REGISTERED NUMBER: SC222339 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Shannas Engineering Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J W Penny

Mrs D F A Penny

REGISTERED OFFICE:

North Howe

Skelmuir

Stuartfield

Peterhead

Aberdeenshire

AB42 5AH

REGISTERED NUMBER:

SC222339 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Tangible assets

4

164,337

142,083

CURRENT ASSETS

Stocks

64,110

61,189

Debtors

5

17,156

47,115

81,266

108,304

CREDITORS

Amounts falling due within one year

6

119,819

157,399

NET CURRENT LIABILITIES

(38,553

)

(49,095

)

TOTAL ASSETS LESS CURRENT LIABILITIES

125,784

92,988

CREDITORS

Amounts falling due after more than one year

7

(24,842

)

(18,334

)

PROVISIONS FOR LIABILITIES

(30,246

)

(25,811

)

NET ASSETS

70,696

48,843

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

70,694

48,841

SHAREHOLDERS' FUNDS

70,696

48,843

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:

Mr J W Penny - Director

1.	STATUTORY INFORMATION

Shannas Engineering Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers. Revenue is recognised at the point of sale of goods and the point services are provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

4% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 September 2023

27,179

431,253

11,205

Additions

-

30,431

-

Disposals

-

(29,718

)

-

At 31 August 2024

27,179

431,966

11,205

DEPRECIATION

At 1 September 2023

20,944

305,611

7,903

Charge for year

1,087

29,665

660

Eliminated on disposal

-

(21,969

)

-

At 31 August 2024

22,031

313,307

8,563

NET BOOK VALUE

At 31 August 2024

5,148

118,659

2,642

At 31 August 2023

6,235

125,642

3,302

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2023

24,615

2,663

496,915

Additions

43,996

244

74,671

Disposals

(5,620

)

-

(35,338

)

At 31 August 2024

62,991

2,907

536,248

DEPRECIATION

At 1 September 2023

18,289

2,085

354,832

Charge for year

12,501

439

44,352

Eliminated on disposal

(5,304

)

-

(27,273

)

At 31 August 2024

25,486

2,524

371,911

NET BOOK VALUE

At 31 August 2024

37,505

383

164,337

At 31 August 2023

6,326

578

142,083

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 September 2023

15,000

18,995

33,995

Additions

-

43,996

43,996

Transfer to ownership

(15,000

)

(18,995

)

(33,995

)

At 31 August 2024

-

43,996

43,996

DEPRECIATION

At 1 September 2023

7,320

12,985

20,305

Charge for year

-

10,999

10,999

Transfer to ownership

(7,320

)

(12,985

)

(20,305

)

At 31 August 2024

-

10,999

10,999

NET BOOK VALUE

At 31 August 2024

-

32,997

32,997

At 31 August 2023

7,680

6,010

13,690

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24

31.8.23

£

£

Trade debtors

3,498

33,766

Other debtors

13,658

13,349

17,156

47,115

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24

31.8.23

£

£

Bank loans and overdrafts

37,028

45,845

Hire purchase contracts

6,145

2,805

Trade creditors

32,961

51,632

Taxation and social security

3

1,183

Other creditors

43,682

55,934

119,819

157,399

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.24

31.8.23

£

£

Bank loans

9,167

18,334

Hire purchase contracts

15,675

-

24,842

18,334

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.24

31.8.23

£

£

Bank overdrafts

27,861

35,845

Bank loans

18,334

28,334

46,195

64,179

Bank loans and overdrafts are secured by means of a bond and floating charge over all the assets of the company.

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by the shareholders.