REGISTERED NUMBER: SC235930 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

R & R CORROSION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTOR:

Mr J S Rae

SECRETARY:

Mrs J Rae

REGISTERED OFFICE:

Unit 21

Castle Street

Castlepark Industrial Estate

Ellon

Aberdeenshire

AB41 9RF

REGISTERED NUMBER:

SC235930 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

Chartered Accountants

28 Broad Street

Peterhead

Aberdeenshire

AB42 1BY

BANKERS:

Bank of Scotland plc

P O Box 1000

Inverness

BX2 1LB

FIXED ASSETS

Tangible assets

4

250,809

220,815

CURRENT ASSETS

Stocks

257,000

5,000

Debtors

5

170,983

217,593

Cash at bank and in hand

105,264

119

533,247

222,712

CREDITORS

Amounts falling due within one year

6

400,841

234,290

NET CURRENT ASSETS/(LIABILITIES)

132,406

(11,578

)

TOTAL ASSETS LESS CURRENT LIABILITIES

383,215

209,237

CREDITORS

Amounts falling due after more than one year

7

(55,137

)

(51,075

)

PROVISIONS FOR LIABILITIES

(39,242

)

(21,535

)

NET ASSETS

288,836

136,627

CAPITAL AND RESERVES

Called up share capital

425

425

Capital redemption reserve

8

575

575

Retained earnings

8

287,836

135,627

SHAREHOLDERS' FUNDS

288,836

136,627

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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 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 director and authorised for issue on 26 March 2025 and were signed by:

Mr J S Rae - Director

1.	STATUTORY INFORMATION

R & R Corrosion 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 each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 50 years straight line basis

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future, and they therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

Government grants

Grants provided under the government support measures for business during the Covid-19 pandemic are included as Other income in the accounts on the date on which the company becomes entitled to the grant.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2023

670,644

Additions

102,284

At 30 September 2024

772,928

DEPRECIATION

At 1 October 2023

449,829

Charge for year

72,290

At 30 September 2024

522,119

NET BOOK VALUE

At 30 September 2024

250,809

At 30 September 2023

220,815

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

99,521

208,492

Other debtors

71,462

9,101

170,983

217,593

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

9,175

Hire purchase contracts

29,855

26,746

Trade creditors

185,204

160,636

Taxation and social security

26,923

23,917

Other creditors

158,859

13,816

400,841

234,290

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

46,169

36,075

Other creditors

8,968

15,000

55,137

51,075

8.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 October 2023

135,627

575

136,202

Profit for the year

152,209

-

152,209

At 30 September 2024

287,836

575

288,411