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Registered number: SC023683










NORTHERN TOOL & GEAR COMPANY LIMITED
FINANCIAL STATEMENTS
For the year ended 31 January 2025

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

COMPANY INFORMATION


Directors
Mr G A W Strachan 
Mr G Strachan 




Company secretary
Thorntons Law LLP



Registered number
SC023683



Registered office
John Street West

Arbroath

DD11 1RT




Accountants
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 8


 
NORTHERN TOOL & GEAR COMPANY LIMITED
Registered number: SC023683

STATEMENT OF FINANCIAL POSITION
As at 31 January 2025

2025
2024
£
£

Fixed assets
  

Tangible assets
 4 
842,331
680,236

  
842,331
680,236

Current assets
  

Stocks
  
249,828
298,762

Debtors: amounts falling due within one year
 5 
495,858
404,723

Cash at bank and in hand
  
107,195
205,881

  
852,881
909,366

Creditors: amounts falling due within one year
 6 
(355,590)
(359,029)

Net current assets
  
 
 
497,291
 
 
550,337

Total assets less current liabilities
  
1,339,622
1,230,573

Creditors: amounts falling due after more than one year
 7 
(57,316)
(14,237)

  

Net assets
  
1,282,306
1,216,336


Capital and reserves
  

Called up share capital 
 8 
10,824
10,824

Revaluation reserve
  
401,453
411,261

Other reserves
  
6,000
6,000

Profit and loss account
  
864,029
788,251

  
1,282,306
1,216,336


Page 1

 
NORTHERN TOOL & GEAR COMPANY LIMITED
Registered number: SC023683

STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 January 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 July 2025.




Mr G A W Strachan
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2025

1.


GENERAL INFORMATION

Northern Tool & Gear Company Limited is a private company, limited by shares, domiciled in Scotland with registration number SC023683.  The registered office is John Street West, Arbroath, DD11 1RT.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Freehold property
-
0-2.5% straight line
Plant & machinery
-
10% straight line
Fixtures & fittings
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.7

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.8

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 35 (2024 - 34).

Page 5

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2025

4.


TANGIBLE FIXED ASSETS





Freehold property
Plant & machinery
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 February 2024
600,000
5,053,438
163,681
5,817,119


Additions
-
210,314
10,554
220,868


Disposals
-
(26,603)
-
(26,603)



At 31 January 2025
600,000
5,237,149
174,235
6,011,384



Depreciation



At 1 February 2024
14,303
4,981,331
141,249
5,136,883


Charge for the year on owned assets
-
35,213
6,594
41,807


Disposals
-
(23,940)
-
(23,940)


On revalued assets
14,303
-
-
14,303



At 31 January 2025
28,606
4,992,604
147,843
5,169,053



Net book value




At 31 January 2025
571,394
244,545
26,392
842,331



At 31 January 2024
585,697
72,107
22,432
680,236


5.


DEBTORS

2025
2024
£
£


Trade debtors
462,186
380,804

Other debtors
1,902
-

Prepayments and accrued income
31,770
23,919

495,858
404,723


Page 6

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2025

6.


CREDITORS: Amounts falling due within one year

2025
2024
£
£

Bank loans
10,000
10,000

Trade creditors
190,352
241,928

Other taxation and social security
79,045
74,179

Obligations under finance lease and hire purchase contracts
39,296
-

Other creditors
12,234
8,068

Accruals and deferred income
24,663
24,854

355,590
359,029


Obligations under finance lease and hire purchase contracts are secured against the asset to which they relate. 


7.


CREDITORS: Amounts falling due after more than one year

2025
2024
£
£

Bank loans
4,237
14,237

Net obligations under finance leases and hire purchase contracts
53,079
-

57,316
14,237


Obligations under finance lease and hire purchase contracts are secured against the asset to which they relate. 

Page 7

 
NORTHERN TOOL & GEAR COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2025

8.


SHARE CAPITAL

2025
2024
£
£
Allotted, called up and fully paid



3,826 (2024 - 3,826) Ordinary A shares of £1.00 each
3,826
3,826
6,998 (2024 - 6,998) Ordinary B shares of £1.00 each
6,998
6,998

10,824

10,824



9.


COMMITMENTS UNDER OPERATING LEASES

At 31 January 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
12,613
-

Later than 1 year and not later than 5 years
12,613
-

Later than 5 years
18,235
-

43,461
-


Page 8