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REGISTERED NUMBER: SC269800 (Scotland)













Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Scotia Bearings & Hydraulics Ltd

Scotia Bearings & Hydraulics Ltd (Registered number: SC269800)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Scotia Bearings & Hydraulics Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTOR: K Hewitt





SECRETARY: D A Hewitt





REGISTERED OFFICE: Suites 6 & 7, Epoch House
Earls Gate, Falkirk Road
Grangemouth
FK3 8XP





REGISTERED NUMBER: SC269800 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Scotia Bearings & Hydraulics Ltd (Registered number: SC269800)

Balance Sheet
30 June 2024

30.6.24 30.6.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 21,219 27,249
21,219 27,249

CURRENT ASSETS
Stocks 155,221 146,850
Debtors 6 339,776 314,595
Cash at bank and in hand 476,058 576,295
971,055 1,037,740
CREDITORS
Amounts falling due within one year 7 137,289 278,642
NET CURRENT ASSETS 833,766 759,098
TOTAL ASSETS LESS CURRENT
LIABILITIES

854,985

786,347

PROVISIONS FOR LIABILITIES 9 5,623 6,812
NET ASSETS 849,362 779,535

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 849,360 779,533
SHAREHOLDERS' FUNDS 849,362 779,535

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 June 2025 and were signed by:





K Hewitt - Director


Scotia Bearings & Hydraulics Ltd (Registered number: SC269800)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Scotia Bearings & Hydraulics Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Goodwill
Goodwill arising in connection with the acquisition of the business is amortised over its estimated economic life to a maximum of 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and Machinery - 25% reducing balance
Computer Equipment - 25% reducing balance
Motor Vehicles - 25% reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Scotia Bearings & Hydraulics Ltd (Registered number: SC269800)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 100,000 43,787 143,787
AMORTISATION
At 1 July 2023
and 30 June 2024 100,000 43,787 143,787
NET BOOK VALUE
At 30 June 2024 - - -
At 30 June 2023 - - -

Scotia Bearings & Hydraulics Ltd (Registered number: SC269800)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 72,913 5,705 14,358 92,976
Additions 4,547 35,216 - 39,763
Disposals - (40,921 ) - (40,921 )
At 30 June 2024 77,460 - 14,358 91,818
DEPRECIATION
At 1 July 2023 51,455 2,496 11,776 65,727
Charge for year 6,555 - 813 7,368
Eliminated on disposal - (2,496 ) - (2,496 )
At 30 June 2024 58,010 - 12,589 70,599
NET BOOK VALUE
At 30 June 2024 19,450 - 1,769 21,219
At 30 June 2023 21,458 3,209 2,582 27,249

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
as restated
£    £   
Trade debtors 316,820 283,169
Other debtors 22,956 31,426
339,776 314,595

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
as restated
£    £   
Trade creditors 63,702 191,166
Taxation and social security 55,174 31,785
Other creditors 18,413 55,691
137,289 278,642

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
as restated
£    £   
Within one year 19,541 17,398
Between one and five years 39,973 28,038
59,514 45,436

9. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
as restated
£    £   
Deferred tax 5,623 6,812

Scotia Bearings & Hydraulics Ltd (Registered number: SC269800)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2023 6,812
Provided during year (1,189 )
Balance at 30 June 2024 5,623

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: as restated
£    £   
2 Ordinary Shares £1 2 2

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at 30 June 2024 the company owed the director £15,360 (2023: £47,134).

12. RELATED PARTY DISCLOSURES




Related Party



Transaction Type


Transaction in
period 30.06.24


Transaction in
period 30.06.23
Balance due
from/(payable to)
related party at
30.06.24

Balance due from /
(payable to) related
party at 30.06.23

Family Member Loan (3,427) (4,975) (8,402) (4,975)

During the year, no dividends were paid to the director (2023: £14,000).

13. ULTIMATE CONTROLLING PARTY

There is no overall controlling interest.