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REGISTERED NUMBER: SC388364 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FIRESPEC LTD

FIRESPEC LTD (REGISTERED NUMBER: SC388364)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 6

FIRESPEC LTD

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTORS: Mr J Aitken
Mrs V Aitken





REGISTERED OFFICE: Unit 4 Inchcape Place
North Muirton Industrial Estate
Perth
PH1 3DU





REGISTERED NUMBER: SC388364 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

FIRESPEC LTD (REGISTERED NUMBER: SC388364)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,037 2,750
Tangible assets 5 115,462 17,908
117,499 20,658

CURRENT ASSETS
Debtors 6 215,831 154,903
Cash at bank and in hand 166,950 237,079
382,781 391,982
CREDITORS
Amounts falling due within one year 7 128,411 120,249
NET CURRENT ASSETS 254,370 271,733
TOTAL ASSETS LESS CURRENT
LIABILITIES

371,869

292,391

PROVISIONS FOR LIABILITIES 9 28,866 -
NET ASSETS 343,003 292,391

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 342,903 292,291
343,003 292,391

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 5 March 2025 and were signed on its behalf by:





Mr J Aitken - Director


FIRESPEC LTD (REGISTERED NUMBER: SC388364)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Firespec Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Trade Marks, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% on reducing balance

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

FIRESPEC LTD (REGISTERED NUMBER: SC388364)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 2,850
AMORTISATION
At 1 January 2024 100
Charge for year 713
At 31 December 2024 813
NET BOOK VALUE
At 31 December 2024 2,037
At 31 December 2023 2,750

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 34,716 1,320 - 11,149 47,185
Additions 935 9,065 97,890 2,895 110,785
At 31 December 2024 35,651 10,385 97,890 14,044 157,970
DEPRECIATION
At 1 January 2024 25,390 327 - 3,560 29,277
Charge for year 2,458 1,727 7,311 1,735 13,231
At 31 December 2024 27,848 2,054 7,311 5,295 42,508
NET BOOK VALUE
At 31 December 2024 7,803 8,331 90,579 8,749 115,462
At 31 December 2023 9,326 993 - 7,589 17,908

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 173,519 148,155
Other debtors 3,660 181
Directors' current accounts 30,843 -
Prepayments and accrued income 7,809 6,567
215,831 154,903

FIRESPEC LTD (REGISTERED NUMBER: SC388364)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 8,241 9,661
Credit card 12,836 12,658
Tax 30,514 25,352
Social security and other taxes - 62
VAT 70,884 63,841
Other creditors 5,936 5,736
Directors' current accounts - 2,939
128,411 120,249

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 4,451 -
Between one and five years 5,193 -
9,644 -

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 28,866 -

Deferred
tax
£   
Movement 28,866
Balance at 31 December 2024 28,866

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
Mr J Aitken and Mrs V Aitken
Balance outstanding at start of year (2,939 ) -
Amounts advanced 50,000 -
Amounts repaid (16,218 ) (2,939 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,843 (2,939 )

The loan is interest free and no fixed terms of payment.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FIRESPEC LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Firespec Ltd for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Firespec Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Firespec Ltd and state those matters that we have agreed to state to the Board of Directors of Firespec Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Firespec Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Firespec Ltd. You consider that Firespec Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Firespec Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


6 March 2025