4 4 Shoremuir Limited SC222885 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is drainage consultants Digita Accounts Production Advanced 6.30.9574.0 true SC222885 2023-04-01 2024-03-31 SC222885 2024-03-31 SC222885 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-03-31 SC222885 core:CurrentFinancialInstruments 2024-03-31 SC222885 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC222885 core:FurnitureFittingsToolsEquipment 2024-03-31 SC222885 core:LandBuildings 2024-03-31 SC222885 core:MotorVehicles 2024-03-31 SC222885 bus:SmallEntities 2023-04-01 2024-03-31 SC222885 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC222885 bus:FilletedAccounts 2023-04-01 2024-03-31 SC222885 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC222885 bus:RegisteredOffice 2023-04-01 2024-03-31 SC222885 bus:Director1 2023-04-01 2024-03-31 SC222885 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-04-01 2024-03-31 SC222885 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC222885 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 SC222885 core:LandBuildings 2023-04-01 2024-03-31 SC222885 core:LeaseholdImprovements 2023-04-01 2024-03-31 SC222885 core:MotorCars 2023-04-01 2024-03-31 SC222885 core:MotorVehicles 2023-04-01 2024-03-31 SC222885 core:PlantMachinery 2023-04-01 2024-03-31 SC222885 countries:Scotland 2023-04-01 2024-03-31 SC222885 2023-03-31 SC222885 core:FurnitureFittingsToolsEquipment 2023-03-31 SC222885 core:LandBuildings 2023-03-31 SC222885 core:MotorVehicles 2023-03-31 SC222885 2022-04-01 2023-03-31 SC222885 2023-03-31 SC222885 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-03-31 SC222885 core:CurrentFinancialInstruments 2023-03-31 SC222885 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC222885 core:FurnitureFittingsToolsEquipment 2023-03-31 SC222885 core:LandBuildings 2023-03-31 SC222885 core:MotorVehicles 2023-03-31 xbrli:pure iso4217:GBP xbrli:shares

Shoremuir Limited

trading as Sweeney Drainage

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Shoremuir Limited

trading as Sweeney Drainage

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Shoremuir Limited

trading as Sweeney Drainage

Company Information

Director

B Sweeney

Registered office

23 St Vincent Crescent
Finnieston
Glasgow
G3 8LH

 

Shoremuir Limited

trading as Sweeney Drainage

(Registration number: SC222885)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

120,218

148,063

Current assets

 

Stocks

5

14,141

11,008

Debtors

6

419,170

348,619

Cash at bank and in hand

 

143,965

54,517

 

577,276

414,144

Creditors: Amounts falling due within one year

7

(128,372)

(60,484)

Net current assets

 

448,904

353,660

Total assets less current liabilities

 

569,122

501,723

Provisions for liabilities

(22,649)

(22,389)

Net assets

 

546,473

479,334

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

546,471

479,332

Shareholders' funds

 

546,473

479,334

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 December 2024
 

.........................................
B Sweeney
Director

 

Shoremuir Limited

trading as Sweeney Drainage

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
23 St Vincent Crescent
Finnieston
Glasgow
G3 8LH

These financial statements were authorised for issue by the director on 24 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Shoremuir Limited

trading as Sweeney Drainage

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

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

2% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Shoremuir Limited

trading as Sweeney Drainage

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

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

Shoremuir Limited

trading as Sweeney Drainage

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

34,818

74,187

215,785

324,790

Additions

-

237

-

237

At 31 March 2024

34,818

74,424

215,785

325,027

Depreciation

At 1 April 2023

4,592

54,019

118,116

176,727

Charge for the year

604

3,061

24,417

28,082

At 31 March 2024

5,196

57,080

142,533

204,809

Carrying amount

At 31 March 2024

29,622

17,344

73,252

120,218

At 31 March 2023

30,226

20,168

97,669

148,063

5

Stocks

2024
£

2023
£

Work in progress

14,141

11,008

6

Debtors

Current

2024
£

2023
£

Trade debtors

389,642

270,272

Prepayments

11,558

18,866

Other debtors

17,970

59,481

 

419,170

348,619

7

Creditors

Creditors: amounts falling due within one year

 

Shoremuir Limited

trading as Sweeney Drainage

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

7

Creditors (continued)

2024
£

2023
£

Due within one year

Trade creditors

60,684

28,107

Taxation and social security

61,503

23,172

Accruals and deferred income

6,185

9,205

128,372

60,484

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

9

Dividends

2024

2023

£

£

Interim dividend of £60,300.00 (2023 - £40,000.00) per ordinary share

60,300

40,000

 

 

10

Related party transactions

As at 31 March 2024 the company was owed £17,969 (2023: £59,481 owed from the director) from the director, The amounts provided are unsecured, interest free and will be repaid within 9 months after year end.