Registered number
SC452528
Simon Howie Machinery Limited
Filleted Accounts
30 June 2024
Simon Howie Machinery Limited
Registered number: SC452528
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 12,144 13,884
Current assets
Stocks 667,605 865,603
Debtors 4 20,590 61,885
Cash at bank and in hand 194,682 99,753
882,877 1,027,241
Creditors: amounts falling due within one year 5 (142,863) (259,667)
Net current assets 740,014 767,574
Total assets less current liabilities 752,158 781,458
Creditors: amounts falling due after more than one year 6 (271,864) (252,803)
Net assets 480,294 528,655
Capital and reserves
Called up share capital 1,000 1,000
Capital redemption reserve 18,905 18,905
Profit and loss account 460,389 508,750
Shareholder's funds 480,294 528,655
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ross M Howie
Director
Approved by the board on 26 February 2025
Simon Howie Machinery Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Fixtures, fittings, tools and equipment
£
Cost
At 1 July 2023 30,868
Additions 7,790
At 30 June 2024 38,658
Depreciation
At 1 July 2023 16,984
Charge for the year 9,530
At 30 June 2024 26,514
Net book value
At 30 June 2024 12,144
At 30 June 2023 13,884
4 Debtors 2024 2023
£ £
Trade debtors 7,471 30,851
Other debtors 13,119 31,034
20,590 61,885
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,418 6,382
Taxation and social security costs 17,445 8,285
Other creditors 123,000 245,000
142,863 259,667
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 271,864 252,803
7 Related party transactions
The company has borrowed £200,000 from Great Interest Limited, a company owned by the director Mr S M Howie. The loan bears interest at 6.75% and will run for at least another year.
8 Presentation currency
The financial statements are presented in Sterling, rounded to the nearest £.
9 Other information
Simon Howie Machinery Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
The Harbour
Shore Road
Perth
Perthshire
PH2 8BD
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