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REGISTERED NUMBER: SC214962 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Studbolt (Scotland) Limited

Studbolt (Scotland) Limited (Registered number: SC214962)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Studbolt (Scotland) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: P Queen
Mrs L Queen



SECRETARY: Mrs L Queen



REGISTERED OFFICE: 8 Abbotsinch Road
Grangemouth
Stirlingshire
FK3 8UX



REGISTERED NUMBER: SC214962 (Scotland)



ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN



BANKERS: Royal Bank of Scotland
East Kilbride Branch
24/25 Princes Square
East Kilbride
G74 1LJ

Studbolt (Scotland) Limited (Registered number: SC214962)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,905 7,817

CURRENT ASSETS
Debtors 5 555,723 482,028
Cash at bank and in hand 334,824 258,285
890,547 740,313
CREDITORS
Amounts falling due within one year 6 335,965 356,618
NET CURRENT ASSETS 554,582 383,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

581,487

391,512

PROVISIONS FOR LIABILITIES 4,088 -
NET ASSETS 577,399 391,512

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 572,399 386,512
SHAREHOLDERS' FUNDS 577,399 391,512

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:



P Queen - Director


Studbolt (Scotland) Limited (Registered number: SC214962)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Studbolt (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company has significant cash resources and no requirement for external funding. Consequently, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to believe the going concern basis of accountancy is appropriate in preparing the annual financial statements.

Significant judgements and estimates
In preparing the financial statements, management is required to make judgements, estimates and assumptions, based on historical experience and other relevant factors. Actual results may differ from these best estimates, which are reviewed on an ongoing basis.

The significant items in the financial statements where these judgements are required (and the factors in play) include: debtors (likelihood of recovery), fixed assets (depreciation rates & useful lives) and the going concern basis of accounting.

Turnover
Turnover represents net sales of goods, excluding value added tax and any discount offered, recognised when the company becomes entitled to the income concerned and when the outcome of the transaction can be reliably measured.

This occurs when:
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the company no longer retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- it is probable that the economic benefits associated with the transaction will flow to the company; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant & machinery etc - 25% on cost, 10% on reducing balance.
Motor vehicles - 25% on cost

Factors such as a change in how an asset is used, significant unexpected wear and tear, technological advancement, and changes in market prices may indicate that the residual value or useful life of an asset has changed since the most recent annual reporting date. If such indicators are present, the company will review its previous estimates and, if current expectations differ, amend the residual value, depreciation method or useful life, accounting for such revisions as a change in an accounting estimate in accordance with FRS 102.

Studbolt (Scotland) Limited (Registered number: SC214962)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the year 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employment benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Studbolt (Scotland) Limited (Registered number: SC214962)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Provisions for liabilities
A provision for liabilities is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated readily. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 46,528
Additions 28,663
Disposals (13,680 )
At 31 March 2024 61,511
DEPRECIATION
At 1 April 2023 38,711
Charge for year 9,574
Eliminated on disposal (13,679 )
At 31 March 2024 34,606
NET BOOK VALUE
At 31 March 2024 26,905
At 31 March 2023 7,817

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 402,022 329,725
Other debtors 153,701 152,303
555,723 482,028

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 220,743 276,791
Taxation and social security 88,546 54,494
Other creditors 26,676 25,333
335,965 356,618

Studbolt (Scotland) Limited (Registered number: SC214962)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 11,247 8,507
Between one and five years 11,293 15,598
22,540 24,105

8. OTHER FINANCIAL COMMITMENTS

The company paid dividends totalling £25,000 after the end of the financial year but prior to these financial statements being finalised.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
P Queen
Balance outstanding at start of year 112,917 110,703
Amounts advanced 2,541 2,214
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 115,458 112,917

The company is owed £115,458 (2023 - £112,917) from Mr P Queen, a director of the company, as at the financial year end, with the movement in the loan balance during the year relating to interest charged by the company of £2,541 (2023 - £2,214). Interest thereon is applied at 2.25% in the year, with the balance being regarded as repayable on demand.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions between wholly owned members of the group.

Details of the loans to company directors are disclosed elsewhere in the financial statements.

11. ULTIMATE CONTROLLING PARTY

Studbolt (Scotland) Limited is a subsidiary of Studbolt (Scotland) Holdings Limited, 8 Abbotsinch Road, Grangemouth, Stirlingshire, United Kingdom, FK3 9UX.

The ultimate controlling party is considered to be Mr P Queen, due to his controlling share interests in the parent company.

Studbolt (Scotland) Limited (Registered number: SC214962)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. CONSIGNMENT STOCK

Inventory held by the company at the financial year end is classed as consignment in nature, due to the terms in place with the company's suppliers. As such, this inventory (estimated by the director at a year-end value of approximately £40,000) is only considered to be an asset of the company when title passes to the company. This only occurs when that inventory is sold to the eventual customer and as such, no inventory is recognised at the financial year end.