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No description of principal activity
2023-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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xbrli:shares
iso4217:GBP
SC353927
2023-02-01
2024-01-31
SC353927
2024-01-31
SC353927
2023-01-31
SC353927
2022-02-01
2023-01-31
SC353927
2023-01-31
SC353927
2022-01-31
SC353927
core:PlantMachinery
2023-02-01
2024-01-31
SC353927
core:FurnitureFittings
2023-02-01
2024-01-31
SC353927
core:MotorVehicles
2023-02-01
2024-01-31
SC353927
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2023-02-01
2024-01-31
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2023-02-01
2024-01-31
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2024-01-31
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2023-01-31
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2024-01-31
SC353927
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2023-01-31
SC353927
core:ShareCapital
2024-01-31
SC353927
core:ShareCapital
2023-01-31
SC353927
core:RetainedEarningsAccumulatedLosses
2024-01-31
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2023-01-31
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2023-01-31
SC353927
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2024-01-31
SC353927
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2023-01-31
SC353927
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2024-01-31
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2022-01-31
SC353927
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2023-01-31
SC353927
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2022-01-31
SC353927
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2023-01-31
SC353927
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2022-02-01
2023-01-31
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2022-02-01
2023-01-31
SC353927
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2023-02-01
2024-01-31
SC353927
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2023-02-01
2024-01-31
SC353927
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2023-02-01
2024-01-31
SC353927
bus:PrivateLimitedCompanyLtd
2023-02-01
2024-01-31
SC353927
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2023-02-01
2024-01-31
SC353927
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2023-02-01
2024-01-31
COMPANY REGISTRATION NUMBER:
SC353927
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31 January 2024
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
31 January 2024
Fixed assets
Tangible assets |
5 |
250,547 |
67,868 |
|
|
|
|
Current assets
Debtors |
102,513 |
331,721 |
Cash at bank and in hand |
110 |
49,773 |
|
--------- |
--------- |
|
102,623 |
381,494 |
|
|
|
Creditors: amounts falling due within one year |
175,935 |
213,251 |
|
--------- |
--------- |
Net current (liabilities)/assets |
(
73,312) |
168,243 |
|
--------- |
--------- |
Total assets less current liabilities |
177,235 |
236,111 |
|
|
|
Creditors: amounts falling due after more than one year |
129,014 |
27,484 |
|
|
|
Provisions |
46,562 |
12,895 |
|
--------- |
--------- |
Net assets |
1,659 |
195,732 |
|
--------- |
--------- |
|
|
|
Abridged Statement of Financial Position (continued) |
|
31 January 2024
Capital and reserves
Called up share capital |
100 |
99 |
Profit and loss account |
1,559 |
195,633 |
|
------- |
--------- |
Shareholders funds |
1,659 |
195,732 |
|
------- |
--------- |
|
|
|
These abridged financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
27 January 2025
, and are signed on behalf of the board by:
Mr J F Warnock |
Mr J Prentice |
Director |
Director |
|
|
Company registration number:
SC353927
Notes to the Abridged Financial Statements |
|
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Townhead Farm, Sandilands, Lanark, ML11 9UA, Scotland.
2.
Statement of compliance
These abridged 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.
Going concern
The accounts have been prepared on the going concern basis as a result of the continuing support of the director in the form of a director's loan. It is the director's intention to continue to support the company for at least a year from the date of signing the financial statements.
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 and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, 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. When the outcome of a transaction involving the rendering of services 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. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
|
Plant and machinery |
- |
15% reducing balance |
|
Fixtures and fittings |
- |
15% reducing balance |
|
Motor vehicles |
- |
17% reducing balance |
|
Equipment |
- |
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2023:
6
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 February 2023 |
198,861 |
Additions |
219,000 |
Disposals |
(
37,370) |
|
--------- |
At 31 January 2024 |
380,491 |
|
--------- |
Depreciation |
|
At 1 February 2023 |
130,993 |
Charge for the year |
30,141 |
Disposals |
(
31,190) |
|
--------- |
At 31 January 2024 |
129,944 |
|
--------- |
Carrying amount |
|
At 31 January 2024 |
250,547 |
|
--------- |
At 31 January 2023 |
67,868 |
|
--------- |
|
|
6.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
– |
28,504 |
|
---- |
-------- |
|
|
|
7.
Charges on assets
Creditors include bank overdrafts and net obligations under hire purchase contracts which are secured of £176,911 (2023 - £30,814).
8.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2024 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr J F Warnock |
41,202 |
1 |
(
41,500) |
(
297) |
|
Mr J Prentice |
162,339 |
– |
(
69,500) |
92,839 |
|
|
--------- |
---- |
--------- |
-------- |
|
|
203,541 |
1 |
(
111,000) |
92,542 |
|
|
--------- |
---- |
--------- |
-------- |
|
|
|
|
|
|
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr J F Warnock |
(
145,937) |
293,212 |
(
106,070) |
41,205
|
|
Mr J Prentice |
(
122,225) |
393,211 |
(
108,648) |
162,338
|
|
|
--------- |
--------- |
--------- |
--------- |
|
|
(
268,162) |
686,423 |
(
214,718) |
203,543
|
|
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
|
The loan is repayable on demand and interest is charged on overdrawn balances.
9.
Related party transactions
The company traded in the normal course of business with JHP Transport (Lanark) Limited, a business controlled by James Prentice. Net sales of £557,400 (2023 - £821,873) were made to JHP in the year. Included in debtors at the balance sheet date is £7,500 (2023 - £127,988) due from JHP. Net purchases of £136,445 (2023 - £175,793) were made from JHP in the year. Included in creditors at the balance sheet date is £19,278 (2023 - £55,415) due to JHP.