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No description of principal activity
2023-03-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC456506
2023-03-01
2024-02-29
SC456506
2024-02-29
SC456506
2023-02-28
SC456506
2022-03-01
2023-02-28
SC456506
2023-02-28
SC456506
2022-02-28
SC456506
core:PlantMachinery
2023-03-01
2024-02-29
SC456506
bus:Director1
2023-03-01
2024-02-29
SC456506
core:WithinOneYear
2024-02-29
SC456506
core:WithinOneYear
2023-02-28
SC456506
core:AfterOneYear
2024-02-29
SC456506
core:AfterOneYear
2023-02-28
SC456506
core:ShareCapital
2024-02-29
SC456506
core:ShareCapital
2023-02-28
SC456506
core:RetainedEarningsAccumulatedLosses
2024-02-29
SC456506
core:RetainedEarningsAccumulatedLosses
2023-02-28
SC456506
core:CostValuation
core:Non-currentFinancialInstruments
2023-02-28
SC456506
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2024-02-29
SC456506
core:DisposalsRepaymentsInvestments
core:Non-currentFinancialInstruments
2024-02-29
SC456506
core:CostValuation
core:Non-currentFinancialInstruments
2024-02-29
SC456506
core:Non-currentFinancialInstruments
2024-02-29
SC456506
core:Non-currentFinancialInstruments
2023-02-28
SC456506
bus:SmallEntities
2023-03-01
2024-02-29
SC456506
bus:AuditExempt-NoAccountantsReport
2023-03-01
2024-02-29
SC456506
bus:SmallCompaniesRegimeForAccounts
2023-03-01
2024-02-29
SC456506
bus:PrivateLimitedCompanyLtd
2023-03-01
2024-02-29
SC456506
bus:AbridgedAccounts
2023-03-01
2024-02-29
COMPANY REGISTRATION NUMBER:
SC456506
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
29 February 2024
Fixed assets
Tangible assets |
4 |
|
4,988 |
2,934 |
Investments |
5 |
|
161,291 |
149,485 |
|
|
--------- |
--------- |
|
|
166,279 |
152,419 |
|
|
|
|
|
Current assets
Debtors |
6,743 |
|
6,555 |
Cash at bank and in hand |
4,624 |
|
76 |
|
-------- |
|
------- |
|
11,367 |
|
6,631 |
|
|
|
|
Creditors: amounts falling due within one year |
3,524 |
|
4,473 |
|
-------- |
|
------- |
Net current assets |
|
7,843 |
2,158 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
174,122 |
154,577 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
24,830 |
34,683 |
|
|
--------- |
--------- |
Net assets |
|
149,292 |
119,894 |
|
|
--------- |
--------- |
|
|
|
|
Abridged Statement of Financial Position (continued) |
|
29 February 2024
Capital and reserves
Called up share capital |
|
130 |
130 |
Profit and loss account |
|
149,162 |
119,764 |
|
|
--------- |
--------- |
Shareholders funds |
|
149,292 |
119,894 |
|
|
--------- |
--------- |
|
|
|
|
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 29 February 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 abridged 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 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 29 February 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
1 February 2025
, and are signed on behalf of the board by:
Company registration number:
SC456506
Notes to the Abridged Financial Statements |
|
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, ML11 9DB.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 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.
4.
Tangible assets
|
£ |
Cost |
|
At 1 March 2023 |
2,934 |
Additions |
2,934 |
|
------- |
At 29 February 2024 |
5,868 |
|
------- |
Depreciation |
|
At 1 March 2023 |
– |
Charge for the year |
880 |
|
------- |
At 29 February 2024 |
880 |
|
------- |
Carrying amount |
|
At 29 February 2024 |
4,988 |
|
------- |
At 28 February 2023 |
2,934 |
|
------- |
|
|
5.
Investments
|
£ |
Cost |
|
At 1 March 2023 |
149,485 |
Additions |
107,791 |
Disposals |
(
95,985) |
|
--------- |
At 29 February 2024 |
161,291 |
|
--------- |
Impairment |
|
At 1 March 2023 and 29 February 2024 |
– |
|
--------- |
Carrying amount |
|
At 29 February 2024 |
161,291 |
|
--------- |
At 28 February 2023 |
149,485 |
|
--------- |
|
|
6.
Director's advances, credits and guarantees
The overdrawn directors loan account of £6,743 (2023 - £6,555) was fully repaid within 9 months of the year end.