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Company registration number: SC239745
BTS Engineering Limited
30 November 2023
DICKSON MIDDLETON
Chartered Accountants
www.dicksonmiddleton.co.uk
A member firm of the UK 200 Group
BTS Engineering Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
BTS Engineering Limited
Directors and other information
Directors Peter Stewart
Denise Stewart
Secretary Denise Stewart
Company number SC239745
Registered office 5/9 Bridge Street
Bonnybridge
FK4 1AD
Accountants Dickson Middleton
Chartered Accountants
5/9 Bridge Street
Bonnybridge
FK4 1AD
BTS Engineering Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of BTS Engineering Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BTS Engineering Limited for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , 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 BTS Engineering Limited, as a body, in accordance with the terms of our engagement letter dated 25 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of BTS Engineering Limited and state those matters that we have agreed to state to the board of directors of BTS Engineering Limited as a body, in this report in accordance with the requirements of ICAS 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 BTS Engineering Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that BTS Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of BTS Engineering Limited. You consider that BTS Engineering 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 financial statements of BTS Engineering 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 financial statements.
Dickson Middleton
Chartered Accountants
5/9 Bridge Street
Bonnybridge
FK4 1AD
30 November 2024
BTS Engineering Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 99,360 83,629
_______ _______
99,360 83,629
Current assets
Stocks 183,330 112,078
Debtors 6 548,498 487,943
Cash at bank and in hand 181,153 155,090
_______ _______
912,981 755,111
Creditors: amounts falling due
within one year 7 ( 285,002) ( 252,352)
_______ _______
Net current assets 627,979 502,759
_______ _______
Total assets less current liabilities 727,339 586,388
Creditors: amounts falling due
after more than one year 8 ( 9,936) ( 21,270)
Provisions for liabilities ( 24,342) ( 15,430)
_______ _______
Net assets 693,061 549,688
_______ _______
Capital and reserves
Called up share capital 9 1,000 1,000
Profit and loss account 692,061 548,688
_______ _______
Shareholders funds 693,061 549,688
_______ _______
For the year ending 30 November 2023 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 30 November 2024 , and are signed on behalf of the board by:
Peter Stewart
Director
Company registration number: SC239745
BTS Engineering Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 5/9 Bridge Street, Bonnybridge, FK4 1AD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historic cost basis. The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and 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:
Freehold property - 10 % straight line
Plant and machinery - 15 % reducing balance
Fixtures, fittings and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computer - Straight line over 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stock is measured at the lower of cost and net realisable value. Work in progress is stated at the net sales value of the work done after provisions for contingencies and anticipated future losses less any payments received on account.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, trade and other creditors.Cash and cash equivalents comprise cash in hand, deposits held with banks and other short-term highly liquid investments with original maturities of three months or less.Trade and other debtors are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable, net of any impairment. At the end of each reporting year, the company assesses whether there is objective evidence that any financial asset amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all the amounts due according to the original terms of the financial assets. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows. The amount of the provision is recognised immediately in the statement of income and retained earnings.Trade and other creditors are initially measured at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable.
Defined contribution plans
The company operates defined contribution plans for its employees. Contributions payable are recognised in the statement of income when they are due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 13 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer Total
£ £ £ £ £ £
Cost
At 1 December 2022 9,722 195,642 18,696 84,419 10,685 319,164
Additions - 13,338 - 24,900 - 38,238
_______ _______ _______ _______ _______ _______
At 30 November 2023 9,722 208,980 18,696 109,319 10,685 357,402
_______ _______ _______ _______ _______ _______
Depreciation
At 1 December 2022 8,792 131,946 16,405 68,359 10,033 235,535
Charge for the year 155 11,553 344 10,240 215 22,507
_______ _______ _______ _______ _______ _______
At 30 November 2023 8,947 143,499 16,749 78,599 10,248 258,042
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 November 2023 775 65,481 1,947 30,720 437 99,360
_______ _______ _______ _______ _______ _______
At 30 November 2022 930 63,696 2,291 16,060 652 83,629
_______ _______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 519,770 463,638
Other debtors 28,728 24,305
_______ _______
548,498 487,943
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 129,707 158,424
Corporation tax 60,777 18,661
Social security and other taxes 57,089 46,211
Other creditors 37,429 29,056
_______ _______
285,002 252,352
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 9,936 21,270
_______ _______
9. Called up share capital
Authorised share capital
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 50,000 50,000 50,000 50,000
_______ _______ _______ _______
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1,000 1,000 1,000 1,000
_______ _______ _______ _______
10. Controlling party
Peter Stewart and Denise Stewart own all of the share capital and control the company.