Edwin Strachan Limited
Unaudited Financial Statements
For the year ended 31 May 2024
Pages for filing with registrar
Company Registration No. 00550032 (England and Wales)
EDWIN STRACHAN LIMITED
Edwin Strachan Limited
COMPANY INFORMATION
Directors
Mr E W Strachan
Mrs A E Strachan
Mr A E Strachan
Secretary
A E Strachan
Company number
00550032
Registered office
Cunniver Tor
Clacton Road
Little Oakley
Harwich
Essex
CO12 5JL
Accountants
Churchgate Accountants Limited
18 Langton Place
Bury St Edmunds
Suffolk
IP33 1NE
EDWIN STRACHAN LIMITED
Edwin Strachan Limited
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
EDWIN STRACHAN LIMITED
Edwin Strachan Limited
Accountants Report to the Board of Directors on the Unaudited Financial Statements of Edwin Strachan Limited
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Edwin Strachan Limited for the year ended 31 May 2024 set out on the following pages from the company’s accounting records and from information and explanations you have given us.

 

This report is made solely to the Board of Directors of Edwin Strachan Limited, as a body, in accordance with the terms of our engagement letter dated 14 March 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Edwin Strachan Limited. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Edwin Strachan Limited and Board of Directors as a body, for our work or for this report.

 

It is your duty to ensure that Edwin Strachan 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 loss of Edwin Strachan Limited. You consider that Edwin Strachan 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 Edwin Strachan 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.

Churchgate Accountants Limited
23 December 2024
Accountants
18 Langton Place
Bury St Edmunds
Suffolk
IP33 1NE
EDWIN STRACHAN LIMITED
Edwin Strachan Limited
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
359,184
394,232
Current assets
Stocks
126,182
172,560
Debtors
4
27,973
20,510
Cash at bank and in hand
44,012
25,804
198,167
218,874
Creditors: amounts falling due within one year
5
(180,798)
(129,272)
Net current assets
17,369
89,602
Total assets less current liabilities
376,553
483,834
Provisions for liabilities
(23,623)
(32,504)
Net assets
352,930
451,330
Capital and reserves
Called up share capital
12,000
12,000
Profit and loss reserves
340,930
439,330
Total equity
352,930
451,330

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
Mr A E Strachan
Director
Company registration number 00550032 (England and Wales)
EDWIN STRACHAN LIMITED
Edwin Strachan Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Edwin Strachan Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cunniver Tor, Clacton Road, Little Oakley, Harwich, Essex, CO12 5JL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch 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 entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tenant's improvements
4-7% straight line
Plant and machinery
10% reducing balance
Fixtures, fittings & equipment
10% reducing balance
Freehold improvements
2% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

EDWIN STRACHAN LIMITED
Edwin Strachan Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

EDWIN STRACHAN LIMITED
Edwin Strachan Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2023 - 3).

2024
2023
Number
Number
Total
3
3
EDWIN STRACHAN LIMITED
Edwin Strachan Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
3
Tangible fixed assets
Tenant's improvements
Plant and machinery
Fixtures, fittings & equipment
Freehold improvements
Total
£
£
£
£
£
Cost
At 1 June 2023
295,988
632,655
380,773
82,895
1,392,310
Disposals
-
0
(16,000)
-
0
-
0
(16,000)
At 31 May 2024
295,988
616,654
380,773
82,895
1,376,310
Depreciation and impairment
At 1 June 2023
121,645
459,339
376,544
40,551
998,079
Depreciation charged in the year
13,417
17,002
423
911
31,753
Eliminated in respect of disposals
-
0
(12,706)
-
0
-
0
(12,706)
At 31 May 2024
135,062
463,635
376,967
41,462
1,017,126
Carrying amount
At 31 May 2024
160,926
153,019
3,806
41,433
359,184
At 31 May 2023
174,343
173,316
4,229
42,344
394,232
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,176
4,032
Corporation tax recoverable
9,430
-
0
Other debtors
16,367
16,478
27,973
20,510
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19,795
10,648
Corporation tax
-
0
12,121
Other creditors
161,003
106,503
180,798
129,272
6
Directors' transactions

During the year the company transacted with a director, the highest overdrawn debit balance was £650 (2023: £7,560). No interest was charged on this balance and it was fully repaid after the year end.    

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