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Registration number: SC135720

Akro Plant Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Akro Plant Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 12

 

Akro Plant Limited

Company Information

Director

Mr R J Robertson

Company secretary

Mrs J Robertson

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Akro Plant Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Akro Plant Limited for the year ended 29 February 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Akro Plant Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Akro Plant Limited and state those matters that we have agreed to state to the Board of Directors of Akro Plant Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Akro Plant Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Akro Plant Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Akro Plant Limited. You consider that Akro Plant Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Akro Plant Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

21 November 2024

 

Akro Plant Limited

(Registration number: SC135720)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

850,750

877,523

Current assets

 

Stocks

5

98,082

98,082

Debtors

6

225,781

212,552

Cash at bank and in hand

 

1,233,626

1,175,813

 

1,557,489

1,486,447

Creditors: Amounts falling due within one year

7

(148,161)

(239,164)

Net current assets

 

1,409,328

1,247,283

Total assets less current liabilities

 

2,260,078

2,124,806

Provisions for liabilities

(144,103)

(106,694)

Net assets

 

2,115,975

2,018,112

Capital and reserves

 

Called up share capital

8

2

2

Share premium reserve

14,632

14,632

Retained earnings

2,101,341

2,003,478

Shareholders' funds

 

2,115,975

2,018,112

For the financial year ending 29 February 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Akro Plant Limited

(Registration number: SC135720)
Balance Sheet as at 29 February 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 November 2024
 

.........................................
Mr R J Robertson
Director

 

Akro Plant Limited

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 March 2023

2

14,632

2,003,480

2,018,114

Profit for the year

-

-

113,861

113,861

Dividends

-

-

(16,000)

(16,000)

At 29 February 2024

2

14,632

2,101,341

2,115,975

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 March 2022

2

14,632

1,866,866

1,881,500

Profit for the year

-

-

152,612

152,612

Dividends

-

-

(16,000)

(16,000)

At 28 February 2023

2

14,632

2,003,478

2,018,112

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 21 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from renting and leasing of construction and civil engineering machinery and equipment. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £200 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% - 33% straight line

Furniture, fittings and equipment

25% straight line

Motor vehicles

25% reducing balance

Land and buildings

2% straight line (50% residual)

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 9 (2023 - 9).

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

225,860

185,225

226,701

4,587,008

5,224,794

Additions

-

(173,670)

90,307

211,093

127,730

Disposals

-

-

(38,592)

(34,746)

(73,338)

At 29 February 2024

225,860

11,555

278,416

4,763,355

5,279,186

Depreciation

At 1 March 2023

6,480

-

166,343

4,000,778

4,173,601

Charge for the year

2,160

4,198

36,379

276,039

318,776

Eliminated on disposal

-

-

(33,441)

(30,500)

(63,941)

At 29 February 2024

8,640

4,198

169,281

4,246,317

4,428,436

Carrying amount

At 29 February 2024

217,220

7,357

109,135

517,038

850,750

At 28 February 2023

219,380

11,555

60,358

586,230

877,523

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Included within the net book value of land and buildings above is £217,220 (2023 - £219,380) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
 

 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Stocks

2024
£

2023
£

Stock

98,082

98,082

6

Debtors

2024
£

2023
£

Trade debtors

209,125

200,161

Prepayments

16,656

12,391

225,781

212,552

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

61,862

135,345

Taxation and social security

82,829

84,518

Accruals and deferred income

1,592

-

Other creditors

1,878

19,301

148,161

239,164

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

Akro Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Related party transactions

The company operates a loan account with the director, Mr R Robertson.
During the year, the company repaid loans totalling £17,549 to the director. At the year end, the balance due to
the director was £604 (2022 - £18,153). This loan is unsecured, interest free and has no fixed repayment terms.