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COMPANY REGISTRATION NUMBER:
SC170890
|
Filleted Abridged Financial Statements |
|
|
Abridged Financial Statements |
|
Year ended 30 September 2024
|
Directors' responsibilities statement |
1 |
|
|
|
Abridged statement of financial position |
2 to 3 |
|
|
|
Notes to the abridged financial statements |
4 to 9 |
|
|
|
Directors' Responsibilities Statement |
|
Year ended 30 September 2024
The directors are responsible for preparing the directors' report and the abridged financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare abridged financial statements for each financial year. Under that law the directors have elected to prepare the abridged financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the abridged financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these abridged financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the abridged financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the abridged financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
|
Abridged Statement of Financial Position |
|
30 September 2024
Fixed assets
|
Tangible assets |
7 |
356,858 |
287,154 |
|
|
|
|
Current assets
|
Stocks |
297,436 |
290,486 |
|
Debtors |
1,298,784 |
1,390,180 |
|
Cash at bank and in hand |
351,044 |
162,237 |
|
------------ |
------------ |
|
1,947,264 |
1,842,903 |
|
|
|
|
Creditors: amounts falling due within one year |
370,229 |
430,755 |
|
------------ |
------------ |
|
Net current assets |
1,577,035 |
1,412,148 |
|
------------ |
------------ |
|
Total assets less current liabilities |
1,933,893 |
1,699,302 |
|
|
|
|
Creditors: amounts falling due after more than one year |
22,428 |
14,256 |
|
|
|
Provisions
|
Taxation including deferred tax |
40,838 |
41,820 |
|
------------ |
------------ |
|
Net assets |
1,870,627 |
1,643,226 |
|
------------ |
------------ |
|
|
|
Capital and reserves
|
Called up share capital |
9 |
376,600 |
376,600 |
|
Share premium account |
10 |
18,400 |
18,400 |
|
Profit and loss account |
10 |
1,475,627 |
1,248,226 |
|
------------ |
------------ |
|
Shareholder funds |
1,870,627 |
1,643,226 |
|
------------ |
------------ |
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.
|
Abridged Statement of Financial Position (continued) |
|
30 September 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
29 May 2025
, and are signed on behalf of the board by:
Company registration number:
SC170890
|
Notes to the Abridged 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 trading office is Block 1, Unit 1/2, Souterhead Industrial Estate, Souterhead Road, Aberdeen, AB12 3LF.
2.
Statement of compliance
These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company's forecasts and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the company continues to adopt the going concern basis in preparing these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at Statement of Financial Position date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of of future events that are believed to be reasonable under the circumstances. The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Stock provision In arriving at the valuation of stock it may be necessary for management to make an assessment over the carrying value of stock items and where applicable, apply a provision to amend this carrying value to a more accurate value. These provisions are arrived at using management's knowledge and understanding of the business and the industry in which it operates and focuses on potentially obsolete or old items for which the full value may no longer be recoverable. During the course of the year and during the year end process management are required to determine whether any debts should be regarded as bad debts. This process is based on their knowledge of the business coupled with post year end information identifying debts not recovered relating to the previous financial period. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition. Rebate contract Management estimate the expected volume of turnover generated from renting hydraulic lifting and jacking equipment and hydraulic torque kits. This identifies the expected rebate payable in the future from the customer achieving sufficient levels of turnover reached within the current period.
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.
Corporation 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
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 |
- |
25% Reducing Balance
|
|
Office Equipment |
- |
15% - 25% Reducing Balance
|
|
Motor vehicles |
- |
25% Reducing Balance
|
|
Hire Fleet |
- |
10% Straight Line
|
|
|
|
|
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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged 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.
Government grants
Revenue grants are recognised in the Statement of Income and Retained Earnings in the period to which they relate.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2023:
5
).
5.
Tax on profit
Major components of tax expense
Current tax:
|
UK current tax expense |
78,935 |
78,381 |
|
|
|
Deferred tax:
|
Origination and reversal of timing differences |
(
982) |
4,580 |
|
-------- |
-------- |
|
Tax on profit |
77,953 |
82,961 |
|
-------- |
-------- |
|
|
|
6.
Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
|
2024 |
2023 |
|
£ |
£ |
|
Dividends on ordinary shares |
16,500 |
100,000 |
|
-------- |
--------- |
|
|
|
7.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 October 2023 |
2,133,768 |
|
Additions |
157,362 |
|
Disposals |
(
43,060) |
|
------------ |
|
At 30 September 2024 |
2,248,070 |
|
------------ |
|
Depreciation |
|
|
At 1 October 2023 |
1,846,614 |
|
Charge for the year |
77,653 |
|
Disposals |
(
33,055) |
|
------------ |
|
At 30 September 2024 |
1,891,212 |
|
------------ |
|
Carrying amount |
|
|
At 30 September 2024 |
356,858 |
|
------------ |
|
At 30 September 2023 |
287,154 |
|
------------ |
|
|
8.
Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Included in provisions |
40,838 |
41,820 |
|
-------- |
-------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
|
Accelerated capital allowances |
40,838 |
41,820 |
|
-------- |
-------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
376,600 |
376,600 |
376,600 |
376,600 |
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
10.
Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
44,000 |
44,000 |
|
Later than 1 year and not later than 5 years |
176,000 |
220,000 |
|
--------- |
--------- |
|
220,000 |
264,000 |
|
--------- |
--------- |
|
|
|
12.
Summary audit opinion
The auditor's report dated
29 May 2025
was
unqualified
.
The senior statutory auditor was
Karen Henderson
, for and on behalf of
BK Plus Audit Limited
.
13.
Transactions with directors
At the year end, the company was due to repay a director £21,992 (2023 - £21,992). There are no set repayment terms and no interest being charged on the amount outstanding. This amount is included in Creditors: Amounts falling due within one year.
14.
Related party transactions
The company has taken advantage of the exemptions available per the provisions of FRS 102 not to disclose details of transactions with fellow group companies on the basis the subsidiary company is wholly owned and the company is a wholly owned subsidiary of Evotek Limited. Pacson Limited is associated with the company as it is also under common control. During the year, the company was charged £148,000 (2023 - £98,000) for management services provided by Pacson Limited. Also, during the year the company advanced cash of £80,000 (2023 - £200,000) to Pacson Limited and, at the year-end, the balance due to the company was £487,619 (2023 - £507,619). This balance, which is interest-free and repayable on demand, is disclosed in Debtors in Current assets.
15.
Controlling party
The ultimate parent company is Evotek Holdings Limited, a company registered in Scotland. Evotek Holdings Limited is 100% owned by Mr
K.D. Crawford
who is therefore the ultimate controlling party.