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Registration number: SC350307

Reilly Systems Engineering Ltd.

Unaudited Filleted Financial Statements

for the Period from 1 November 2023 to 31 January 2025

 

Reilly Systems Engineering Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

Accountants' Report

7

 

Reilly Systems Engineering Ltd.

Company Information

Directors

Mrs Aileen Margaret Reilly

Mr Derek Reilly

Company secretary

Mrs Aileen Margaret Reilly

Registered office

3 Collingwood Place
Broughty Ferry
Dundee
DD5 2UG

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Reilly Systems Engineering Ltd.

(Registration number: SC350307)
Balance Sheet as at 31 January 2025

Note

2025
£

2023
£

Current assets

 

Debtors

5

2,981

388

Cash at bank and in hand

 

54,618

112,139

 

57,599

112,527

Creditors: Amounts falling due within one year

6

(51,595)

(65,879)

Net assets

 

6,004

46,648

Capital and reserves

 

Called up share capital

4

4

Retained earnings

6,000

46,644

Shareholders' funds

 

6,004

46,648

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:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 Board on 24 February 2025 and signed on its behalf by:
 

.........................................
Mrs Aileen Margaret Reilly
Company secretary and director

   
     
 

Reilly Systems Engineering Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025

1

General information

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

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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
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.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 2).

 

Reilly Systems Engineering Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2023

218

2,779

2,997

Additions

-

1,624

1,624

Disposals

(218)

(4,403)

(4,621)

At 31 January 2025

-

-

-

Depreciation

At 1 November 2023

218

2,779

2,997

Eliminated on disposal

(218)

(2,779)

(2,997)

At 31 January 2025

-

-

-

Carrying amount

At 31 January 2025

-

-

-

5

Debtors

Current

2025
£

2023
£

Trade debtors

-

388

Other debtors

2,981

-

 

2,981

388

6

Creditors

Creditors: amounts falling due within one year

2025
£

2023
£

Due within one year

Taxation and social security

3,668

30,516

Other creditors

47,927

35,363

51,595

65,879

 

Reilly Systems Engineering Ltd.

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025

7

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
 £

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.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

24 February 2025