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Registered Number: SC197275
Scotland

 

 

 

EUROJET (SCOTLAND) LTD.



Unaudited Financial Statements
 


Period of accounts

Start date: 01 October 2023

End date: 30 September 2024
Directors M McPherson
J McPherson
D Knight
Registered Number SC197275
Registered Office Unit 26, Dunfermline Business Centre
Izatt Avenue
Dunfermline
KY11 3BZ
Accountants M&S Accountancy & Taxation Limited
Unit 26, Dunfermline Business Centre
Izatt Avenue
Dunfermline
KY11 3BZ
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 185,195    184,115 
185,195    184,115 
Current assets      
Stocks 5 5,816    2,725 
Debtors 6 175,235    114,508 
Cash at bank and in hand 151,312    100,147 
332,363    217,380 
Creditors: amount falling due within one year 7 (295,959)   (245,819)
Net current assets 36,404    (28,439)
 
Total assets less current liabilities 221,599    155,676 
Creditors: amount falling due after more than one year 8 (79,626)   (87,123)
Provisions for liabilities 9 (35,187)   (34,982)
Net assets 106,786    33,571 
 

Capital and reserves
     
Called up share capital 10 1,002    1,002 
Profit and loss account 105,784    32,569 
Shareholders' funds 106,786    33,571 
 


For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 09 June 2025 and were signed on its behalf by:


-------------------------------
M McPherson
Director
2
General Information
Eurojet (Scotland) Ltd. is a private company, limited by shares, registered in Scotland, registration number SC197275, registration address Unit 26, Dunfermline Business Centre, Izatt Avenue, Dunfermline, KY11 3BZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of VAT and trade discounts. Turnover is recognised on the accruals basis.
Taxation
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 companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred taxation
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.

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.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 25% Reducing Balance
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives. Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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.
2.

Average number of employees

Average number of employees during the year was 9 (2023 : 9).
3.

Intangible fixed assets

Cost Website   Total
  £   £
At 01 October 2023 999    999 
Additions  
Disposals (999)   (999)
At 30 September 2024  
Amortisation
At 01 October 2023 999    999 
Charge for year  
On disposals (999)   (999)
At 30 September 2024  
Net book values
At 30 September 2024  
At 30 September 2023  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £   £
At 01 October 2023 8,568    303,549    135,608    18,207    465,932 
Additions 9,159    9,230    46,349      64,738 
Disposals     (19,116)     (19,116)
At 30 September 2024 17,727    312,779    162,841    18,207    511,554 
Depreciation
At 01 October 2023 8,568    141,807    116,497    14,943    281,815 
Charge for year 2,290    42,745    15,887    824    61,746 
On disposals     (17,202)     (17,202)
At 30 September 2024 10,858    184,552    115,182    15,767    326,359 
Net book values
Closing balance as at 30 September 2024 6,869    128,227    47,659    2,440    185,195 
Opening balance as at 01 October 2023   161,740    19,111    3,264    184,115 


5.

Stocks

2024
£
  2023
£
Stocks 5,816    2,725 
5,816    2,725 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 163,737    80,533 
Prepayments & Accrued Income 11,498    8,283 
Other Debtors   25,692 
175,235    114,508 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 31,228    13,154 
Bank Loans & Overdrafts 10,289    10,035 
Corporation Tax 63,369    38,275 
PAYE & Social Security 5,439    3,637 
Accrued Expenses 16,299    14,780 
Other Creditors 2,171    1,099 
Obligations under HP/Financial Leases 34,124    26,769 
Directors' Current Accounts 109,747    126,302 
VAT 23,293    11,768 
295,959    245,819 
Included within bank loans and overdrafts are amounts advanced to the company under the Bounce Back Loan Scheme of £10,289 (2023 - £10,035). This is fully backed by a government guarantee.

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 8,773    19,062 
Obligations Under HP/Financial Leases 70,853    68,061 
79,626    87,123 
Obligations under finance leases are secured over the assets they relate to.

Included within bank loans and overdrafts are amounts advanced to the company under the Bounce Back Loan Scheme of £8,773 (2023 - £19,062). This is fully backed by a government guarantee.

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 35,187    34,982 
35,187    34,982 

10.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
334 Class A shares of £1.00 each 334    334 
334 Class B shares of £1.00 each 334    334 
334 Class C shares of £1.00 each 334    334 
1,002    1,002 

11.

Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £37,830 (£49,470 - 2023).

3