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REGISTERED NUMBER: SC035017 (Scotland)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Hugh Stirling Limited

Hugh Stirling Limited (Registered number: SC035017)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Hugh Stirling Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: M McCrimmon
M McGilly
B Muslek
A Clark





REGISTERED OFFICE: 1 Ashley Drive
Bothwell
Glasgow
G71 8BS





REGISTERED NUMBER: SC035017 (Scotland)





AUDITORS: Stevenson & Kyles
Chartered Accountants
Statutory Auditor
25 Sandyford Place
Glasgow
G3 7NG

Hugh Stirling Limited (Registered number: SC035017)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The business saw a marginal reduction in turnover. Turnover fell from £13.746m in 2023 to £13.636m in 2024 (0.8%). There was a more significant reduction in cost of sales from £11.473m to £10.940m (4.6%), for an improved gross profit of £2.696m (2023 - £2.272m). The directors are pleased that Gross profit margin improved to 19.8% in 2024 from 16.5%, as a result of improved cost control and improved commercial management of projects during the year.

In the second half of the year the business carried out a number of projects within the heritage and visitor attraction sectors which was a new sector for the business to operate in and proved successful. New skilled staff were added to the manufacturing division to facilitate this work. Average number of staff was steady. This was largely due to reductions in the first six months and increased staff numbers from July aligning with the pipeline of work in the business. The directors focused on ensuring the staffing establishment reflected the business requirements.

There was a slight decrease in administrative expenses from £2.381m to £2.374m. The directors were pleased with this considering inflationary pressure from energy and wage costs and leasing additional factory space to expand the in-house production capacity.

From this, the company made an operating profit of £387k compared to an operating loss in 2023 of £74k and a pre-tax profit of £248k (2023 - loss £262k). The directors were pleased with the return to profitability, particularly the improvement of £510k compared to 2023. The improvement was a result of better operational performance, improving margins coupled with ensuring a very limited increase in overhead costs which was wholly attributable to increasing production capacity by leasing additional factory space.

As at the balance sheet date the company had net assets of £272k (2023 - £24k), including cash reserves of £200k (2023 - £426k). The company continues to report a soft loan received from the majority shareholders during 2023 for £900k. There is no requirement or plan for this loan to be repaid in the short to medium term.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors continue to monitor the price of both the goods and labour used by the company in its trade. Although there has been a steadying in energy prices, raw material prices and other economic factors resulting in a fall and steadying of inflation in the UK through the year there is still upward pressure on wages. The impact of tax changes also brings further cost pressure. Mitigating these risks will require a focus on efficiency within the business, to keep costs down as much as possible and therefore maintain competitive prices for customers.

The business is also exposed to risks that customers will be unable to pay for services rendered timeously, leading to cash flow problems. The Directors have ensured that credit control and prompt invoicing for work carried out remains a key area of focus for the finance team, in order to ensure that cash is received from customers promptly and on-time. While the company does have some long-term debt, the company's borrowings are fixed-rate, removing exposure to increases in interest rates.

FUTURE OUTLOOK
The Directors are confident that the business will be profitable again in 2025, particularly in the second half of the year, this is despite some economic difficulties in the UK from increased taxes and national insurance. The business is particularly looking to continue business growth to its in-house manufacturing facility and are planning again to invest further in equipment to support this. The company should have sufficient reserves to continue to operate as normal.


Hugh Stirling Limited (Registered number: SC035017)

Strategic Report
for the Year Ended 31 December 2024

ENVIRONMENTAL
The company recognises the importance of environmental responsibilities and has policies in place to manage its impact on the environment, including maintaining certification under ISO 14001 - Environmental Management, which ensures the company implements best practices currently prevalent in the industry. The Directors continue to look for new ways to reduce the impact on the environment.

ON BEHALF OF THE BOARD:





A Clark - Director


23 July 2025

Hugh Stirling Limited (Registered number: SC035017)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of construction services and facilities management.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors during the year under review were:

M McCrimmon
M McGilly
B Muslek
A Clark

The beneficial interests of the directors holding office on 31 December 2024 in the issued share capital of the company were as follows:
31.12.24 1.1.24
Ordinary £0.10 shares

M McCrimmon 40 40
M McGilly 40 40
B Muslek 100 100
A Clark - -

FINANCIAL INSTRUMENTS
The main financial instruments of the company are bank balances, trade debtors and trade creditors. These are managed and monitored through internal control procedures and via regular management meetings between the Directors and the management team.

DONATIONS
Donations of £4,650 were made in the year (2023: £600).

DISCLOSURE IN THE STRATEGIC REPORT
The Directors have chosen to include those matters which are required by the Companies Act 2006 to be in the Report of the Directors, but are strategic in nature, within the Strategic Report.


Hugh Stirling Limited (Registered number: SC035017)

Report of the Directors
for the Year Ended 31 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Stevenson & Kyles, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Clark - Director


23 July 2025

Report of the Independent Auditors to the Members of
Hugh Stirling Limited

Opinion
We have audited the financial statements of Hugh Stirling Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Hugh Stirling Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Hugh Stirling Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Auditor's approach to assessing the risks of material misstatement due to irregularities
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. Those that have a direct impact include: FRS 102, Companies Act 2006, UK tax laws. Those that have an indirect impact include: employment matters, health and safety regulations, data protection laws, quality management standards and environmental management standards. We then considered the extent to which non-compliance might have a material effect on the financial statements.

We assessed the risk of material misstatement in respect of fraud and made enquiries of management as to the existence of, or any evidence of, actual or suspected instances of fraud. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls.

Audit procedures designed to respond to the risk of non-compliance with laws and regulations
Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations identified above. We made enquiries of management and those charged with governance as to any non-compliance and corroborated responses given by review of relevant certificates and correspondence. We reviewed the legal costs incurred by the client for evidence of any undisclosed matters.

Compliance with the requirements of the accounting standards and Company Law in terms of the form and content of the accounts was ensured using disclosure checklists and through vouching of disclosures to supporting documentation.

Audit procedures designed to respond to the risk of fraud
In response to the risk of fraud through management override, we incorporated testing of manual journal entries into our audit approach. In order to address the risk of fraud in relation to recognition of revenue we undertook substantive testing of revenues earned in relation to a sample of construction jobs completed in the period, tracing them through to ledger postings and sales invoicing.

Considerations around likelihood of detection
There are inherent difficulties in the audit process described above to detect the existence of irregularities. We have mitigated these limitations by assessing the adequacy of the company's internal controls including the existence of appropriate segregation of duties and by the nature, timing and extent of the audit procedures involved, by introducing an element of unpredictability in our sampling and testing.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Hugh Stirling Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Amardeep Kalsi CA (Senior Statutory Auditor)
for and on behalf of Stevenson & Kyles
Chartered Accountants
Statutory Auditor
25 Sandyford Place
Glasgow
G3 7NG

23 July 2025

Hugh Stirling Limited (Registered number: SC035017)

Statement of Comprehensive
Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 13,636,214 13,745,563

Cost of sales 10,939,741 11,473,323
GROSS PROFIT 2,696,473 2,272,240

Administrative expenses 2,374,421 2,380,579
322,052 (108,339 )

Other operating income 64,787 34,621
OPERATING PROFIT/(LOSS) 5 386,839 (73,718 )

Interest receivable and similar income 528 6,154
387,367 (67,564 )

Interest payable and similar expenses 6 139,174 194,471
PROFIT/(LOSS) BEFORE TAXATION 248,193 (262,035 )

Tax on profit/(loss) 7 - -
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

248,193

(262,035

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

248,193

(262,035

)

Hugh Stirling Limited (Registered number: SC035017)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 868,676 667,922

CURRENT ASSETS
Stock 9 1,128,657 970,440
Debtors 10 2,377,459 2,182,927
Cash at bank 199,630 426,375
3,705,746 3,579,742
CREDITORS
Amounts falling due within one year 11 3,166,361 3,027,566
NET CURRENT ASSETS 539,385 552,176
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,408,061

1,220,098

CREDITORS
Amounts falling due after more than one
year

12

1,135,710

1,195,940
NET ASSETS 272,351 24,158

CAPITAL AND RESERVES
Called up share capital 16 200 200
Share premium 17 118,253 118,253
Retained earnings 17 153,898 (94,295 )
SHAREHOLDERS' FUNDS 272,351 24,158

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2025 and were signed on its behalf by:





A Clark - Director


Hugh Stirling Limited (Registered number: SC035017)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2023 200 167,740 118,253 286,193

Changes in equity
Total comprehensive income - (262,035 ) - (262,035 )
Balance at 31 December 2023 200 (94,295 ) 118,253 24,158

Changes in equity
Total comprehensive income - 248,193 - 248,193
Balance at 31 December 2024 200 153,898 118,253 272,351

Hugh Stirling Limited (Registered number: SC035017)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Hugh Stirling Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

This information is included in the consolidated financial statements of Wallace Topco Limited as at 31 December 2024 and these financial statements may be obtained from 1 Ashley Drive, Bothwell, Glasgow, G71 8BS.

Turnover
Turnover in relation to facility management services is recognised when the company has performed its contractual obligations under the relevant agreement and has therefore generated a contractual right to receive income. Such income is measured at the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other taxes, where applicable.

Turnover in relation to building works is recognised at the point at which the relevant project has been substantially completed, thereby creating a contractual right to receive income. Such income is measured at the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other taxes, where applicable.

Where the terms of services provided allow the company to invoice customers in advance of completion of the relevant work, an adjustment is made to defer that portion of the revenues not yet earned.

Tangible fixed assets
Tangible fixed assets are initially recognised at cost and subsequently measured at cost less depreciation and impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Leasehold property improvements-10% on cost
Plant and machinery-10% and 25% on cost
Fittings and equipment-25% on cost
Motor vehicles-25% on cost
Computer equipment-33.33% on cost

Hugh Stirling Limited (Registered number: SC035017)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stock, comprising raw materials and consumables to be used in construction projects, is valued at the lower of cost and estimated selling price, less costs to complete and sell. In making this estimation the Directors have made due provision for any obsolete or slow moving items.

Work in progress represents the estimated value of income yet to be billed in connection with ongoing projects being undertaken by the business. This is calculated with regards to anticipated margin and the stage of completion based on the direct materials and labour expended.

Financial instruments
Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

Hire purchase and leasing
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Capital amounts payable under finance leases are recognised in full as liabilities at the commencement of the agreement and interest charges made based on the sum-of-digits method across the lifetime of the lease.

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.

Hugh Stirling Limited (Registered number: SC035017)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Grant income
Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3. CRITICAL ACCOUNTING JUDGEMENTS

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effect on amounts recognised in these financial statements:

Work in Progress
Judgement is required in accounting for contracts in progress at the balance sheet date, particularly as regards profit recognition and the assessment of future losses of contracts.

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 3,773,525 3,635,651
Social security costs 329,068 331,324
Other pension costs 79,658 80,104
4,182,251 4,047,079

The average number of employees during the year was as follows:
31.12.24 31.12.23

Support and administration 24 25
Direct staff 113 110
137 135

Key management personnel are restricted to directors.

31.12.24 31.12.23
£    £   
Directors' remuneration - 7,584
Directors' pension contributions to money purchase schemes - 276

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 1

Hugh Stirling Limited (Registered number: SC035017)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

31.12.24 31.12.23
£    £   
Hire of plant and machinery 189,269 335,554
Depreciation - owned assets 58,595 50,235
Depreciation - assets on hire purchase contracts 106,950 104,423
Auditors' remuneration 12,000 12,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank loan interest 106,968 59,021
Interest on tax paid late - 100,013
Hire purchase interest 32,206 35,437
139,174 194,471

7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

8. TANGIBLE FIXED ASSETS
Leasehold Fittings
property Plant and and
improvement machinery equipment
£    £    £   
COST
At 1 January 2024 240,947 610,465 16,437
Additions 37,051 324,868 -
At 31 December 2024 277,998 935,333 16,437
DEPRECIATION
At 1 January 2024 79,826 299,886 6,550
Charge for year 24,848 64,306 4,110
At 31 December 2024 104,674 364,192 10,660
NET BOOK VALUE
At 31 December 2024 173,324 571,141 5,777
At 31 December 2023 161,121 310,579 9,887

Hugh Stirling Limited (Registered number: SC035017)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 229,930 144,040 1,241,819
Additions - 4,380 366,299
At 31 December 2024 229,930 148,420 1,608,118
DEPRECIATION
At 1 January 2024 70,205 117,430 573,897
Charge for year 57,482 14,799 165,545
At 31 December 2024 127,687 132,229 739,442
NET BOOK VALUE
At 31 December 2024 102,243 16,191 868,676
At 31 December 2023 159,725 26,610 667,922

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2024 441,131 229,930 671,061
Additions 182,621 - 182,621
Transfer to ownership (37,763 ) - (37,763 )
At 31 December 2024 585,989 229,930 815,919
DEPRECIATION
At 1 January 2024 138,104 70,205 208,309
Charge for year 49,468 57,482 106,950
Transfer to ownership (28,523 ) - (28,523 )
At 31 December 2024 159,049 127,687 286,736
NET BOOK VALUE
At 31 December 2024 426,940 102,243 529,183
At 31 December 2023 303,027 159,725 462,752

Hugh Stirling Limited (Registered number: SC035017)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. STOCK
31.12.24 31.12.23
£    £   
Raw materials and consumables 26,089 31,744
Work-in-progress 1,102,568 938,696
1,128,657 970,440

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 1,892,399 1,622,421
Amounts owed by group undertakings 62,397 221,715
Other debtors 205,941 163,596
Prepayments and accrued income 216,722 175,195
2,377,459 2,182,927

Amounts due from group entities are interest free, unsecured and repayable on demand.

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 13) 66,797 66,423
Hire purchase contracts (see note 14) 162,944 139,134
Trade creditors 815,494 942,692
Social security and other taxes 678,803 794,967
Other creditors 75,734 186,093
Payments received on account 170,942 409,326
Accrued charges 1,195,647 488,931
3,166,361 3,027,566

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans (see note 13) - 66,797
Hire purchase contracts (see note 14) 235,710 229,143
Other creditors 900,000 900,000
1,135,710 1,195,940

Hugh Stirling Limited (Registered number: SC035017)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

13. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 66,797 66,423

Amounts falling due between one and two years:
Bank loans - 1-2 years - 66,797

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 162,944 139,134
Between one and five years 235,710 229,143
398,654 368,277

Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 2,398 -
Between one and five years 113,787 198,501
In more than five years 1,105,625 1,255,792
1,221,810 1,454,293

15. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Hire purchase contracts 398,654 368,277

Hugh Stirling Limited (Registered number: SC035017)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
2,000 Ordinary £0.10 200 200

17. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 (94,295 ) 118,253 23,958
Profit for the year 248,193 248,193
At 31 December 2024 153,898 118,253 272,151

Called up share capital - represents the nominal value of shares that have been issued.
Share premium - represents the premium paid above the nominal value.
Retained earnings - represents all accumulated profit and loss less dividends paid.

18. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31.12.24 31.12.23
£    £   
Expenditure 374,240 309,128
Amount due from related parties 62,397 78,641

Other related parties
31.12.24 31.12.23
£    £   
Sales 200,000 -
Expenditure 263,000 145,468
Amount due from related parties 30,017 143,074
Amount due to related parties 900,000 953,841

19. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Wallace Topco Ltd, a company registered in Scotland. Wallace Topco Ltd prepare consolidated financial statements, and these are available from the registered address: 1 Ashley Drive, Bothwell, Glasgow, G71 8BS.