Company registration number SC164608 (Scotland)
DIVERSE PRODUCTS (SCOTLAND) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DIVERSE PRODUCTS (SCOTLAND) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DIVERSE PRODUCTS (SCOTLAND) LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,025
39,084
Current assets
Stocks
273,636
271,589
Debtors
4
450,626
536,085
Cash at bank and in hand
133,833
137,003
858,095
944,677
Creditors: amounts falling due within one year
5
(804,192)
(918,504)
Net current assets
53,903
26,173
Total assets less current liabilities
87,928
65,257
Creditors: amounts falling due after more than one year
6
-
0
(19,575)
Provisions for liabilities
(4,180)
(5,095)
Net assets
83,748
40,587
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
82,748
39,587
Total equity
83,748
40,587
DIVERSE PRODUCTS (SCOTLAND) LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -

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

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 and signed by the director and authorised for issue on 20 January 2025
MR K LONSDALE
Mr K Lonsdale
Director
Company Registration No. SC164608
DIVERSE PRODUCTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Diverse Products (Scotland) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 4th Floor, 115 George Street, Edinburgh, EH2 4JN.

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 director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues 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 is attributable to the sale of industrial products to construction, electrical and engineering companies, excluding value added tax, 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:

Plant & machinery
20% reducing balance
Fixtures and fittings
10% - 25% on cost
Computers
25% straight line
Motor vehicles
25% reducing balance
1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

DIVERSE PRODUCTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.

 

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.

1.10
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
15
16
DIVERSE PRODUCTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Tangible fixed assets
Plant & machinery
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
13,512
31,477
34,130
27,798
106,917
Additions
-
0
1,386
3,341
-
0
4,727
At 30 September 2024
13,512
32,863
37,471
27,798
111,644
Depreciation and impairment
At 1 October 2023
3,842
16,804
30,420
16,767
67,833
Depreciation charged in the year
2,117
2,468
2,443
2,758
9,786
At 30 September 2024
5,959
19,272
32,863
19,525
77,619
Carrying amount
At 30 September 2024
7,553
13,591
4,608
8,273
34,025
At 30 September 2023
9,670
14,673
3,710
11,031
39,084
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
401,417
495,481
Other debtors
49,209
40,604
450,626
536,085
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
12,364
Trade creditors
256,865
280,035
Taxation and social security
67,949
63,720
Other creditors
479,378
562,385
804,192
918,504
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
19,575

 

DIVERSE PRODUCTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
7
Operating lease commitments

At 30 September 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £54,991 (2023:£61,816).

8
Directors' transactions

Included within debtors are amounts receivable from directors of £33,948 (2023: Amounts payable of £15,222). There are no set repayment terms, interest is payable on the loan.

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