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Company registration number: SC574424
G.Stewart Engineering Limited
Unaudited filleted financial statements
31 August 2024
G.Stewart Engineering Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
G.Stewart Engineering Limited
Directors and other information
Director G Stewart
Company number SC574424
Registered office 4 Cadell Drive
Falkirk
FK2 8QN
Accountants Dickson Middleton
5/9 Bridge Street
Bonnybridge
FK4 1AD
G.Stewart Engineering Limited
Report to the director on the preparation of the
unaudited statutory financial statements of G.Stewart Engineering Limited
Year ended 31 August 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 G.Stewart Engineering Limited for the year ended 31 August 2024 which comprise the statement of financial position and 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 http://www.icas.com/accountspreparationguidance.
This report is made solely to the director of G.Stewart Engineering Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of G.Stewart Engineering Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G.Stewart Engineering Limited and its director as a body for our work or for this report.
It is your duty to ensure that G.Stewart Engineering 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 G.Stewart Engineering Limited. You consider that G.Stewart Engineering 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 G.Stewart Engineering 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.
Dickson Middleton
Chartered Accountants
5/9 Bridge Street
Bonnybridge
FK4 1AD
14 February 2025
G.Stewart Engineering Limited
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Current assets
Debtors 5 6,567 8,860
Cash at bank and in hand 13,780 17,532
_______ _______
20,347 26,392
Creditors: amounts falling due
within one year 6 ( 11,802) ( 10,837)
_______ _______
Net current assets 8,545 15,555
_______ _______
Total assets less current liabilities 8,545 15,555
_______ _______
Net assets 8,545 15,555
_______ _______
Capital and reserves
Called up share capital 7 10 10
Profit and loss account 8,535 15,545
_______ _______
Shareholder funds 8,545 15,555
_______ _______
For the year ending 31 August 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 February 2025 , and are signed on behalf of the board by:
G Stewart
Director
Company registration number: SC574424
G.Stewart Engineering Limited
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 4 Cadell Drive, Falkirk, FK2 8QN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historic cost basis. The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover represents the total invoice value of work done during the year
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, trade and other creditors.Cash and cash equivalents comprise cash in hand, deposits held with banks and other short-term highly liquid investments with original maturities of three months or less.Trade and other debtors are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable, net of any impairment. At the end of each reporting year, the company assesses whether there is objective evidence that any financial asset amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all the amounts due according to the original terms of the financial assets. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows. The amount of the provision is recognised immediately in the statement of income and retained earnings.Trade and other creditors are initially measured at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Debtors
2024 2023
£ £
Trade debtors 6,567 8,860
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 5,859 5,856
Other creditors 5,943 4,981
_______ _______
11,802 10,837
_______ _______
7. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______