6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC379333 2023-07-01 2024-06-30 SC379333 2024-06-30 SC379333 2023-06-30 SC379333 2022-07-01 2023-06-30 SC379333 2023-06-30 SC379333 2022-06-30 SC379333 core:PlantMachinery 2023-07-01 2024-06-30 SC379333 core:MotorVehicles 2023-07-01 2024-06-30 SC379333 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC379333 bus:Director1 2023-07-01 2024-06-30 SC379333 bus:Director2 2023-07-01 2024-06-30 SC379333 core:PlantMachinery 2023-06-30 SC379333 core:MotorVehicles 2023-06-30 SC379333 core:PlantMachinery 2024-06-30 SC379333 core:MotorVehicles 2024-06-30 SC379333 core:WithinOneYear 2024-06-30 SC379333 core:WithinOneYear 2023-06-30 SC379333 core:AfterOneYear 2024-06-30 SC379333 core:AfterOneYear 2023-06-30 SC379333 core:ShareCapital 2024-06-30 SC379333 core:ShareCapital 2023-06-30 SC379333 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC379333 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC379333 core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 SC379333 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 SC379333 core:PlantMachinery 2023-06-30 SC379333 core:MotorVehicles 2023-06-30 SC379333 bus:SmallEntities 2023-07-01 2024-06-30 SC379333 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC379333 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC379333 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC379333 bus:FullAccounts 2023-07-01 2024-06-30 SC379333 bus:OrdinaryShareClass1 2024-06-30 SC379333 bus:OrdinaryShareClass1 2023-06-30
COMPANY REGISTRATION NUMBER: SC379333
Angus Ross Ltd.
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
Angus Ross Ltd.
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
18,063
22,861
Current assets
Stocks
31,203
47,803
Debtors
6
4,017
5,950
Cash at bank and in hand
108,307
62,997
---------
---------
143,527
116,750
Creditors: amounts falling due within one year
7
92,467
36,652
---------
---------
Net current assets
51,060
80,098
--------
---------
Total assets less current liabilities
69,123
102,959
Creditors: amounts falling due after more than one year
8
15,661
25,780
Provisions
4,516
4,344
--------
---------
Net assets
48,946
72,835
--------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
48,846
72,735
--------
--------
Shareholders funds
48,946
72,835
--------
--------
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 30 June 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 .
Angus Ross Ltd.
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Angus Ross
Lorna Ross
Director
Director
Company registration number: SC379333
Angus Ross Ltd.
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Workshop, Burnside, Aberfeldy, Perthshire, PH15 2AU.
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 and investment properties measured at fair value through profit or loss.
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 and represents amounts receivable for bespoke handmade furniture sold during the period, stated net of discounts and of Value Added Tax.
Income tax
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. 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.
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
-
25% reducing balance
Motor vehicles
-
20% 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.
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
The following assets and liabilities are classified as financial instruments - trade debtors, cash at bank, trade creditors, accruals, other creditors, taxes, bank loans and directors' loans. Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice amount. Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit and loss. Cash at bank is measured at the undiscounted amount held by a bank. Accruals, other creditors and taxes due at the end of the reporting period are measured at the amount payable. Loans are calculated and recognised using the sum of the digits method. Directors' loans have no fixed terms for repayment and are measured at the undiscounted cash expected to be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
89,580
16,324
105,904
Additions
1,607
1,607
Disposals
( 2,935)
( 2,935)
--------
--------
---------
At 30 June 2024
88,252
16,324
104,576
--------
--------
---------
Depreciation
At 1 July 2023
69,950
13,093
83,043
Charge for the year
5,160
647
5,807
Disposals
( 2,337)
( 2,337)
--------
--------
---------
At 30 June 2024
72,773
13,740
86,513
--------
--------
---------
Carrying amount
At 30 June 2024
15,479
2,584
18,063
--------
--------
---------
At 30 June 2023
19,630
3,231
22,861
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
3,148
3,220
Other debtors
869
2,730
-------
-------
4,017
5,950
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,119
9,870
Trade creditors
497
345
Corporation tax
2,461
Social security and other taxes
14,257
9,076
Other creditors
65,133
17,361
--------
--------
92,467
36,652
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,661
25,780
--------
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
4,516
4,344
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
4,516
4,344
-------
-------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Directors' advances, credits and guarantees
No advances, credits or guarantees between the company and the directors were made which require to be disclosed under FRS 102 (Section 1A).