Registered number
SC477259
Braehead Engineering Limited
Filleted Accounts
31 May 2024
Braehead Engineering Limited
Registered number: SC477259
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 84,032 56,407
Current assets
Debtors 5 41,000 -
Cash at bank and in hand 56,180 84,166
97,180 84,166
Creditors: amounts falling due within one year 6 (68,528) (61,221)
Net current assets 28,652 22,945
Total assets less current liabilities 112,684 79,352
Creditors: amounts falling due after more than one year 7 (19,455) (14,418)
Provisions for liabilities (9,923) (9,923)
Net assets 83,306 55,011
Capital and reserves
Called up share capital 2 2
Profit and loss account 83,304 55,009
Shareholders' funds 83,306 55,011
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.
W Strang
Director
Approved by the board on 12 February 2025
Braehead Engineering Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on at the following annual rates on all tangible fixed assets, other than freehold land, as follows:
Plant and machinery 20% on a Reducing Balance basis
Motor Vehicles 25% on a Reducing Balance basis
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 44,000
At 31 May 2024 44,000
Amortisation
At 1 June 2023 44,000
At 31 May 2024 44,000
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 35,053 75,309 110,362
Additions 3,300 49,975 53,275
At 31 May 2024 38,353 125,284 163,637
Depreciation
At 1 June 2023 16,274 37,681 53,955
Charge for the year 4,236 21,414 25,650
At 31 May 2024 20,510 59,095 79,605
Net book value
At 31 May 2024 17,843 66,189 84,032
At 31 May 2023 18,779 37,628 56,407
5 Debtors 2024 2023
£ £
Trade debtors 41,000 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 15,189
Trade creditors - 380
Corporation tax 32,725 15,887
Other taxes and social security costs 36,061 32,470
Other creditors (258) (2,705)
68,528 61,221
7 Creditors: amounts falling due after one year 2024 2023
£ £
Director's account - GF 427 37
Director's account - WS 177 50
Bank loans 10,889 -
Obligations under finance lease and hire purchase contracts 7,962 14,331
19,455 14,418
8 Other information
Braehead Engineering Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
17 Alison Street
Buckhaven
Leven
Fife
KY8 1AA
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