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COMPANY REGISTRATION NUMBER: SC407335
Alan Fraser Metal Fabrications Ltd
Filleted Unaudited Financial Statements
30 June 2024
Alan Fraser Metal Fabrications Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
46,784
55,127
Current assets
Stocks
4,000
6,500
Debtors
6
8,735
6,108
Cash at bank and in hand
92,950
83,218
---------
--------
105,685
95,826
Creditors: amounts falling due within one year
7
13,892
4,014
---------
--------
Net current assets
91,793
91,812
---------
---------
Total assets less current liabilities
138,577
146,939
Provisions
8,111
9,542
---------
---------
Net assets
130,466
137,397
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
130,464
137,395
---------
---------
Shareholders funds
130,466
137,397
---------
---------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Alan Fraser Metal Fabrications Ltd
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr A Fraser
Director
Company registration number: SC407335
Alan Fraser Metal Fabrications Ltd
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Lairshill Cottage, Newmachar, Aberdeen, AB21 0PX.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Property improvements
-
10% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
15% reducing balance
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Tangible assets
Property improv.
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
7,428
194,858
1,190
701
204,177
-------
---------
-------
----
---------
Depreciation
At 1 July 2023
2,971
144,646
848
585
149,050
Charge for the year
743
7,532
51
17
8,343
-------
---------
-------
----
---------
At 30 June 2024
3,714
152,178
899
602
157,393
-------
---------
-------
----
---------
Carrying amount
At 30 June 2024
3,714
42,680
291
99
46,784
-------
---------
-------
----
---------
At 30 June 2023
4,457
50,212
342
116
55,127
-------
---------
-------
----
---------
6. Debtors
2024
2023
£
£
Trade debtors
8,735
6,095
Other debtors
13
-------
-------
8,735
6,108
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,332
2,814
Accruals and deferred income
1,200
1,200
Social security and other taxes
2,360
--------
-------
13,892
4,014
--------
-------