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No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC267647
2023-06-01
2024-05-31
SC267647
2024-05-31
SC267647
2023-05-31
SC267647
2022-06-01
2023-05-31
SC267647
2023-05-31
SC267647
2022-05-31
SC267647
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-06-01
2024-05-31
SC267647
core:PlantMachinery
2023-06-01
2024-05-31
SC267647
core:FurnitureFittings
2023-06-01
2024-05-31
SC267647
core:MotorVehicles
2023-06-01
2024-05-31
SC267647
bus:Director2
2023-06-01
2024-05-31
SC267647
core:AfterOneYear
2023-05-31
SC267647
core:WithinOneYear
2024-05-31
SC267647
core:WithinOneYear
2023-05-31
SC267647
core:ShareCapital
2024-05-31
SC267647
core:ShareCapital
2023-05-31
SC267647
core:RetainedEarningsAccumulatedLosses
2024-05-31
SC267647
core:RetainedEarningsAccumulatedLosses
2023-05-31
SC267647
core:CostValuation
core:Non-currentFinancialInstruments
2023-05-31
SC267647
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2024-05-31
SC267647
core:CostValuation
core:Non-currentFinancialInstruments
2024-05-31
SC267647
core:Non-currentFinancialInstruments
2024-05-31
SC267647
core:Non-currentFinancialInstruments
2023-05-31
SC267647
bus:Director2
2023-05-31
SC267647
bus:Director2
2024-05-31
SC267647
bus:Director2
2022-05-31
SC267647
bus:Director2
2023-05-31
SC267647
bus:Director2
2022-06-01
2023-05-31
SC267647
bus:SmallEntities
2023-06-01
2024-05-31
SC267647
bus:AuditExemptWithAccountantsReport
2023-06-01
2024-05-31
SC267647
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
SC267647
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
SC267647
bus:AbridgedAccounts
2023-06-01
2024-05-31
SC267647
core:LeaseholdImprovements
2023-06-01
2024-05-31
COMPANY REGISTRATION NUMBER:
SC267647
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Period ended 31 May 2024
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
31 May 2024
Fixed assets
Tangible assets |
5 |
285,736 |
309,175 |
Investments |
6 |
510,272 |
495,000 |
|
--------- |
--------- |
|
796,008 |
804,175 |
|
|
|
|
Current assets
Stocks |
199,176 |
142,118 |
Debtors |
264,494 |
46,014 |
Cash at bank and in hand |
1,231,817 |
1,259,612 |
|
------------ |
------------ |
|
1,695,487 |
1,447,744 |
|
|
|
Creditors: amounts falling due within one year |
895,524 |
853,443 |
|
------------ |
------------ |
Net current assets |
799,963 |
594,301 |
|
------------ |
------------ |
Total assets less current liabilities |
1,595,971 |
1,398,476 |
|
|
|
Creditors: amounts falling due after more than one year |
|
|
Bank loans and overdrafts |
– |
30,008 |
|
|
|
Provisions |
14,978 |
18,628 |
|
------------ |
------------ |
Net assets |
1,580,993 |
1,349,840 |
|
------------ |
------------ |
|
|
|
Abridged Statement of Financial Position (continued) |
|
31 May 2024
Capital and reserves
Called up share capital |
1,000 |
1,000 |
Profit and loss account |
1,579,993 |
1,348,840 |
|
------------ |
------------ |
Shareholders funds |
1,580,993 |
1,349,840 |
|
------------ |
------------ |
|
|
|
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 period ending 31 May 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 period 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 period ending 31 May 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
22 January 2025
, and are signed on behalf of the board by:
Company registration number:
SC267647
Notes to the Abridged Financial Statements |
|
Period ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Circular Filling Station, Edinburgh Road, Newhouse, ML1 5SY.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Operating leases
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 of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Buildings |
- |
2% reducing balance |
|
Plant and machinery |
- |
15% reducing balance |
|
Office equipment |
- |
20% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
|
|
|
|
Improvements |
- |
2% reducing balance |
|
|
|
|
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.
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.
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.
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 period amounted to
19
(2023:
19
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 June 2023 and 31 May 2024 |
553,798 |
|
--------- |
Depreciation |
|
At 1 June 2023 |
244,623 |
Charge for the period |
23,439 |
|
--------- |
At 31 May 2024 |
268,062 |
|
--------- |
Carrying amount |
|
At 31 May 2024 |
285,736 |
|
--------- |
At 31 May 2023 |
309,175 |
|
--------- |
|
|
6.
Investments
|
£ |
Cost |
|
At 1 June 2023 |
495,000 |
Additions |
15,272 |
|
--------- |
At 31 May 2024 |
510,272 |
|
--------- |
Impairment |
|
At 1 June 2023 and 31 May 2024 |
– |
|
--------- |
Carrying amount |
|
At 31 May 2024 |
510,272 |
|
--------- |
At 31 May 2023 |
495,000 |
|
--------- |
|
|
7.
Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
|
2024 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr J White |
(
3,268) |
134,808 |
(
122,000) |
9,540 |
|
|
------- |
--------- |
--------- |
------- |
|
|
|
|
|
|
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr J White |
(
390) |
575,972 |
(
578,850) |
(
3,268) |
|
|
---- |
--------- |
--------- |
------- |
|
|
|
|
|
|