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Registration number: SC429128

Falcon Electrical Testing Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2024

 

Falcon Electrical Testing Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Abridged Balance Sheet

5 to 6

Notes to the Unaudited Abridged Financial Statements

7 to 12

iXBRL Detailed Profit and Loss Account

13 to 14

 

Falcon Electrical Testing Ltd

Company Information

Director

Mr Aaron Gammie

Registered office

Ramoyle House
Glenbervie Business Centre
Glenbervie Business Park
Larbert
FK5 4RB

Accountants

Tayler Morgan Ltd
3 Larch Street
Grangemouth
Falkirk
FK3 8PG

 

Falcon Electrical Testing Ltd

Director's Report for the Year Ended 31 July 2024

The director presents his report and the abridged financial statements for the year ended 31 July 2024.

Director of the company

The director who held office during the year was as follows:

Mr Aaron Gammie

Principal activity

The principal activity of the company is electrical testing

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 17 April 2025
 

.........................................
Mr Aaron Gammie
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Falcon Electrical Testing Ltd
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Falcon Electrical Testing Ltd for the year ended 31 July 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Falcon Electrical Testing Ltd, as a body, in accordance with the terms of our engagement letter dated 1 February 2021. Our work has been undertaken solely to prepare for your approval the accounts of Falcon Electrical Testing Ltd and state those matters that we have agreed to state to the Board of Directors of Falcon Electrical Testing Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Falcon Electrical Testing Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Falcon Electrical Testing 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 profit of Falcon Electrical Testing Ltd. You consider that Falcon Electrical Testing Ltd 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 accounts of Falcon Electrical Testing 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.



Tayler Morgan Ltd
3 Larch Street
Grangemouth
Falkirk
FK3 8PG

17 April 2025

 

Falcon Electrical Testing Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 July 2024

Note

2024
£

2023
£

Turnover

 

492,638

394,840

Cost of sales

 

(260,714)

(222,021)

Gross profit

 

231,924

172,819

Administrative expenses

 

(117,841)

(74,656)

Operating profit

 

114,083

98,163

Other interest receivable and similar income

 

521

-

Interest payable and similar charges

 

(3,024)

(565)

 

(2,503)

(565)

Profit before tax

4

111,580

97,598

Taxation

 

(31,581)

(14,426)

Profit for the financial year

 

79,999

83,172

Retained earnings brought forward

 

56,215

51,543

Dividends paid

 

(78,400)

(78,500)

Retained earnings carried forward

 

57,814

56,215

 

Falcon Electrical Testing Ltd

(Registration number: SC429128)
Abridged Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

58,927

32,005

Investment property

104,740

104,740

 

163,667

136,745

Current assets

 

Debtors

75,725

34,195

Cash at bank and in hand

 

6,707

4,590

 

82,432

38,785

Prepayments and accrued income

 

1,190

836

Creditors: Amounts falling due within one year

(151,880)

(118,884)

Net current liabilities

 

(68,258)

(79,263)

Total assets less current liabilities

 

95,409

57,482

Creditors: Amounts falling due after more than one year

(36,093)

-

Accruals and deferred income

 

(1,500)

(1,265)

Net assets

 

57,816

56,217

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

57,814

56,215

Shareholders' funds

 

57,816

56,217

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

Director's responsibilities:

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

The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 17 April 2025
 

 

Falcon Electrical Testing Ltd

(Registration number: SC429128)
Abridged Balance Sheet as at 31 July 2024 (continued)

.........................................
Mr Aaron Gammie
Director

 

Falcon Electrical Testing Ltd

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

1

General information

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

The address of its registered office is:
Ramoyle House
Glenbervie Business Centre
Glenbervie Business Park
Larbert
FK5 4RB
Scotland

These financial statements were authorised for issue by the director on 17 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged 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 abridged 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.

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.

 

Falcon Electrical Testing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

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.

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

Plant and machinery

20% at cost

Commercial vehicles

25% on reducing balance

Furniture and fittings

25% on reducing balance

Office equipment

25% reducing balance

Motor vehicles

15% reducing balance

Investment property

Investment property is valued at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Borrowings

 

Falcon Electrical Testing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

14,086

10,737

 

Falcon Electrical Testing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024 (continued)

5

Tangible assets

Motor vehicles
 £

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 August 2023

-

1,125

6,489

6,798

Additions

42,498

-

-

-

Disposals

-

-

-

-

At 31 July 2024

42,498

1,125

6,489

6,798

Depreciation

At 1 August 2023

-

1,000

6,329

4,617

Charge for the year

6,375

31

123

545

Eliminated on disposal

-

-

-

-

At 31 July 2024

6,375

1,031

6,452

5,162

Carrying amount

At 31 July 2024

36,123

94

37

1,636

At 31 July 2023

-

125

160

2,181

Commercial vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

59,272

73,684

Additions

-

42,498

Disposals

(11,160)

(11,160)

At 31 July 2024

48,112

105,022

Depreciation

At 1 August 2023

29,733

41,679

Charge for the year

7,012

14,086

Eliminated on disposal

(9,670)

(9,670)

At 31 July 2024

27,075

46,095

Carrying amount

At 31 July 2024

21,037

58,927

At 31 July 2023

29,539

32,005

Investment properties

 

Falcon Electrical Testing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024 (continued)

5

Tangible assets (continued)

2024
£

At 1 August

104,740

There has been no valuation of investment property by an independent valuer.

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

Ordinary 'A' of £1 each

1

1

1

1

2

2

2

2

7

Dividends

2024

2023

£

£

Interim dividend of £78,400 (2023 - £78,500) per ordinary share

78,400

78,500

 

 

8

Related party transactions

 

Falcon Electrical Testing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024 (continued)

8

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,576

12,576

Summary of transactions with entities with joint control or significant interest


 

 

Falcon Electrical Testing Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 July 2024

2024
£

2023
£

Turnover/revenue

492,638

394,840

Cost of sales

Opening stock/inventories

-

-

Purchase of raw materials and consumables

(234,545)

(200,068)

Closing stock/inventories

-

-

Vehicle costs

(6,478)

(10,265)

Freight and haulage costs

(11,753)

(8,077)

Subcontractor costs

(1,500)

(1,250)

Other costs

(6,438)

(2,361)

Gross profit

231,924

172,819

Distribution costs

Administrative expenses

Audit and accountancy other services

(5,065)

(4,430)

Client entertaining costs

-

(19)

Rent, rates and services costs

(5,648)

(5,397)

Other repairs and maintenance costs

(7,732)

(9,492)

Depreciation of fixed assets

(14,086)

(10,737)

Other staff costs

(294)

-

Wages and salaries excluding directors

(17,675)

(19,190)

Other staff costs excluding directors

(56,190)

(6,190)

Staff costs excluding directors

(73,865)

(25,380)

Salaries and fees, directors

(12,576)

(12,576)

Bad debts and impairment losses

-

(416)

Bank charges

(358)

(375)

Insurance costs

(820)

(814)

IT and computing

(1,306)

(1,297)

Telecommunications

(1,051)

(1,434)

Printing, postage and stationery

(11)

(31)

Subscriptions

(927)

(855)

Other costs

(62)

(7)

Other operating income

Other items

Gain/(loss) from disposal of fixed assets

5,960

(1,396)

Profit on ordinary activities before finance charges and interest

114,083

98,163

Non-bank interest and similar income receivable

521

-

 

Falcon Electrical Testing Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 July 2024 (continued)

2024
£

2023
£

Non-bank interest and similar charges

(1,718)

-

Interest expense on obligations under finance leases and hire purchase contracts

(1,306)

(565)

Profit on ordinary activities before taxation

111,580

97,598

Tax on profit or loss on ordinary activities

(31,581)

(14,426)

Profit for the financial year

79,999

83,172