Company registration number SC056378 (Scotland)
BUCHANAN ORTHOTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BUCHANAN ORTHOTICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BUCHANAN ORTHOTICS LIMITED
BALANCE SHEET
AS AT 28 SEPTEMBER 2024
28 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
89,272
28,320
Tangible assets
4
193,357
197,177
Investments
5
1,430
42,359
284,059
267,856
Current assets
Stocks
252,901
140,236
Debtors
6
709,706
659,833
Cash at bank and in hand
207,243
188,604
1,169,850
988,673
Creditors: amounts falling due within one year
7
(589,177)
(499,602)
Net current assets
580,673
489,071
Total assets less current liabilities
864,732
756,927
Creditors: amounts falling due after more than one year
8
(89,895)
(18,835)
Provisions for liabilities
(49,431)
(24,553)
Deferred income
(64,869)
(18,981)
Net assets
660,537
694,558
Capital and reserves
Called up share capital
10
1,588
1,588
Other reserves
412
412
Fair value reserve
11
5,888
Distributable profit and loss reserves
658,537
686,670
Total equity
660,537
694,558
BUCHANAN ORTHOTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 SEPTEMBER 2024
28 September 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
D Currie
Director
Company Registration No. SC056378
BUCHANAN ORTHOTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Buchanan Orthotics Limited is a private company limited by shares incorporated in Scotland. The registered office is 603 Helen Street, Glasgow, United Kingdom, G51 3AR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% on cost
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation
Plant and equipment
20% and 33% on cost
Fixtures and fittings
20%, 33% and 40% on cost
Motor vehicles
25% and 33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
BUCHANAN ORTHOTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Listed investments are accounted for at market value annually.
The aggregate surplus or deficit arising on any change in market value is reported through the income statement.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
BUCHANAN ORTHOTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.15
Capital grants are deferred and released to the income statement over the useful life of the asset.
Revenue grants are recognised in the period where all conditions of the payment are met in full.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
71
71
BUCHANAN ORTHOTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 29 September 2023
28,800
Additions
73,512
At 28 September 2024
102,312
Amortisation and impairment
At 29 September 2023
480
Amortisation charged for the year
12,560
At 28 September 2024
13,040
Carrying amount
At 28 September 2024
89,272
At 28 September 2023
28,320
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 29 September 2023
69,305
380,491
103,053
135,948
688,797
Additions
78,491
6,307
84,798
Disposals
(80,540)
(80,540)
At 28 September 2024
69,305
458,982
109,360
55,408
693,055
Depreciation and impairment
At 29 September 2023
351,147
62,123
78,350
491,620
Depreciation charged in the year
27,276
17,208
13,799
58,283
Eliminated in respect of disposals
(50,205)
(50,205)
At 28 September 2024
378,423
79,331
41,944
499,698
Carrying amount
At 28 September 2024
69,305
80,559
30,029
13,464
193,357
At 28 September 2023
69,305
29,344
40,930
57,598
197,177
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1,430
42,359
BUCHANAN ORTHOTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 29 September 2023
42,359
Valuation changes
80
Disposals
(41,009)
At 28 September 2024
1,430
Carrying amount
At 28 September 2024
1,430
At 28 September 2023
42,359
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
636,753
592,514
Other debtors
72,953
67,319
709,706
659,833
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
36,466
7,314
Trade creditors
285,541
143,337
Taxation and social security
140,192
146,314
Other creditors
126,978
202,637
589,177
499,602
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
89,895
Other creditors
18,835
89,895
18,835
BUCHANAN ORTHOTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024
- 8 -
9
Secured debts
Svenska Handelsbanken Ab (Publ) holds a floating charge over all the assets of the company.
Hire Purchase contracts are secured over the assets to which they relate.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
588
588
588
588
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
1,000
1,000
1,000
1,000
Preference shares classified as equity
1,000
1,000
Total equity share capital
1,588
1,588
11
Fair value reserve
2024
2023
£
£
At the beginning of the year
5,888
20,971
Fair value reserve
(5,888)
(15,083)
At the end of the year
-
5,888
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
35,071
54,928
13
Parent company
The controlling interest is Buchanan Holding Company Limited, registered at 603 Helen Street, Glasgow, G51 3AR.
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