Registered number
SC324576
Hepburn Fabrication Services Ltd
Filleted Accounts
31 May 2024
Hepburn Fabrication Services Ltd
Registered number: SC324576
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 16,403 33,064
Current assets
Stocks and work in progress 29,870 10,949
Debtors 5 143,365 284,829
Cash at bank and in hand 51,980 13,551
225,215 309,329
Creditors: amounts falling due within one year 6 (132,472) (136,851)
Net current assets 92,743 172,478
Total assets less current liabilities 109,146 205,542
Creditors: amounts falling due after more than one year 7 (10,819) (31,394)
Provisions for liabilities (8,204) (8,204)
Net assets 90,123 165,944
Capital and reserves
Called up share capital 3 3
Profit and loss account 90,120 165,941
Shareholders' funds 90,123 165,944
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr James Combe
Director
Approved by the board on 10 February 2025
Hepburn Fabrication Services Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 6,000
At 31 May 2024 6,000
Amortisation
At 1 June 2023 6,000
At 31 May 2024 6,000
Net book value
At 31 May 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 110,276 51,409 161,685
Disposals - (9,032) (9,032)
At 31 May 2024 110,276 42,377 152,653
Depreciation
At 1 June 2023 91,339 37,282 128,621
Charge for the year 2,841 2,916 5,757
On disposals 1,872 - 1,872
At 31 May 2024 96,052 40,198 136,250
Net book value
At 31 May 2024 14,224 2,179 16,403
At 31 May 2023 18,937 14,127 33,064
5 Debtors 2024 2023
£ £
Trade debtors 103,729 244,335
Other debtors 39,636 40,494
143,365 284,829
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 11,998 4,306
Trade creditors 95,044 105,303
Directors current accounts 969 2,724
Taxation and social security costs 22,783 17,993
Other creditors 1,678 6,525
132,472 136,851
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,819 31,394
8 Controlling party
The company was under the control of the director throughout the current and previous years.
9 Other information
Hepburn Fabrication Services Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
62 West Harbour Road
Edinburgh
EH5 1PW
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