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COMPANY REGISTRATION NUMBER: SC389003
Strathmore Briquette Limited
Filleted Unaudited Financial Statements
31 March 2024
Strathmore Briquette Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
236,353
215,619
Current assets
Stocks
60,000
51,000
Debtors
5
40,470
69,449
Cash at bank and in hand
17,295
20,633
---------
---------
117,765
141,082
Creditors: amounts falling due within one year
6
329,560
304,216
---------
---------
Net current liabilities
211,795
163,134
---------
---------
Total assets less current liabilities
24,558
52,485
Provisions
Taxation including deferred tax
41,361
38,249
--------
--------
Net (liabilities)/assets
( 16,803)
14,236
--------
--------
Capital and reserves
Called up share capital
8
20,100
20,100
Revaluation reserve
1,357
1,596
Profit and loss account
( 38,260)
( 7,460)
--------
--------
Shareholders (deficit)/funds
( 16,803)
14,236
--------
--------
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 comprehensive income has not been delivered.
For the year ending 31 March 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 .
Strathmore Briquette Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Mr Roderick S. Hill
Director
Company registration number: SC389003
Strathmore Briquette Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Row, Douglastown, Forfar, Angus, DD8 1TL.
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.
Going concern
The company made a loss for the year of £30,800 (2023 - Profit £2,129) The directors consider that, despite the loss the going concern basis is still applicable for the preparation of the financial statements as the ability of the company to continue to trade is dependant on the support of the directors and the company's bankers.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
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.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
294,502
81,098
1,625
377,225
Additions
61,917
299
62,216
Disposals
( 20,000)
( 20,000)
---------
--------
-------
---------
At 31 March 2024
356,419
61,098
1,924
419,441
---------
--------
-------
---------
Depreciation
At 1 April 2023
143,583
17,192
831
161,606
Charge for the year
22,398
15,087
198
37,683
Disposals
( 16,441)
( 16,441)
Revaluations
240
240
---------
--------
-------
---------
At 31 March 2024
166,221
15,838
1,029
183,088
---------
--------
-------
---------
Carrying amount
At 31 March 2024
190,198
45,260
895
236,353
---------
--------
-------
---------
At 31 March 2023
150,919
63,906
794
215,619
---------
--------
-------
---------
5. Debtors
2024
2023
£
£
Trade debtors
31,551
59,641
Other debtors
8,919
9,808
--------
--------
40,470
69,449
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
329,560
304,216
---------
---------
7. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
41,361
38,249
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
20,100
20,100
20,100
20,100
--------
--------
--------
--------