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No description of principal activity
2023-10-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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xbrli:shares
iso4217:GBP
SC144688
2023-10-01
2024-09-30
SC144688
2024-09-30
SC144688
2023-09-30
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2022-10-01
2023-09-30
SC144688
2023-09-30
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2022-09-30
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2023-09-30
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2023-09-30
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2023-09-30
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2023-09-30
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2024-09-30
COMPANY REGISTRATION NUMBER:
SC144688
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
30 September 2024
Fixed assets
|
Tangible assets |
5 |
1,147,707 |
1,147,883 |
|
|
|
|
Current assets
|
Stocks |
8,321 |
8,703 |
|
Debtors |
6 |
198,323 |
238,358 |
|
Cash at bank and in hand |
20,254 |
7,263 |
|
--------- |
--------- |
|
226,898 |
254,324 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
156,675 |
174,205 |
|
--------- |
--------- |
|
Net current assets |
70,223 |
80,119 |
|
------------ |
------------ |
|
Total assets less current liabilities |
1,217,930 |
1,228,002 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
7,779 |
17,856 |
|
------------ |
------------ |
|
Net assets |
1,210,151 |
1,210,146 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
|
Called up share capital |
70,000 |
70,000 |
|
Revaluation reserve |
672,993 |
672,993 |
|
Profit and loss account |
467,158 |
467,153 |
|
------------ |
------------ |
|
Shareholders funds |
1,210,151 |
1,210,146 |
|
------------ |
------------ |
|
|
|
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 30 September 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 financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
Statement of Financial Position (continued) |
|
30 September 2024
These financial statements were approved by the
board of directors
and authorised for issue on
3 June 2025
, and are signed on behalf of the board by:
|
Mr D C Greenhorn |
|
|
Director |
|
|
|
Company registration number:
SC144688
|
Notes to the Financial Statements |
|
Year ended 30 September 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1410-1416 Shettleston Road, Glasgow, G32 9AL.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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:
|
Fixture & Fittings |
- |
15% reducing balance |
|
|
|
|
No depreciation is charged on freehold properties as it is the opinion of the directors that the long remaining useful life and high residual value would make such an amount immaterial.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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
8
(2023:
8
).
5.
Tangible assets
|
Land and buildings |
Fixtures and fittings |
Investment property |
Total |
|
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
At 1 October 2023 and 30 September 2024 |
1,135,000 |
46,526 |
11,708
|
1,193,234 |
|
------------ |
-------- |
-------- |
------------ |
|
Depreciation |
|
|
|
|
|
At 1 October 2023 |
– |
45,351 |
– |
45,351 |
|
Charge for the year |
– |
176 |
– |
176 |
|
------------ |
-------- |
-------- |
------------ |
|
At 30 September 2024 |
– |
45,527 |
– |
45,527 |
|
------------ |
-------- |
-------- |
------------ |
|
Carrying amount |
|
|
|
|
|
At 30 September 2024 |
1,135,000 |
999 |
11,708
|
1,147,707 |
|
------------ |
-------- |
-------- |
------------ |
|
At 30 September 2023 |
1,135,000 |
1,175 |
11,708
|
1,147,883 |
|
------------ |
-------- |
-------- |
------------ |
|
|
|
|
|
Tangible assets held at valuation
Both freehold properties are stated at valuation. The revaluation was made in September 2004 by Derek Greenhorn, Director, and was on the open market existing use basis. UK Corporation Tax of £60,228 (2018: £60,228) would arise if the properties were disposed of at valuation. No provision has been made for this charge.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Other debtors |
198,323 |
238,358 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
9,586 |
15,118 |
|
Trade creditors |
31,154 |
34,838 |
|
Corporation tax |
84,970 |
91,107 |
|
Social security and other taxes |
25,282 |
27,275 |
|
Other creditors |
5,683 |
5,867 |
|
--------- |
--------- |
|
156,675 |
174,205 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
7,779 |
17,856 |
|
------- |
-------- |
|
|
|
9.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
|
2024 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr D C Greenhorn |
235,903 |
52,465 |
(
92,500) |
195,868 |
|
|
--------- |
-------- |
-------- |
--------- |
|
|
|
|
|
|
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr D C Greenhorn |
235,822 |
92,581 |
(
92,500) |
235,903 |
|
|
--------- |
-------- |
-------- |
--------- |
|
|
|
|
|
|
10.
Related party transactions
There were no other transactions entered into with Related Parties in the year that are required to be disclosed under the terms of FRS102 Section 1A.