Company registration number SC082501 (Scotland)
ANDERSIDE TOOLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
ANDERSIDE TOOLS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ANDERSIDE TOOLS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
397,004
436,368
Investments
4
2,000
3,000
399,004
439,368
Current assets
Stocks
259,005
255,780
Debtors
5
412,044
388,826
Cash at bank and in hand
200,459
451,547
871,508
1,096,153
Creditors: amounts falling due within one year
6
(236,572)
(499,699)
Net current assets
634,936
596,454
Total assets less current liabilities
1,033,940
1,035,822
Provisions for liabilities
(41,644)
(50,483)
Net assets
992,296
985,339
Capital and reserves
Called up share capital
25,000
25,000
Revaluation reserve
109,267
109,267
Profit and loss reserves
858,029
851,072
Total equity
992,296
985,339
ANDERSIDE TOOLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 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.
The financial statements were approved by the board of directors and authorised for issue on 9 December 2024 and are signed on its behalf by:
H A MCKINNON
Mr H A McKinnon
Director
Company Registration No. SC082501
ANDERSIDE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Anderside Tools Limited is a private company limited by shares incorporated in Scotland. The registered office is 19/25 Colvilles Place, Kelvin Industrial Estate, East Kibride, Glasgow, G75 0PZ.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Turnover represents net invoiced sales of goods, excluding value added tax, attributable to mould making and toolmaking and is recognised when the goods are delivered to the customer.
1.4
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
2.5% reducing balance
Plant and machinery
15% on cost
Fixtures and fittings
10% on cost
Motor vehicles
25% on cost
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.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for the obsolete and slow moving items.
Work in progress is stated at total costs incurred less applications for payments. The value is then adjusted with full provision made for all known or expected losses on individual contracts and on individual contracts where profit can be foreseen with reasonable certainty the profit earned to date is recognised.
ANDERSIDE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
Fixed asset investments
Fixed asset investments are initially stated at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.7
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
1.9
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
29
29
ANDERSIDE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
270,000
2,635,623
2,905,623
Additions
8,985
8,985
At 31 August 2024
270,000
2,644,608
2,914,608
Depreciation and impairment
At 1 September 2023
80,585
2,388,670
2,469,255
Depreciation charged in the year
4,735
43,614
48,349
At 31 August 2024
85,320
2,432,284
2,517,604
Carrying amount
At 31 August 2024
184,680
212,324
397,004
At 31 August 2023
189,415
246,953
436,368
Buildings with a historic cost of £246,596 are included at their revalued amount of £270,000 as a result of an independent valuation on an Open Market Value Basis in the year ended 31 August 2009. The directors consider this to be the fair value of the buildings as at 31 August 2024.
2024 2023
Freehold buildings - historic cost 246,596 246,596
Freehold buildings - historic cost depreciation 136,651 133,832
109,945 112,764
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
2,000
3,000
ANDERSIDE TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 September 2023
3,000
Valuation changes
(1,000)
At 31 August 2024
2,000
Carrying amount
At 31 August 2024
2,000
At 31 August 2023
3,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
393,103
365,865
Other debtors
18,941
22,961
412,044
388,826
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,945
8,666
Trade creditors
111,479
352,879
Taxation and social security
73,402
58,837
Other creditors
44,746
79,317
236,572
499,699
The bank holds a floating charge over all present and future assets of the company.
7
Operating lease commitments
At 31 August 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £21,497 (2023: £1,880).
8
Related party transactions
The net amount owed by the company to the Directors' at the year end was £20,000 (2023: £60,000).