Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 SC551800 Mr Derek Macaloney Derek Macaloney true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC551800 2023-02-28 SC551800 2024-02-29 SC551800 2023-03-01 2024-02-29 SC551800 frs-core:CurrentFinancialInstruments 2024-02-29 SC551800 frs-core:Non-currentFinancialInstruments 2024-02-29 SC551800 frs-core:BetweenOneFiveYears 2024-02-29 SC551800 frs-core:FurnitureFittings 2024-02-29 SC551800 frs-core:FurnitureFittings 2023-03-01 2024-02-29 SC551800 frs-core:FurnitureFittings 2023-02-28 SC551800 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-02-29 SC551800 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 SC551800 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-02-28 SC551800 frs-core:MotorVehicles 2024-02-29 SC551800 frs-core:MotorVehicles 2023-03-01 2024-02-29 SC551800 frs-core:MotorVehicles 2023-02-28 SC551800 frs-core:PlantMachinery 2024-02-29 SC551800 frs-core:PlantMachinery 2023-03-01 2024-02-29 SC551800 frs-core:PlantMachinery 2023-02-28 SC551800 frs-core:WithinOneYear 2024-02-29 SC551800 frs-core:ShareCapital 2024-02-29 SC551800 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 SC551800 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC551800 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 SC551800 frs-bus:SmallEntities 2023-03-01 2024-02-29 SC551800 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 SC551800 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC551800 1 2023-03-01 2024-02-29 SC551800 frs-bus:Director1 2023-03-01 2024-02-29 SC551800 frs-bus:Director1 2023-02-28 SC551800 frs-bus:Director1 2024-02-29 SC551800 frs-countries:Scotland 2023-03-01 2024-02-29 SC551800 2022-02-28 SC551800 2023-02-28 SC551800 2022-03-01 2023-02-28 SC551800 frs-core:CurrentFinancialInstruments 2023-02-28 SC551800 frs-core:Non-currentFinancialInstruments 2023-02-28 SC551800 frs-core:BetweenOneFiveYears 2023-02-28 SC551800 frs-core:WithinOneYear 2023-02-28 SC551800 frs-core:ShareCapital 2023-02-28 SC551800 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: SC551800
Euro-fab (Scotland) LTD
Unaudited Financial Statements
For The Year Ended 29 February 2024
John McEwan Accounting Services
ACCA
60 Clove Mill Wynd
Larkhall
ML9 1NT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: SC551800
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 362,539 345,911
362,539 345,911
CURRENT ASSETS
Stocks 5 283,552 406,893
Debtors 6 342,740 321,336
Cash at bank and in hand 76,009 68,849
702,301 797,078
Creditors: Amounts Falling Due Within One Year 7 (474,630 ) (485,771 )
NET CURRENT ASSETS (LIABILITIES) 227,671 311,307
TOTAL ASSETS LESS CURRENT LIABILITIES 590,210 657,218
Creditors: Amounts Falling Due After More Than One Year 8 (76,052 ) (138,677 )
NET ASSETS 514,158 518,541
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 514,058 518,441
SHAREHOLDERS' FUNDS 514,158 518,541
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Derek Macaloney
Director
28/11/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Euro-fab (Scotland) LTD is a private company, limited by shares, incorporated in Scotland, registered number SC551800 . The registered office is 14a Newhouse Industrial Estate, Newhouse, Motherwell, ML1 5SG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 5% straight line
Plant & Machinery 10% and 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 12)
12 12
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 March 2023 88,500 366,620 103,764 11,738 570,622
Additions 30,163 21,250 28,000 484 79,897
As at 29 February 2024 118,663 387,870 131,764 12,222 650,519
Depreciation
As at 1 March 2023 12,191 158,888 49,067 4,565 224,711
Provided during the period 11,131 29,550 20,674 1,914 63,269
As at 29 February 2024 23,322 188,438 69,741 6,479 287,980
Net Book Value
As at 29 February 2024 95,341 199,432 62,023 5,743 362,539
As at 1 March 2023 76,309 207,732 54,697 7,173 345,911
5. Stocks
2024 2023
£ £
Stock, work in progress and finished goods 283,552 406,893
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 243,654 231,342
Other debtors 71,170 21,215
VAT 2,055 -
Director's loan account 25,861 68,779
342,740 321,336
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 12,625 23,800
Trade creditors 318,781 280,259
Bank loans and overdrafts 50,000 50,000
Corporation tax 78,832 62,569
Other taxes and social security 11,978 3,695
VAT - 63,347
Other creditors 419 106
Accruals and deferred income 1,995 1,995
474,630 485,771
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,052 13,677
Bank loans 75,000 125,000
76,052 138,677
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 12,625 23,800
Later than one year and not later than five years 1,052 13,677
13,677 37,477
13,677 37,477
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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11. Directors Advances, Credits and Guarantees
Included within creditors  / (debtors) are the following loans from / (to) the director:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Derek Macaloney (68,779 ) (25,861 ) 68,779 - (25,861 )
The above loan, which is due from the director, is interest free, unsecured, has no repayment terms and is repayable on demand.
The above loan was repaid on the 28th November 2024.
12. Related Party Transactions
During the year the company paid dividends of £40,500 to the director (2023: £40,500)
13. Ultimate Controlling Party
The company's ultimate controlling party is Derek Macaloney by virtue of his ownership of 100% of the issued share capital in the company.
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