Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-282024-10-28true2024-01-01falseNo description of principal activity2525trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC033190 2024-01-01 2024-10-28 SC033190 2023-01-01 2023-12-31 SC033190 2024-10-28 SC033190 2023-12-31 SC033190 1 2024-01-01 2024-10-28 SC033190 d:Director2 2024-01-01 2024-10-28 SC033190 c:Buildings c:ShortLeaseholdAssets 2024-01-01 2024-10-28 SC033190 c:Buildings c:ShortLeaseholdAssets 2024-10-28 SC033190 c:Buildings c:ShortLeaseholdAssets 2023-12-31 SC033190 c:PlantMachinery 2024-01-01 2024-10-28 SC033190 c:PlantMachinery 2024-10-28 SC033190 c:PlantMachinery 2023-12-31 SC033190 c:PlantMachinery c:OwnedOrFreeholdAssets 2024-01-01 2024-10-28 SC033190 c:MotorVehicles 2024-01-01 2024-10-28 SC033190 c:MotorVehicles 2024-10-28 SC033190 c:MotorVehicles 2023-12-31 SC033190 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-01-01 2024-10-28 SC033190 c:ComputerEquipment 2024-01-01 2024-10-28 SC033190 c:ComputerEquipment 2024-10-28 SC033190 c:ComputerEquipment 2023-12-31 SC033190 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-10-28 SC033190 c:OwnedOrFreeholdAssets 2024-01-01 2024-10-28 SC033190 c:CurrentFinancialInstruments 2024-10-28 SC033190 c:CurrentFinancialInstruments 2023-12-31 SC033190 c:Non-currentFinancialInstruments 2024-10-28 SC033190 c:Non-currentFinancialInstruments 2023-12-31 SC033190 c:CurrentFinancialInstruments c:WithinOneYear 2024-10-28 SC033190 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 SC033190 c:Non-currentFinancialInstruments c:AfterOneYear 2024-10-28 SC033190 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 SC033190 c:ShareCapital 2024-10-28 SC033190 c:ShareCapital 2023-12-31 SC033190 c:RetainedEarningsAccumulatedLosses 2024-10-28 SC033190 c:RetainedEarningsAccumulatedLosses 2023-12-31 SC033190 c:AcceleratedTaxDepreciationDeferredTax 2024-10-28 SC033190 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC033190 d:FRS102 2024-01-01 2024-10-28 SC033190 d:AuditExempt-NoAccountantsReport 2024-01-01 2024-10-28 SC033190 d:FullAccounts 2024-01-01 2024-10-28 SC033190 d:PrivateLimitedCompanyLtd 2024-01-01 2024-10-28 SC033190 c:WithinOneYear 2024-10-28 SC033190 c:WithinOneYear 2023-12-31 SC033190 c:BetweenOneFiveYears 2024-10-28 SC033190 c:BetweenOneFiveYears 2023-12-31 SC033190 2 2024-01-01 2024-10-28 SC033190 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2024-10-28 SC033190 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2023-12-31 SC033190 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2024-10-28 SC033190 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-12-31 SC033190 c:LeasedAssetsHeldAsLessee 2024-10-28 SC033190 c:LeasedAssetsHeldAsLessee 2023-12-31 SC033190 e:PoundSterling 2024-01-01 2024-10-28 iso4217:GBP xbrli:pure

Registered number: SC033190










ANGUS F. GUNN LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 OCTOBER 2024

 
ANGUS F. GUNN LIMITED
REGISTERED NUMBER: SC033190

BALANCE SHEET
AS AT 28 OCTOBER 2024

28 October
31 December
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,324,376
1,466,445

  
1,324,376
1,466,445

Current assets
  

Stocks
  
583,240
835,178

Debtors: amounts falling due within one year
 5 
1,549,126
2,029,513

Cash at bank and in hand
  
2,919,242
1,586,256

  
5,051,608
4,450,947

Creditors: amounts falling due within one year
 6 
(2,022,491)
(2,047,974)

Net current assets
  
 
 
3,029,117
 
 
2,402,973

Total assets less current liabilities
  
4,353,493
3,869,418

Creditors: amounts falling due after more than one year
 7 
(632,418)
(758,341)

Provisions for liabilities
  

Deferred tax
 8 
(331,091)
(366,447)

  
 
 
(331,091)
 
 
(366,447)

Net assets
  
3,389,984
2,744,630


Capital and reserves
  

Called up share capital 
  
20,000
20,000

Profit and loss account
  
3,369,984
2,724,630

  
3,389,984
2,744,630

Page 1

 
ANGUS F. GUNN LIMITED
REGISTERED NUMBER: SC033190
    
BALANCE SHEET (CONTINUED)
AS AT 28 OCTOBER 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 period 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 profit and loss account or the directors' report 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 by: 




K Greenwood
Director

Date: 22 April 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ANGUS F. GUNN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 OCTOBER 2024

1.


General information

Angus F. Gunn Limited is a private limited company registered in Scotland, registration number SC033190. The registered office is Dalmacoulter Road, Stirling Road Industrial Estate, Airdrie, Lanarkshire, ML6 7UD.

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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 3

 
ANGUS F. GUNN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 OCTOBER 2024

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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, as set out below.

Depreciation is provided on the following basis:

Short-term leasehold property
-
4%
on cost
Plant and machinery
-
15%
on reducing balance
Motor vehicles
-
25%
on reducing balance
Computer equipment
-
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. 
At each balance sheet 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

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
ANGUS F. GUNN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 OCTOBER 2024

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

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 Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of
Page 5

 
ANGUS F. GUNN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 OCTOBER 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
ANGUS F. GUNN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 OCTOBER 2024

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the period 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 balance sheet 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 balance sheet date.



3.


Employees

The average monthly number of employees, including directors, during the period was 25 (2023 - 25).

Page 7

 
ANGUS F. GUNN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 OCTOBER 2024

4.


Tangible fixed assets







Short-term leasehold property
Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 January 2024
14,607
1,884,338
115,604
46,556
2,061,105


Additions
-
32,331
28,699
-
61,030


Disposals
-
(17,000)
(22,489)
-
(39,489)



At 28 October 2024

14,607
1,899,669
121,814
46,556
2,082,646



Depreciation


At 1 January 2024
2,385
517,582
49,160
25,533
594,660


Charge for the period
487
173,647
16,803
4,380
195,317


Disposals
-
(13,554)
(18,153)
-
(31,707)



At 28 October 2024

2,872
677,675
47,810
29,913
758,270



Net book value



At 28 October 2024
11,735
1,221,994
74,004
16,643
1,324,376



At 31 December 2023
12,222
1,366,756
66,444
21,023
1,466,445

Page 8

 
ANGUS F. GUNN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 OCTOBER 2024

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


28 October
31 December
2024
2023
£
£



Plant and machinery
903,652
1,085,990

Motor vehicles
74,003
61,107

977,655
1,147,097


5.


Debtors

28 October
31 December
2024
2023
£
£


Trade debtors
1,519,810
1,610,945

Other debtors
29,316
418,568

1,549,126
2,029,513



6.


Creditors: Amounts falling due within one year

28 October
31 December
2024
2023
£
£

Trade creditors
1,164,991
1,214,324

Other taxation and social security
223,849
315,790

Obligations under finance lease and hire purchase contracts
185,004
176,284

Other creditors
448,647
341,576

2,022,491
2,047,974


Page 9

 
ANGUS F. GUNN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 OCTOBER 2024

7.


Creditors: Amounts falling due after more than one year

28 October
31 December
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
628,419
753,052

Other creditors
3,999
5,289

632,418
758,341


Page 10

 
ANGUS F. GUNN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 OCTOBER 2024

8.


Deferred taxation






2024


£






At beginning of year
366,447


Credit to profit and loss
(35,356)



At end of year
331,091

The provision for deferred taxation is made up as follows:

28 October
31 December
2024
2023
£
£


Accelerated capital allowances
331,091
366,447

331,091
366,447


9.


Commitments under operating leases

At 28 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

28 October
31 December
2024
2023
£
£


Not later than 1 year
81,669
100,279

Later than 1 year and not later than 5 years
241,875
305,457

323,544
405,736


10.


Related party transactions

At the period end, £Nil (2023: £400,000) was due from a company under common control. The loan was unsecured, interest free with no fixed terms of repayment.

Page 11

 
ANGUS F. GUNN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 OCTOBER 2024

11.


Post balance sheet events

On 29 October 2024, the entire share capital of the company was acquired by Barclay & Mathieson Limited, whose ultimate parent undertaking is Maurbeni-Itochu Steel Inc. 

 
Page 12