Company registration number SC275087 (Scotland)
CRAIGALAN CONTROLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
CRAIGALAN CONTROLS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
CRAIGALAN CONTROLS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr J Armstrong
Mr A Cree
Mr C G James
Mr K J McMillan
Mr J Marmion
Secretary
Mr A Cree
Company number
SC275087
Registered office
Business First
Burnbrae Road
Linwood Industrial Estate
Paisley
Scotland
PA3 3FP
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
CRAIGALAN CONTROLS LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
87,994
46,945
Current assets
Stocks
193,701
151,622
Debtors
5
1,089,151
1,001,947
Cash at bank and in hand
908,915
880,182
2,191,767
2,033,751
Creditors: amounts falling due within one year
6
(1,238,103)
(1,137,114)
Net current assets
953,664
896,637
Total assets less current liabilities
1,041,658
943,582
Creditors: amounts falling due after more than one year
7
(30,323)
(4,527)
Provisions for liabilities
8
(7,289)
(8,180)
Net assets
1,004,046
930,875
Capital and reserves
Called up share capital
10
100
100
Capital redemption reserve
5
5
Profit and loss reserves
1,003,941
930,770
Total equity
1,004,046
930,875
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 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.
CRAIGALAN CONTROLS LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
Mr J Armstrong
Mr K J McMillan
Director
Director
Mr J Marmion
Director
Company Registration No. SC275087
CRAIGALAN CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information
Craigalan Controls Limited is a private company limited by shares incorporated in Scotland. The registered office is Business First, Burnbrae Road, Linwood Industrial Estate, Paisley, Scotland, PA3 3FP. The company's registration number is SC275087.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents the value of all goods sold during the year less returns received and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016 is being amortised evenly over its estimated useful life of five years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Fixtures and fittings
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss account.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
CRAIGALAN CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition.
1.7
Work in progress is valued on the basis of direct material and labour costs plus attributable overheads based on a normal level of activity.
For long term contracts, profit is recognised by reference to the stage of completion of each contract where there is reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is anticipated.
Where amounts invoiced exceed the value of work done, the excess is accounted for as payments received on account and is included within creditors. Where the value of work done exceeds the amounts invoiced, the excess is accounted for as amounts recoverable on contracts and is included within debtors.
1.8
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.
1.9
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 balance sheet 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.
1.10
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.
1.11
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 profit and loss account 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.
CRAIGALAN CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
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 profit and loss account, 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.
1.12
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.
Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.
CRAIGALAN CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
30
29
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
50,000
Amortisation and impairment
At 1 August 2023 and 31 July 2024
50,000
Carrying amount
At 31 July 2024
At 31 July 2023
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
902
68,291
161,901
231,094
Additions
2,779
5,091
65,592
73,462
Disposals
(18,450)
(18,450)
At 31 July 2024
902
2,779
73,382
209,043
286,106
Depreciation and impairment
At 1 August 2023
596
49,747
133,806
184,149
Depreciation charged in the year
76
120
5,379
20,304
25,879
Eliminated in respect of disposals
(11,916)
(11,916)
At 31 July 2024
672
120
55,126
142,194
198,112
Carrying amount
At 31 July 2024
230
2,659
18,256
66,849
87,994
At 31 July 2023
306
18,544
28,095
46,945
CRAIGALAN CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
899,316
810,592
Other debtors
189,835
191,355
1,089,151
1,001,947
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
618,899
454,532
Taxation and social security
311,624
270,221
Other creditors
307,580
412,361
1,238,103
1,137,114
Included within other creditors is £13,335 (2023 - £11,479) in respect of hire purchase agreements which is secured over the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
30,323
4,527
Included within other creditors is £30,323 (2023 - £4,527) in respect of hire purchase agreements which is secured over the assets to which they relate.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
7,289
8,180
CRAIGALAN CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
9
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Accelerated capital allowances
7,289
8,180
2024
Movements in the year:
£
Liability at 1 August 2023
8,180
Credit to profit or loss
(891)
Liability at 31 July 2024
7,289
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 A Ordinary Shares of £1
100
100
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
223,381
118,106
12
Related party disclosures
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic Of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
No other transactions with related parties are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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