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Company Registration number: SC596495

Iron & Pine Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 May 2024

 

Iron & Pine Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Iron & Pine Limited

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

115,175

21,968

Current assets

 

Stocks

5

111,578

87,150

Debtors

6

224,554

7,793

Cash at bank and in hand

 

88,418

3,403

 

424,550

98,346

Creditors: Amounts falling due within one year

7

(393,812)

(161,936)

Net current assets/(liabilities)

 

30,738

(63,590)

Total assets less current liabilities

 

145,913

(41,622)

Creditors: Amounts falling due after more than one year

7

(212,545)

(32,033)

Net liabilities

 

(66,632)

(73,655)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(66,633)

(73,656)

Shareholders' deficit

 

(66,632)

(73,655)

 

Iron & Pine Limited

Balance Sheet as at 31 May 2024 (continued)

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 January 2025 and signed on its behalf by:
 

.........................................
Mr L J Mazs
Director

.........................................
Mr A R Fell
Director

Company registration number: SC596495

 

Iron & Pine Limited

Notes to the financial statements for the Year Ended 31 May 2024

1

GENERAL INFORMATION

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

The address of its registered office is:
Unit 2
Biggar Mill Industrial Estate
Dalbeattie
DG5 4AZ

These financial statements were authorised for issue by the Board on 8 January 2025.

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.

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

Going concern

The financial statements have been prepared on a going concern basis.

 

Iron & Pine Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

Taxation

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 corporation 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.
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.

 

Iron & Pine Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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

Plant and machinery

20% straight line

Motor vehicles

20% straight line

Office equipment

33% straight line

Fixtures and fittings

20% straight line

Leasehold improvements

10 years straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Iron & Pine Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
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.

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.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 12).

 

Iron & Pine Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

4

TANGIBLE ASSETS

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

-

2,499

36,990

23,058

62,547

Additions

76,446

2,796

25,990

2,992

108,224

Disposals

-

-

(24,995)

-

(24,995)

At 31 May 2024

76,446

5,295

37,985

26,050

145,776

Depreciation

At 1 June 2023

-

1,186

23,195

16,198

40,579

Charge for the year

637

1,141

3,698

4,542

10,018

Eliminated on disposal

-

-

(19,996)

-

(19,996)

At 31 May 2024

637

2,327

6,897

20,740

30,601

Carrying amount

At 31 May 2024

75,809

2,968

31,088

5,310

115,175

At 31 May 2023

-

1,313

13,795

6,860

21,968

Included within the net book value of land and buildings above is £75,809 (2023 - £Nil) in respect of freehold land and buildings.
 

 

Iron & Pine Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

5

STOCKS

2024
£

2023
£

Work in progress

111,578

87,150

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

155,065

1,138

Prepayments

44,543

-

Other debtors

24,946

6,655

 

224,554

7,793

7

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

46,205

29,019

Trade creditors

 

128,732

-

Taxation and social security

 

17,277

12,668

Accruals and deferred income

 

183,839

91,296

Other creditors

 

17,759

28,953

 

393,812

161,936


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £42,946 (2023 - £22,417).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

212,545

32,033


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £193,999 (2023 - £13,572).