iso4217:GBP
xbrli:pure
xbrli:shares
iso4217:GBP
xbrli:shares
SC587845
2025-03-31
SC587845
2025-07-24
SC587845
2024-04-01
2025-03-31
SC587845
2025-07-24
2025-07-24
SC587845
bus:Director2
2024-04-01
2025-03-31
SC587845
bus:Director1
2024-04-01
2025-03-31
SC587845
bus:SmallEntities
2024-04-01
2025-03-31
SC587845
bus:AuditExempt-NoAccountantsReport
2024-04-01
2025-03-31
SC587845
bus:FilletedAccounts
2024-04-01
2025-03-31
SC587845
bus:Director1
2024-04-01
2025-03-31
SC587845
2024-04-01
2025-03-31
SC587845
bus:PrivateLimitedCompanyLtd
2024-04-01
2025-03-31
OLD SCHOOL FABRICATIONS LIMITED
Registration Number SC587845 (Scotland)
Filleted Unaudited Financial Statements
for the year ended 31 March 2025
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2025
STATEMENT OF FINANCIAL POSITION
Tangible assets
4
14,608
13,710
Cash at bank and in hand
136,409
174,726
Creditors: amounts falling due within one year
6
73,946
109,694
Net current assets
106,469
122,012
Total assets less current liabilities
121,077
135,722
Creditors: amounts falling due after more than one year
7
(2,024)
(12,471)
Net assets
119,053
123,251
Called up share capital
8
100
100
Profit and loss account
118,953
123,151
Shareholders' funds
119,053
123,251
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. These financial statements and reports have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the statement of comprehensive income has been taken.
For the year ended 31 March 2025, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year ended 31 March 2025 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect ot accounting records and the preparation of accounts.
The financial statements were approved and authorised for issue by the Board of Directors on 8 July 2025.
Signed on behalf of the Board of Directors
_______________________
_______________________
The notes on pages preview to update form part of these accounts.
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2025
STATEMENT OF FINANCIAL POSITION
Company registration number: SC587845
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2025
NOTES TO THE FINANCIAL STATEMENTS
1.
Summary of significant accounting policies
1.1
General information and basis of preparation
Old School Fabrications Limited is a private company limited by shares, registered in Scotland. The address of the registered office and registration number are as below:
These financial statements have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland as adapted by Section 1A of FRS 102 and the Companies Act 2006.
The nature of the company's operations and principal activities are principal activity during the year was that of special design activities.
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 company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
1.2
Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Asset class
Useful life / depreciation rate
Plant and machinery
20% straight line
Equipment
33% straight line
Stocks are stated at the lower of cost and estimated selling price, after making due allowance for obsolete and slow-moving items.
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2025
NOTES TO THE FINANCIAL STATEMENTS
1.4
Financial instruments
The Company has chosen to adopt Section 11 of FRS102 in respect of financial instruments.
Other financial assets, including trade debtors for goods sold to customers on short-term credit, are initially measured at the transaction price including transaction costs, and are subsequently measured at the transaction price plus transaction costs not yet recognised, cumulative interest income less repayments and impairment, where there is evidence of impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
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.
Where the circumstances causing an impairment of an asset, other than goodwill, no longer apply, then the impairment is reversed through the profit and loss account. An impairment loss recognised for goodwill is not reversed in subsequent periods.
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
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.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2025
NOTES TO THE FINANCIAL STATEMENTS
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Turnover is measured at fair value of the consideration received and represents amounts receivables for goods and services rendered, which are exclusive of VAT.
1.10
Defined contributions
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.
The average monthly number of employees, including directors, during the year was as follows:
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2025
NOTES TO THE FINANCIAL STATEMENTS
3.
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.
Balances at year end and movements for the year
Plant and machinery
£
Equipment
£
Total
£
At 01 April 2024
39,447
12,700
52,147
Additions
1,942
2,966
4,908
At 31 March 2025
41,389
15,666
57,055
At 01 April 2024
(26,788)
(11,649)
(38,437)
Charge for the year
(2,994)
(1,016)
(4,010)
At 31 March 2025
(29,782)
(12,665)
(42,447)
At 01 April 2024
12,659
1,051
13,710
At 31 March 2025
11,607
3,001
14,608
Trade debtors
38,666
53,358
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2025
NOTES TO THE FINANCIAL STATEMENTS
6.
Creditors: amounts falling due within one year
Creditors: amounts falling due within one year comprise:
Trade creditors
4,612
4,601
Pensions payable
1,092
488
Wages payable
(354)
6,249
Social security and other taxes
21,640
27,141
Loans from directors
288
19,178
Corporation tax
32,123
38,064
7.
Creditors: amounts falling due after more than one year
Creditors: amounts falling due after more than one year comprise:
8.
Called up share capital
The authorised, allotted and fully paid share capital of the company consisted of shares of each amounting to £1.
Alloted, called up and fully paid
2025
£
2024
£
Ordinary shares of each amounting to £1
100
100
Appendix - Additional XBRL Tags and Values
Accounting standards applied
Accounts status, audited or unaudited
Average number of employees during the period
Average number of employees during the period
Date of authorisation of financial statements for issue
Director signing Directors' Report
Director signing financial statements
End date for period covered by report
Entity current legal or registered name
Old School Fabrications Limited
Entity is dormant [true/false]
Name of individual auditor
Name of production software
Start date for period covered by report
UK Companies House registered number