Company registration number SC219866 (Scotland)
DLB SCOTLAND LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DLB SCOTLAND LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 6
DLB SCOTLAND LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF DLB SCOTLAND LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of DLB Scotland Limited for the year ended 31 December 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts

This report is made solely to the Board of Directors of DLB Scotland Limited, as a body, in accordance with the terms of our engagement letter dated 31 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of DLB Scotland Limited and state those matters that we have agreed to state to the Board of Directors of DLB Scotland Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DLB Scotland Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that DLB Scotland Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of DLB Scotland Limited. You consider that DLB Scotland Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of DLB Scotland Limited. 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 financial statements.

Condie & Co Limited
18 March 2025
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
DLB SCOTLAND LIMITED
Statement Of Financial Position
As At 31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
570,914
685,000
Debtors
4
47,360
24,852
Cash at bank and in hand
754,807
686,220
1,373,081
1,396,072
Creditors: amounts falling due within one year
5
(610,269)
(554,886)
Net current assets
762,812
841,186
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
762,810
841,184
Total equity
762,812
841,186

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
Mrs J F Turriff
Director
Company Registration No. SC219866
DLB SCOTLAND LIMITED
Notes To The Financial Statements
For The Year Ended 31 December 2024
- 3 -
1
Accounting policies
Company information

DLB Scotland Limited is a private company limited by shares incorporated in Scotland. The registered office is 10 Abbey Park Place, Dunfermline, Fife, KY12 7NZ. The principal place of business is 15 Thainstone Business Centre, Thainstone, Aberdeenshire, Scotand, AB51 5TB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Stocks

Work in progress is valued based on the company's performance of contracts undertaken and its subsequent right to consideration. Profit can be recognised on contracts which were not invoiced at the year end based on the stage of completion of the individual contracts, where the profit can be ascertained with reasonable certainty.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss. Reversals of impairment are also recognised in the profit and loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

DLB SCOTLAND LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DLB SCOTLAND LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
DLB SCOTLAND LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
1,200
Corporation tax recoverable
41
-
0
Other debtors
47,319
23,652
47,360
24,852
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,445
-
0
Corporation tax
-
0
3,302
Other creditors
465,824
544,368
Accruals and deferred income
143,000
7,216
610,269
554,886
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 10p each
20
20
2
2
7
Directors' transactions

The balances due to the directors, which is included in other creditors, is interest free and repayable on demand.

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mrs F Bruce
-
174,367
(78,543)
95,824
174,367
(78,543)
95,824
8
Related party transactions
Transactions with related parties

The company has taken advantage of Section 1AC35 of FRS102 whereby only material transactions which are not under the normal market conditions need to be disclosed.

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