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REGISTERED NUMBER: SC196759 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Cowie Engineering Limited

Cowie Engineering Limited (Registered number: SC196759)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Cowie Engineering Limited (Registered number: SC196759)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 892,946 685,177

CURRENT ASSETS
Debtors 5 666,302 456,086
Cash at bank 1,059,579 1,050,790
1,725,881 1,506,876
CREDITORS
Amounts falling due within one year 6 (634,352 ) (567,314 )
NET CURRENT ASSETS 1,091,529 939,562
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,984,475

1,624,739

CREDITORS
Amounts falling due after more than one
year

7

(197,218

)

(157,783

)

PROVISIONS FOR LIABILITIES (197,726 ) (160,563 )

ACCRUALS AND DEFERRED INCOME 9 (112,152 ) (57,220 )
NET ASSETS 1,477,379 1,249,173

CAPITAL AND RESERVES
Called up share capital 1,003 1,003
Retained earnings 1,476,376 1,248,170
SHAREHOLDERS' FUNDS 1,477,379 1,249,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Cowie Engineering Limited (Registered number: SC196759)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





R G Cowie - Director


Cowie Engineering Limited (Registered number: SC196759)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Cowie Engineering Limited is a private company, limited by shares, domiciled in Scotland, registration number SC196759. The registered office is 11 Gartferry Road, Chryston, North Lanarkshire, Glasgow, G69 9JY.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services in respect of CNC engineering services excluding value added tax. Sales are recognised at the point at which the goods are transferred and the service is complete.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 10% on cost
Fixtures, fittings & equipment - 33% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Cowie Engineering Limited (Registered number: SC196759)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 26 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures,
to Plant and fittings Motor
property machinery & equipment vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 58,514 1,784,460 117,438 59,090 2,019,502
Additions - 334,344 6,955 - 341,299
At 31 May 2024 58,514 2,118,804 124,393 59,090 2,360,801
DEPRECIATION
At 1 June 2023 34,907 1,172,130 100,567 26,721 1,334,325
Charge for year 2,529 114,219 6,133 10,649 133,530
At 31 May 2024 37,436 1,286,349 106,700 37,370 1,467,855
NET BOOK VALUE
At 31 May 2024 21,078 832,455 17,693 21,720 892,946
At 31 May 2023 23,607 612,330 16,871 32,369 685,177

Cowie Engineering Limited (Registered number: SC196759)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 June 2023 745,056
Additions 190,000
Transfer to ownership (88,306 )
At 31 May 2024 846,750
DEPRECIATION
At 1 June 2023 249,959
Charge for year 69,517
Transfer to ownership (43,079 )
At 31 May 2024 276,397
NET BOOK VALUE
At 31 May 2024 570,353
At 31 May 2023 495,097

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 664,611 454,447
Other debtors 1,691 1,639
666,302 456,086

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 10,183 9,932
Hire purchase contracts 117,072 81,725
Trade creditors 207,678 199,977
Taxation and social security 285,005 265,573
Other creditors 14,414 10,107
634,352 567,314

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 13,091 22,638
Hire purchase contracts 184,127 135,145
197,218 157,783

Cowie Engineering Limited (Registered number: SC196759)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 301,199 216,870

Hire Purchase creditors are secured on the assets to which they relate.

9. ACCRUALS AND DEFERRED INCOME
31.5.24 31.5.23
£    £   
Deferred government grants 137,075 68,975
Provision release in year (24,923 ) (11,755 )
112,152 57,220

During this year and previous financial years the company received funding from Scottish Enterprise to assist with the funding of capital expenditure in the form of plant and machinery. This funding is now being ammortised in line with the useful life of the assets it funded.

During previous financial years the company received funding from North Lanarkshire Council to assist with the funding of capital expenditure in the form of plant and machinery. This funding is now being ammortised in line with the useful life od the assets it funded.