Company registration number SC162546 (Scotland)
Tait Electronics (Shetland) Ltd
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with registrar
Tait Electronics (Shetland) Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Tait Electronics (Shetland) Ltd
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 Tait Electronics (Shetland) Ltd for the year ended 31 March 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of Tait Electronics (Shetland) Ltd, as a body, in accordance with the terms of our engagement letter dated 15 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Tait Electronics (Shetland) Ltd and state those matters that we have agreed to state to the board of directors of Tait Electronics (Shetland) Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tait Electronics (Shetland) Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Tait Electronics (Shetland) Ltd 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 Tait Electronics (Shetland) Ltd. You consider that Tait Electronics (Shetland) Ltd 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 Tait Electronics (Shetland) Ltd. 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.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
7 January 2025
Tait Electronics (Shetland) Ltd
Statement of financial position
as at 31 March 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
672,656
617,518
Current assets
Debtors
54,115
129,543
Cash at bank and in hand
128,516
132,414
182,631
261,957
Creditors: amounts falling due within one year
(40,371)
(31,121)
Net current assets
142,260
230,836
Total assets less current liabilities
814,916
848,354
Creditors: amounts falling due after more than one year
(9,015)
(9,302)
Net assets
805,901
839,052
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
805,899
839,050
Total equity
805,901
839,052
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Tait Electronics (Shetland) Ltd
Statement of financial position (continued)
as at 31 March 2024
3
The financial statements were approved by the board of directors and authorised for issue on 27 December 2024 and are signed on its behalf by:
Alan J. Tait
Director
Company registration number SC162546 (Scotland)
Tait Electronics (Shetland) Ltd
Notes to the financial statements
for the year ended 31 March 2024
4
1
Accounting policies
Company information
Tait Electronics (Shetland) Ltd is a private company limited by shares incorporated in Scotland. The registered office is East Rigs, Bigton, Shetland, ZE2 9JA.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services and excludes value added tax. Where services are provided over time revenue is recognised as activity progresses by reference to the value of the work performed.
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:
Freehold land and buildings
2% straight line
Equipment and fittings
20% straight line
Motor vehicles
25% straight line
Tait Electronics (Shetland) Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
5
1.4
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.5
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.6
Defined contribution plans
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
2
Tangible fixed assets
Total
£
Cost
At 1 April 2023
1,005,501
Additions
66,022
At 31 March 2024
1,071,523
Depreciation and impairment
At 1 April 2023
387,983
Depreciation charged in the year
10,884
At 31 March 2024
398,867
Carrying amount
At 31 March 2024
672,656
At 31 March 2023
617,518
3
Directors' transactions
During the year the directors entered into the following advances and credits with the company :
Description
Opening credit balance
Amounts advanced
Closing credit balance
£
£
£
Tait Electronics (Shetland) Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2024
3
Directors' transactions (continued)
6
Alan J. Tait - Director's loan
13,755
8,947
22,702
13,755
8,947
22,702