payable are charged to the profit and loss account in the period to which they relate.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2023: 36 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
375,040
626,863
206,313
138,072
1,346,288
Additions
32,539
32,539
Disposals
( 10,361)
( 15,278)
( 25,639)
---------
---------
---------
---------
------------
At 31 May 2024
375,040
616,502
223,574
138,072
1,353,188
---------
---------
---------
---------
------------
Depreciation
At 1 June 2023
211,532
614,670
145,936
136,313
1,108,451
Charge for the year
3,111
828
32,389
1,211
37,539
Disposals
( 15,278)
( 15,278)
---------
---------
---------
---------
------------
At 31 May 2024
214,643
615,498
163,047
137,524
1,130,712
---------
---------
---------
---------
------------
Carrying amount
At 31 May 2024
160,397
1,004
60,527
548
222,476
---------
---------
---------
---------
------------
At 31 May 2023
163,508
12,193
60,377
1,759
237,837
---------
---------
---------
---------
------------
The historic costs of Land & Buildings is £68,802.
6. Debtors
2024
2023
£
£
Trade debtors
1,141,998
880,172
Other debtors
138,324
43,074
------------
---------
1,280,322
923,246
------------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
205,517
165,365
Corporation tax
71,688
85,810
Social security and other taxes
48,010
97,491
Other creditors
443,340
328,605
---------
---------
768,555
677,271
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
8,658
8,658
8,658
8,658
-------
-------
-------
-------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
1,294
13,961
Later than 1 year and not later than 5 years
1,294
-------
--------
1,294
15,255
-------
--------