7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP SC512460 2023-09-01 2024-08-31 SC512460 2024-08-31 SC512460 2023-08-31 SC512460 2022-09-01 2023-08-31 SC512460 2023-08-31 SC512460 2022-08-31 SC512460 core:PlantMachinery 2023-09-01 2024-08-31 SC512460 core:FurnitureFittings 2023-09-01 2024-08-31 SC512460 core:MotorVehicles 2023-09-01 2024-08-31 SC512460 bus:Director4 2023-09-01 2024-08-31 SC512460 bus:Director5 2023-09-01 2024-08-31 SC512460 core:PlantMachinery 2023-08-31 SC512460 core:FurnitureFittings 2023-08-31 SC512460 core:MotorVehicles 2023-08-31 SC512460 core:PlantMachinery 2024-08-31 SC512460 core:FurnitureFittings 2024-08-31 SC512460 core:MotorVehicles 2024-08-31 SC512460 core:WithinOneYear 2024-08-31 SC512460 core:WithinOneYear 2023-08-31 SC512460 core:AfterOneYear 2024-08-31 SC512460 core:AfterOneYear 2023-08-31 SC512460 core:ShareCapital 2024-08-31 SC512460 core:ShareCapital 2023-08-31 SC512460 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC512460 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC512460 core:BetweenOneFiveYears 2024-08-31 SC512460 core:BetweenOneFiveYears 2023-08-31 SC512460 core:PlantMachinery 2023-08-31 SC512460 core:FurnitureFittings 2023-08-31 SC512460 core:MotorVehicles 2023-08-31 SC512460 bus:Director1 2023-09-01 2024-08-31 SC512460 bus:Director2 2023-09-01 2024-08-31 SC512460 bus:SmallEntities 2023-09-01 2024-08-31 SC512460 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC512460 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 SC512460 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC512460 bus:FullAccounts 2023-09-01 2024-08-31
COMPANY REGISTRATION NUMBER: SC512460
D & R Re-Sprays Ltd
Filleted Unaudited Financial Statements
31 August 2024
D & R Re-Sprays Ltd
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
118,136
92,548
Current assets
Stocks
9,400
102,511
Debtors
6
59,762
39,128
Cash at bank and in hand
81,152
43,880
---------
---------
150,314
185,519
Creditors: amounts falling due within one year
7
172,617
162,809
---------
---------
Net current (liabilities)/assets
( 22,303)
22,710
---------
---------
Total assets less current liabilities
95,833
115,258
Creditors: amounts falling due after more than one year
8
63,877
75,708
Provisions
Taxation including deferred tax
22,598
16,351
--------
---------
Net assets
9,358
23,199
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
9,258
23,099
-------
--------
Shareholders funds
9,358
23,199
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
D & R Re-Sprays Ltd
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 14 May 2025 , and are signed on behalf of the board by:
Mr D Main
Mr R Adam
Director
Director
Company registration number: SC512460
D & R Re-Sprays Ltd
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is DRM Re-Sprays, Moycroft Industrial Estate, Elgin, IV30 1XZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% reducing balance
Fixtures and Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
15 % reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 6 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2023
35,822
2,575
114,316
926
153,639
Additions
42,474
12,000
2,785
57,259
--------
-------
---------
-------
---------
At 31 August 2024
78,296
2,575
126,316
3,711
210,898
--------
-------
---------
-------
---------
Depreciation
At 1 September 2023
23,666
1,850
34,681
894
61,091
Charge for the year
8,194
145
22,909
423
31,671
--------
-------
---------
-------
---------
At 31 August 2024
31,860
1,995
57,590
1,317
92,762
--------
-------
---------
-------
---------
Carrying amount
At 31 August 2024
46,436
580
68,726
2,394
118,136
--------
-------
---------
-------
---------
At 31 August 2023
12,156
725
79,635
32
92,548
--------
-------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
54,791
38,711
Other debtors
4,971
417
--------
--------
59,762
39,128
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
13,328
49,942
Trade creditors
29,684
22,442
Corporation tax
13,836
2,223
Social security and other taxes
21,804
8,570
Pension
477
209
Other creditors
93,488
79,423
---------
---------
172,617
162,809
---------
---------
Obligations under hire purchase and finance leases of £19,687 (2023 - £15,887) shown as other creditors are secured on the assets concerned.
Personal guarantees have been given by the directors with regards to a loan amounting to £3,328 as at 31 August 2023 (2023 - £39,942).
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,123
21,467
Other creditors
55,754
54,241
--------
--------
63,877
75,708
--------
--------
Personal guarantees have been given by the directors with regard to a loan amounting to £nil as at 31 August 2024 (2023 - £3,328).
Obligations under hire purchase and finance leases of £48,513 (2023 - £54,241) shown as other creditors are secured on the assets concerned.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
670
670
Later than 1 year and not later than 5 years
350
1,004
-------
-------
1,020
1,674
-------
-------
10. Related party transactions
The dividends paid to the directors during the year were £75,600 (2023 - £60,600). Included within other creditors due within one year is £60,646 (2023 - £60,296) which is due to the directors. No interest is charged on the loan.