Registration number:
Reilly Systems Engineering Ltd.
for the Period from 1 November 2023 to 31 January 2025
Reilly Systems Engineering Ltd.
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
Reilly Systems Engineering Ltd.
Company Information
Directors |
Mrs Aileen Margaret Reilly Mr Derek Reilly |
Company secretary |
Mrs Aileen Margaret Reilly |
Registered office |
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Accountants |
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Reilly Systems Engineering Ltd.
(Registration number: SC350307)
Balance Sheet as at 31 January 2025
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2023 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial period ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Reilly Systems Engineering Ltd.
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
General information |
The company is a private company limited by share capital, incorporated in Scotland.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Reilly Systems Engineering Ltd.
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
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 |
Fixtures & fittings |
33% on cost |
Motor vehicles |
25% on reducing balance |
Computer equipment |
33% on cost |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Financial instruments
Classification
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.
Employees and Directors |
The average number of persons employed by the company (including directors) during the period, was
Reilly Systems Engineering Ltd.
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 November 2023 |
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Additions |
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Disposals |
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At 31 January 2025 |
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Depreciation |
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At 1 November 2023 |
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Eliminated on disposal |
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At 31 January 2025 |
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Carrying amount |
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At 31 January 2025 |
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Debtors |
Current |
2025 |
2023 |
Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2023 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Reilly Systems Engineering Ltd.
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
Related party transactions |
Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
1 November 2023 to 31 January 2025 |
Year ended 31 October 2023 |
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Mr D Reilly |
23,964 |
10,182 |
Mrs A Reilly |
23,963 |
25,181 |
47,927 |
35,363 |
The maximum balance outstanding during the year amounted to £47,927.
The directors current accounts are repayable on demand.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Reilly Systems Engineering Ltd.
for the Period Ended 31 January 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Reilly Systems Engineering Ltd. for the period ended 31 January 2025 as set out on pages 2 to 6 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 Board of Directors of Reilly Systems Engineering Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Reilly Systems Engineering Ltd. and state those matters that we have agreed to state to the Board of Directors of Reilly Systems Engineering Ltd., 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 Reilly Systems Engineering Ltd. and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Reilly Systems Engineering Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Reilly Systems Engineering Ltd.. You consider that Reilly Systems Engineering Ltd. is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Reilly Systems Engineering 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 accounts.
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Beancross Road
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