10 false false false false false false false false false false true false false false false true false No description of principal activity 2023-11-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP SC238115 2023-11-01 2024-10-31 SC238115 2024-10-31 SC238115 2023-10-31 SC238115 2022-11-01 2023-10-31 SC238115 2023-10-31 SC238115 2022-10-31 SC238115 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 SC238115 core:PlantMachinery 2023-11-01 2024-10-31 SC238115 core:FurnitureFittings 2023-11-01 2024-10-31 SC238115 core:MotorVehicles 2023-11-01 2024-10-31 SC238115 bus:RegisteredOffice 2023-11-01 2024-10-31 SC238115 bus:LeadAgentIfApplicable 2023-11-01 2024-10-31 SC238115 bus:Director1 2023-11-01 2024-10-31 SC238115 bus:Director2 2023-11-01 2024-10-31 SC238115 bus:Director3 2023-11-01 2024-10-31 SC238115 bus:CompanySecretary1 2023-11-01 2024-10-31 SC238115 core:LandBuildings 2023-10-31 SC238115 core:PlantMachinery 2023-10-31 SC238115 core:FurnitureFittings 2023-10-31 SC238115 core:MotorVehicles 2023-10-31 SC238115 core:LandBuildings 2024-10-31 SC238115 core:PlantMachinery 2024-10-31 SC238115 core:FurnitureFittings 2024-10-31 SC238115 core:MotorVehicles 2024-10-31 SC238115 core:LandBuildings 2023-11-01 2024-10-31 SC238115 core:WithinOneYear 2024-10-31 SC238115 core:WithinOneYear 2023-10-31 SC238115 core:ShareCapital 2024-10-31 SC238115 core:ShareCapital 2023-10-31 SC238115 core:RetainedEarningsAccumulatedLosses 2024-10-31 SC238115 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC238115 core:LandBuildings 2023-10-31 SC238115 core:PlantMachinery 2023-10-31 SC238115 core:FurnitureFittings 2023-10-31 SC238115 core:MotorVehicles 2023-10-31 SC238115 bus:SmallEntities 2023-11-01 2024-10-31 SC238115 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 SC238115 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 SC238115 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 SC238115 bus:FullAccounts 2023-11-01 2024-10-31 SC238115 core:OfficeEquipment 2023-11-01 2024-10-31 SC238115 core:OfficeEquipment 2023-10-31 SC238115 core:OfficeEquipment 2024-10-31
COMPANY REGISTRATION NUMBER: SC238115
PHILIP ENGINEERING (ELGIN) LIMITED.
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2024
PHILIP ENGINEERING (ELGIN) LIMITED.
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
PHILIP ENGINEERING (ELGIN) LIMITED.
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
A. Philip
Mrs L. Philip
Miss L. Dawson
Company secretary
Mrs L Philip
Registered office
20 Perimeter Road
Pinefield Industrial Estate
Elgin
Moray
IV30 6AF
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
PHILIP ENGINEERING (ELGIN) LIMITED.
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PHILIP ENGINEERING (ELGIN) LIMITED.
YEAR ENDED 31 OCTOBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Philip Engineering (Elgin) Limited. for the year ended 31 October 2024, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Philip Engineering (Elgin) Limited., as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Philip Engineering (Elgin) Limited. and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Philip Engineering (Elgin) Limited. and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Philip Engineering (Elgin) Limited. 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 Philip Engineering (Elgin) Limited.. You consider that Philip Engineering (Elgin) Limited. 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 Philip Engineering (Elgin) Limited.. 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.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
25 February 2025
PHILIP ENGINEERING (ELGIN) LIMITED.
STATEMENT OF FINANCIAL POSITION
31 October 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
775,764
603,734
CURRENT ASSETS
Stocks
21,300
17,805
Debtors
6
381,955
459,252
Cash at bank and in hand
486,617
332,925
---------
---------
889,872
809,982
CREDITORS: amounts falling due within one year
7
132,177
164,044
---------
---------
NET CURRENT ASSETS
757,695
645,938
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,533,459
1,249,672
PROVISIONS
Taxation including deferred tax
193,549
150,542
------------
------------
NET ASSETS
1,339,910
1,099,130
------------
------------
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
1,338,910
1,098,130
------------
------------
SHAREHOLDERS FUNDS
1,339,910
1,099,130
------------
------------
These 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 income statement has not been delivered.
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PHILIP ENGINEERING (ELGIN) LIMITED.
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 25 February 2025 , and are signed on behalf of the board by:
A. Philip
Director
Company registration number: SC238115
PHILIP ENGINEERING (ELGIN) LIMITED.
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 20 Perimeter Road, Pinefield Industrial Estate, Elgin, Moray, IV30 6AF.
2. Statement of compliance
These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
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:
Freehold Property
-
5% reducing balance
Plant and Equipment
-
15% reducing balance
Fixtures and Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 7 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2023
5,421
1,215,040
15,910
61,239
30,057
1,327,667
Additions
349,982
842
350,824
Disposals
( 61,900)
( 61,900)
-------
------------
--------
--------
--------
------------
At 31 Oct 2024
5,421
1,503,122
15,910
61,239
30,899
1,616,591
-------
------------
--------
--------
--------
------------
Depreciation
At 1 Nov 2023
3,768
658,587
11,019
26,835
23,724
723,933
Charge for the year
83
130,267
732
8,623
1,075
140,780
Disposals
( 23,886)
( 23,886)
-------
------------
--------
--------
--------
------------
At 31 Oct 2024
3,851
764,968
11,751
35,458
24,799
840,827
-------
------------
--------
--------
--------
------------
Carrying amount
At 31 Oct 2024
1,570
738,154
4,159
25,781
6,100
775,764
-------
------------
--------
--------
--------
------------
At 31 Oct 2023
1,653
556,453
4,891
34,404
6,333
603,734
-------
------------
--------
--------
--------
------------
6. Debtors
2024
2023
£
£
Trade debtors
368,452
459,239
Other debtors
13,503
13
---------
---------
381,955
459,252
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
60,550
43,003
Corporation tax
48,892
40,302
Social security and other taxes
16,846
77,329
Other creditors
5,889
3,410
---------
---------
132,177
164,044
---------
---------
8. Related party transactions
At 31 October 2024, the company owed the directors £2,986 (2023: £1,086) by way of a director's loan account. During the year the company paid dividends of £38,000 (2023: £38,000) to the directors.