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COMPANY REGISTRATION NUMBER: SC497795
FAL SCOTTISH PROPELLER SERVICE LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
5 April 2025
FAL SCOTTISH PROPELLER SERVICE LTD
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
Contents
Page
Officers and professional advisers
1
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of FAL Scottish Propeller Service Ltd
2
Statement of financial position
3
Notes to the financial statements
5
FAL SCOTTISH PROPELLER SERVICE LTD
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr F A Langnes
Mr M A Langnes
Registered office
1 March Road West
Buckie
Moray
Scotland
AB56 4BU
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
FAL SCOTTISH PROPELLER SERVICE LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FAL SCOTTISH PROPELLER SERVICE LTD
YEAR ENDED 5 APRIL 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FAL Scottish Propeller Service Ltd for the year ended 5 April 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of FAL Scottish Propeller Service Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of FAL Scottish Propeller Service Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FAL Scottish Propeller Service Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that FAL Scottish Propeller Service Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of FAL Scottish Propeller Service Ltd. You consider that FAL Scottish Propeller Service Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of FAL Scottish Propeller Service Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
5 June 2025
FAL SCOTTISH PROPELLER SERVICE LTD
STATEMENT OF FINANCIAL POSITION
5 April 2025
2025
2024
Note
£
£
FIXED ASSETS
Tangible assets
5
72,306
91,704
CURRENT ASSETS
Stocks
59,770
62,573
Debtors
6
45,951
63,454
Cash at bank and in hand
314,386
306,737
---------
---------
420,107
432,764
CREDITORS: amounts falling due within one year
7
231,184
230,555
---------
---------
NET CURRENT ASSETS
188,923
202,209
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
261,229
293,913
CREDITORS: amounts falling due after more than one year
8
29,641
34,252
PROVISIONS
Taxation including deferred tax
18,077
21,246
---------
---------
NET ASSETS
213,511
238,415
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
213,411
238,315
---------
---------
SHAREHOLDERS FUNDS
213,511
238,415
---------
---------
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 income statement has not been delivered.
For the year ending 5 April 2025 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 .
FAL SCOTTISH PROPELLER SERVICE LTD
STATEMENT OF FINANCIAL POSITION (continued)
5 April 2025
These financial statements were approved by the board of directors and authorised for issue on 5 June 2025 , and are signed on behalf of the board by:
Mr M A Langnes
Director
Company registration number: SC497795
FAL SCOTTISH PROPELLER SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 March Road West, Buckie, Moray, AB56 4BU, Scotland.
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.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contacts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
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.
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 & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 (2024: 7 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 6 April 2024
65,795
14,422
104,358
19,477
204,052
Additions
5,300
1,133
6,433
Disposals
( 29,997)
( 29,997)
--------
--------
---------
--------
---------
At 5 April 2025
65,795
19,722
74,361
20,610
180,488
--------
--------
---------
--------
---------
Depreciation
At 6 April 2024
36,729
6,913
58,363
10,343
112,348
Charge for the year
4,358
1,314
9,126
1,542
16,340
Disposals
( 20,506)
( 20,506)
--------
--------
---------
--------
---------
At 5 April 2025
41,087
8,227
46,983
11,885
108,182
--------
--------
---------
--------
---------
Carrying amount
At 5 April 2025
24,708
11,495
27,378
8,725
72,306
--------
--------
---------
--------
---------
At 5 April 2024
29,066
7,509
45,995
9,134
91,704
--------
--------
---------
--------
---------
6. Debtors
2025
2024
£
£
Trade debtors
35,423
52,981
Other debtors
10,528
10,473
--------
--------
45,951
63,454
--------
--------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
14,727
3,386
Corporation tax
41,771
29,902
Social security and other taxes
15,959
24,139
Other creditors
158,727
173,128
---------
---------
231,184
230,555
---------
---------
8. Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
29,641
34,252
--------
--------
9. Related party transactions
At 5th April 2025, the company owed Mark: £76,176 and Frank £75,095 (2024: Mark: £76,179, Frank £89,493) by way of a directors loan account. During the year the company paid dividends of £72,000 (2024: £72,000) to the directors.