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REGISTERED NUMBER: SC423917 (Scotland)















Financial Statements for the Year Ended 30 June 2024

for

POLLOCK PRECISION ENGINEERING LTD

POLLOCK PRECISION ENGINEERING LTD (REGISTERED NUMBER: SC423917)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2


POLLOCK PRECISION ENGINEERING LTD (REGISTERED NUMBER: SC423917)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
Fixed assets
Tangible assets 4 189,880 211,894
Investment property 5 - 80,000
189,880 291,894

Current assets
Stocks 8,845 8,333
Debtors 6 32,162 47,385
Cash at bank and in hand 359,331 281,392
400,338 337,110
Creditors
Amounts falling due within one year 7 (50,313 ) (68,346 )
Net current assets 350,025 268,764
Total assets less current liabilities 539,905 560,658

Provisions for liabilities (28,691 ) (33,861 )
Net assets 511,214 526,797

Capital and reserves
Called up share capital 8 100 100
Retained earnings 511,114 526,697
Shareholders' funds 511,214 526,797

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2024 and were signed on its behalf by:





S Pollock - Director


POLLOCK PRECISION ENGINEERING LTD (REGISTERED NUMBER: SC423917)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. Statutory information

Pollock Precision Engineering Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC423917

Registered office: 6 Rutherford Square
Brucefield Industrial Estate
Livingston
West Lothian
EH54 9BU

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 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. The financial statement have been prepared under the historical cost modified to include certain items at fair value.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Revenue from the machining of components is recognised when all the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the company;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Interest income is recognised using the effective interest method.

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.
Land and buildings - In accordance with the lease
Plant and machinery etc - 33% on cost, 20% on reducing balance and 15% on reducing balance

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. Provision is made for damaged, obsolete and slow moving stock where appropriate.


POLLOCK PRECISION ENGINEERING LTD (REGISTERED NUMBER: SC423917)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. Accounting policies - continued
Taxation
Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation represents the future taxation consequences of transactions and events recognised in the
financial statements of current and previous periods. It is recognised in respect of all timing differences, with
certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits.

Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Pension costs and other post-retirement benefits
The company operates money purchase (defined contribution) pension scheme. Contributions are charged against profits on the amounts payable for the year.

Rentals payable and receivable
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Bank and cash
Cash at bank and in hand includes cash and short term highly liquid investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

3. Employees and directors

The average number of employees during the year was 4 (2023 - 4 ) .

4. Tangible fixed assets
Leasehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Cost
At 1 July 2023
and 30 June 2024 90,414 412,022 19,495 521,931
Depreciation
At 1 July 2023 13,965 283,915 12,157 310,037
Charge for year 1,330 19,216 1,468 22,014
At 30 June 2024 15,295 303,131 13,625 332,051
Net book value
At 30 June 2024 75,119 108,891 5,870 189,880
At 30 June 2023 76,449 128,107 7,338 211,894

POLLOCK PRECISION ENGINEERING LTD (REGISTERED NUMBER: SC423917)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


5. Investment property
Total
£   
Fair value
At 1 July 2023 80,000
Disposals (80,000 )
At 30 June 2024 -
Net book value
At 30 June 2024 -
At 30 June 2023 80,000

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 32,072 47,301
Other debtors 90 84
32,162 47,385

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 3,309 4,074
Taxation and social security 28,183 17,547
Other creditors 18,821 46,725
50,313 68,346

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100