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Registration number: SC286616

Strathearn Engineering Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Strathearn Engineering Ltd.

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Strathearn Engineering Ltd.

(Registration number: SC286616)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

586,217

575,628

Current assets

 

Stocks

304,447

278,026

Debtors

5

227,053

221,876

Cash at bank and in hand

 

54,825

107,060

 

586,325

606,962

Creditors: Amounts falling due within one year

6

(307,940)

(354,825)

Net current assets

 

278,385

252,137

Total assets less current liabilities

 

864,602

827,765

Creditors: Amounts falling due after more than one year

6

(211,661)

(56,235)

Net assets

 

652,941

771,530

Capital and reserves

 

Called up share capital

190,476

250,000

Retained earnings

462,465

521,530

Shareholders' funds

 

652,941

771,530

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 the financial year and of its profit or loss for each financial year in accordancce 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.

 

Strathearn Engineering Ltd.

(Registration number: SC286616)
Balance Sheet as at 30 June 2024 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 February 2025
 

.........................................
J K Leckie
Director

 

Strathearn Engineering Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Drumlandy
Aberuthven
Perthshire
PH3 1HE

These financial statements were authorised for issue by the director on 27 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

The exemptions under section 1A regarding cashflow statement and under s414B of the Companies Act regarding the strategic report have been taken this year.

The accounts have been prepared on a going concern basis.
 

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Strathearn Engineering Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% on cost

Plant and machinery etc

at variable rates on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Strathearn Engineering Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 19 (2023 - 13).

 

Strathearn Engineering Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

630,656

198,112

53,884

882,652

Additions

-

21,178

19,745

40,923

Disposals

-

(4,836)

-

(4,836)

At 30 June 2024

630,656

214,454

73,629

918,739

Depreciation

At 1 July 2023

114,067

151,980

40,977

307,024

Charge for the year

9,213

13,050

5,250

27,513

Eliminated on disposal

-

(2,015)

-

(2,015)

At 30 June 2024

123,280

163,015

46,227

332,522

Carrying amount

At 30 June 2024

507,376

51,439

27,402

586,217

At 30 June 2023

516,589

46,132

12,907

575,628

Included within the net book value of land and buildings above is £507,376 (2023 - £516,589) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

130,235

121,829

Prepayments

-

2,786

Other debtors

96,818

97,261

 

227,053

221,876

 

Strathearn Engineering Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

39,372

42,169

Trade creditors

 

111,196

152,498

Taxation and social security

 

58,741

97,000

Accruals and deferred income

 

89,022

53,075

Other creditors

 

9,609

10,083

 

307,940

354,825

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

211,661

56,235

 

Strathearn Engineering Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

196,390

56,235

Hire purchase contracts

15,271

-

211,661

56,235

Current loans and borrowings

2024
£

2023
£

Bank borrowings

24,796

42,169

Hire purchase contracts

14,576

-

39,372

42,169

Loans and borrowings of £202,019 (2023 - £69,237) are secured by a bond and floating charge over the assets of the company and by a fixed security over the property at Drumlandy, Aberuthven. The loans are repayable over periods extending up to 10 years.

A loan of £19,167 (2023 - £29,167) under the Coronavirus Business Bounce Back Scheme is unsecured, bears interest at 2.5% over a period of 5 years with repayments commencing June 2021.

 

 

Strathearn Engineering Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

8

Related party transactions

Transactions with the director

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

J K Leckie

69,279

2,505

-

71,784

GKS Leckie

3,281

-

(3,281)

-

2023

At 1 July 2022
£

At 30 June 2023
£

J K Leckie

69,279

69,279

GKS Leckie

3,281

3,281

9

Parent and ultimate parent undertaking

The ultimate controlling party is J K Leckie.