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COMPANY REGISTRATION NUMBER: SC447695
I A Stewart & Co Limited
Unaudited Financial Statements
For the year ended
31 March 2024
I A Stewart & Co Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
I A Stewart & Co Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
Mr R Watson
Mr A Kerr
Mr S Bell
Mrs L Watson
Mrs H Struthers
(Appointed 3 April 2023)
Directors' responsibilities statement The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 December 2024 and signed on behalf of the board by:
Mr R Watson
Director
Registered office:
The Mechanics Workshop
New Lanark
Lanark
ML11 9DB
I A Stewart & Co Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
2,145,178
1,958,796
Cost of sales
23,129
21,767
------------
------------
Gross profit
2,122,049
1,937,029
Administrative expenses
1,444,566
1,590,927
Other operating income
12,370
8,447
------------
------------
Operating profit
689,853
354,549
Other interest receivable and similar income
12,627
2,283
Interest payable and similar expenses
617
993
------------
------------
Profit before taxation
5
701,863
355,839
Tax on profit
140,052
146,208
---------
---------
Profit for the financial year and total comprehensive income
561,811
209,631
---------
---------
Dividends paid and payable
( 238,000)
( 199,000)
Retained earnings at the start of the year
939,771
929,140
------------
---------
Retained earnings at the end of the year
1,263,582
939,771
------------
---------
All the activities of the company are from continuing operations.
I A Stewart & Co Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
120,000
Tangible assets
7
44,071
57,524
--------
---------
44,071
177,524
Current assets
Stocks
650
650
Debtors
8
827,278
859,289
Cash at bank and in hand
915,753
500,065
------------
------------
1,743,681
1,360,004
Creditors: amounts falling due within one year
9
511,515
574,894
------------
------------
Net current assets
1,232,166
785,110
------------
---------
Total assets less current liabilities
1,276,237
962,634
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
12,475
22,683
------------
---------
Net assets
1,263,762
939,951
------------
---------
I A Stewart & Co Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
120
120
Capital redemption reserve
60
60
Profit and loss account
1,263,582
939,771
------------
---------
Shareholders funds
1,263,762
939,951
------------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the 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.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 December 2024 , and are signed on behalf of the board by:
Mr R Watson
Director
Company registration number: SC447695
I A Stewart & Co Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, Lanark, ML11 9DB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangible assets
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements
-
10% straight line
Plant and machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2023: 35 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
120,000
120,000
Depreciation of tangible assets
14,602
21,017
---------
---------
6. Intangible assets
Intangibles
£
Cost
At 1 April 2023 and 31 March 2024
1,800,000
------------
Amortisation
At 1 April 2023
1,680,000
Charge for the year
120,000
------------
At 31 March 2024
1,800,000
------------
Carrying amount
At 31 March 2024
------------
At 31 March 2023
120,000
------------
7. Tangible assets
Long leasehold property
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023
31,506
136,050
167,556
Additions
1,149
1,149
--------
---------
---------
At 31 March 2024
31,506
137,199
168,705
--------
---------
---------
Depreciation
At 1 April 2023
31,505
78,527
110,032
Charge for the year
14,602
14,602
--------
---------
---------
At 31 March 2024
31,505
93,129
124,634
--------
---------
---------
Carrying amount
At 31 March 2024
1
44,070
44,071
--------
---------
---------
At 31 March 2023
1
57,523
57,524
--------
---------
---------
8. Debtors
2024
2023
£
£
Trade debtors
782,269
818,597
Prepayments and accrued income
40,261
35,369
Other debtors
4,748
5,323
---------
---------
827,278
859,289
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,960
9,712
Trade creditors
41,286
36,492
Accruals and deferred income
38,842
44,106
Corporation tax
140,204
146,360
Social security and other taxes
194,073
198,477
Director loan accounts
25,116
52,226
Other creditors
62,034
87,521
---------
---------
511,515
574,894
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
48,000
48,000
Later than 1 year and not later than 5 years
96,000
144,000
---------
---------
144,000
192,000
---------
---------
11. Directors' advances, credits and guarantees
The directors' loan accounts were not in debit at any time during the year.