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REGISTERED NUMBER: SC177247 (Scotland)















Financial Statements for the Year Ended 31 July 2024

for

Monitor Systems Scotland Limited

Monitor Systems Scotland Limited (Registered number: SC177247)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Monitor Systems Scotland Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: B Sinclair
Mrs S J Sinclair
M L Wood





SECRETARY: Stronachs Secretaries Limited





REGISTERED OFFICE: 28 Albyn Place
Aberdeen
AB10 1YL





REGISTERED NUMBER: SC177247 (Scotland)





ACCOUNTANTS: Findlay Brown Ltd
53 Huntly Street
Aberdeen
AB10 1TH

Monitor Systems Scotland Limited (Registered number: SC177247)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 662,311 754,463
Investments 5 24,577 24,577
686,888 779,040

CURRENT ASSETS
Stocks 53,614 77,676
Debtors 6 726,750 692,474
Cash at bank and in hand 774,475 371,483
1,554,839 1,141,633
CREDITORS
Amounts falling due within one year 7 869,223 898,301
NET CURRENT ASSETS 685,616 243,332
TOTAL ASSETS LESS CURRENT LIABILITIES 1,372,504 1,022,372

CREDITORS
Amounts falling due after more than one year 8 80,000 232,355
NET ASSETS 1,292,504 790,017

CAPITAL AND RESERVES
Called up share capital 8 8
Capital redemption reserve 2 2
Retained earnings 1,292,494 790,007
1,292,504 790,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 each financial year and of its profit or loss for each financial year in accordance 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





B Sinclair - Director


Monitor Systems Scotland Limited (Registered number: SC177247)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Monitor Systems Scotland Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on reducing balance
Plant and machinery etc - 20% on reducing balance

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators at each Balance Sheet date. If there there is objective evidence of impairment, an impairment loss is recognised in the Profit and loss Account.

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and
subsequently measured at cost less any accumulated impairment losses. The investments are assessed for
impairment at each reporting date and any impairment losses or reversals of impairment losses are
recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and
operating policies of the entity so as to obtain benefits from its activities.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Monitor Systems Scotland Limited (Registered number: SC177247)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the
contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when, there exists a
legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net
basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless
the arrangement constitutes a financing transaction, where the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable
within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the Company are recorded at the fair value of cash or other resources received
or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the
initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as
liabilities once they are no longer at the discretion of the Company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Monitor Systems Scotland Limited (Registered number: SC177247)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company has recorded a profit for the year, the cash position remains strong and the company has cash reserves. The company has seen improved turnover and 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2023 817,440 403,903 1,221,343
Additions 2,797 1,331 4,128
Impairments (57,271 ) - (57,271 )
At 31 July 2024 762,966 405,234 1,168,200
DEPRECIATION
At 1 August 2023 149,785 317,095 466,880
Charge for year 13,181 25,828 39,009
At 31 July 2024 162,966 342,923 505,889
NET BOOK VALUE
At 31 July 2024 600,000 62,311 662,311
At 31 July 2023 667,655 86,808 754,463

Monitor Systems Scotland Limited (Registered number: SC177247)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 55,853
DEPRECIATION
At 1 August 2023 5,263
Charge for year 18,405
At 31 July 2024 23,668
NET BOOK VALUE
At 31 July 2024 32,185
At 31 July 2023 50,590

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 24,577
NET BOOK VALUE
At 31 July 2024 24,577
At 31 July 2023 24,577

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 683,074 622,877
Other debtors 43,676 69,597
726,750 692,474

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 126,119 124,371
Finance leases 26,375 18,618
Trade creditors 477,685 674,673
Taxation and social security 144,645 33,756
Other creditors 94,399 46,883
869,223 898,301

Monitor Systems Scotland Limited (Registered number: SC177247)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans 80,000 205,980
Finance leases - 26,375
80,000 232,355

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 206,119 330,351

The bank loans are secured by way of fixed and floating charge over the assets of the company.