Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-315false2024-01-01falseNo description of principal activity6truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC180436 2024-01-01 2024-12-31 SC180436 2023-01-01 2023-12-31 SC180436 2024-12-31 SC180436 2023-12-31 SC180436 c:CompanySecretary1 2024-01-01 2024-12-31 SC180436 c:Director1 2024-01-01 2024-12-31 SC180436 c:Director2 2024-01-01 2024-12-31 SC180436 c:Director2 2024-12-31 SC180436 c:Director3 2024-01-01 2024-12-31 SC180436 c:Director3 2024-12-31 SC180436 c:Director4 2024-01-01 2024-12-31 SC180436 c:RegisteredOffice 2024-01-01 2024-12-31 SC180436 d:PlantMachinery 2024-01-01 2024-12-31 SC180436 d:PlantMachinery 2024-12-31 SC180436 d:PlantMachinery 2023-12-31 SC180436 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC180436 d:MotorVehicles 2024-01-01 2024-12-31 SC180436 d:MotorVehicles 2024-12-31 SC180436 d:MotorVehicles 2023-12-31 SC180436 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC180436 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC180436 d:CurrentFinancialInstruments 2024-12-31 SC180436 d:CurrentFinancialInstruments 2023-12-31 SC180436 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 SC180436 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC180436 d:ShareCapital 2024-12-31 SC180436 d:ShareCapital 2023-12-31 SC180436 d:RetainedEarningsAccumulatedLosses 2024-12-31 SC180436 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC180436 c:OrdinaryShareClass1 2024-01-01 2024-12-31 SC180436 c:OrdinaryShareClass1 2024-12-31 SC180436 c:OrdinaryShareClass1 2023-12-31 SC180436 c:OrdinaryShareClass2 2024-01-01 2024-12-31 SC180436 c:OrdinaryShareClass2 2024-12-31 SC180436 c:OrdinaryShareClass2 2023-12-31 SC180436 c:OrdinaryShareClass3 2024-01-01 2024-12-31 SC180436 c:OrdinaryShareClass3 2024-12-31 SC180436 c:OrdinaryShareClass3 2023-12-31 SC180436 c:OrdinaryShareClass4 2024-01-01 2024-12-31 SC180436 c:OrdinaryShareClass4 2024-12-31 SC180436 c:OrdinaryShareClass4 2023-12-31 SC180436 c:FRS102 2024-01-01 2024-12-31 SC180436 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 SC180436 c:FullAccounts 2024-01-01 2024-12-31 SC180436 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC180436 d:WithinOneYear 2024-12-31 SC180436 d:WithinOneYear 2023-12-31 SC180436 d:BetweenOneFiveYears 2024-12-31 SC180436 d:BetweenOneFiveYears 2023-12-31 SC180436 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC180436










PANEL TECH (SCOTLAND) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
PANEL TECH (SCOTLAND) LIMITED
 

Company Information


Directors
Mr K Buchan 
Mr E Buchan (resigned 31 December 2024)
Mrs E Buchan (resigned 31 December 2024)
Mrs J Buchan 




Company secretary
Joanne Buchan



Registered number
SC180436



Registered office
27 Featherhall Crescent South

Edinburgh

EH12 7UL




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
PANEL TECH (SCOTLAND) LIMITED
REGISTERED NUMBER: SC180436

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
38,451
56,955

  
38,451
56,955

Current assets
  

Stocks
  
11,500
3,300

Debtors: amounts falling due within one year
 5 
16,895
55,566

Cash at bank and in hand
  
175,205
166,248

  
203,600
225,114

Creditors: amounts falling due within one year
 6 
(18,178)
(30,287)

Net current assets
  
 
 
185,422
 
 
194,827

Total assets less current liabilities
  
223,873
251,782

Provisions for liabilities
  

Deferred tax
  
(7,283)
(10,427)

  
 
 
(7,283)
 
 
(10,427)

Net assets
  
216,590
241,355


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
216,490
241,255

  
216,590
241,355


Page 1

 
PANEL TECH (SCOTLAND) LIMITED
REGISTERED NUMBER: SC180436

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2025.




Mr K Buchan
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PANEL TECH (SCOTLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Panel Tech (Scotland) Limited is a private company, limited by shares and incorporated in Scotland, registration number SC180436. The registered office is 27 Featherhall Crescent South, Edinburgh, EH12 7UL.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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 operational existence for the foreseeable future. The directors have considered a period of 12 months from the date of approval of the financial statements.  Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
PANEL TECH (SCOTLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
PANEL TECH (SCOTLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 6).

Page 5

 
PANEL TECH (SCOTLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 January 2024
10,903
102,837
113,740


Disposals
-
(33,852)
(33,852)



At 31 December 2024

10,903
68,985
79,888



Depreciation


At 1 January 2024
3,935
52,850
56,785


Charge for the year on owned assets
2,181
12,016
14,197


Disposals
-
(29,545)
(29,545)



At 31 December 2024

6,116
35,321
41,437



Net book value



At 31 December 2024
4,787
33,664
38,451



At 31 December 2023
6,968
49,987
56,955


5.


Debtors

2024
2023
£
£


Trade debtors
7,334
14,215

Other debtors
847
21,997

Prepayments and accrued income
2,408
2,955

Amounts recoverable on long term contracts
6,306
16,399

16,895
55,566


Page 6

 
PANEL TECH (SCOTLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,444
23,270

Other taxation and social security
11,006
1,345

Other creditors
630
3,097

Accruals and deferred income
3,098
2,575

18,178
30,287



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



32 (2023 - 32) Ordinary A shares of £1.00 each
32
32
29 (2023 - 29) Ordinary B shares of £1.00 each
29
29
25 (2023 - 25) Ordinary C shares of £1.00 each
25
25
14 (2023 - 14) Ordinary D shares of £1.00 each
14
14

100

100



8.


Prior year adjustment

Work in progress in the amount of £16,399, previously disclosed within stocks is now disclosed within debtors under amounts recoverable on long term contracts. This change did not impact on the profit and loss account. 


9.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
11,200
11,200

Later than 1 year and not later than 5 years
26,133
37,333

37,333
48,533

Page 7

 
PANEL TECH (SCOTLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Related party transactions

Ewen Buchan and Keith Buchan were directors of Lizard Properties Limited (Lizard). Ewen Buchan, Elizabeth Buchan and Keith Buchan are shareholders in Lizard. Ewen, Elizabeth and Keith Buchan are also shareholders and directors in Panel Tech (Scotland) Limited (Panel Tech).
During the period from 31st December 2014 to 31st December 2024 Panel Tech advanced a loan to Lizard.  An amount of £NIL remains outstanding at 31st December 2024 (2023 - £5,626).


Page 8