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REGISTERED NUMBER: SC154818 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2024

for

LERWICK ENGINEERING & FABRICATION LTD.

LERWICK ENGINEERING & FABRICATION LTD. (REGISTERED NUMBER: SC154818)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 7

LERWICK ENGINEERING & FABRICATION LTD.

Company Information
for the Year Ended 30 November 2024







DIRECTORS: S Cameron
I A Hannah
J R Watt





REGISTERED OFFICE: Greenhead Base
Gremista
Lerwick
Shetland
ZE1 0PY





REGISTERED NUMBER: SC154818 (Scotland)





ACCOUNTANTS: Russell & Co
Station House
Station Approach
East Horsley
Leatherhead
Surrey
KT24 6QX

LERWICK ENGINEERING & FABRICATION LTD. (REGISTERED NUMBER: SC154818)

Balance Sheet
30 November 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 2,801 3,501
Tangible assets 5 935,552 589,930
938,353 593,431

CURRENT ASSETS
Stocks 732,537 676,194
Debtors 6 1,855,633 1,356,802
Cash at bank - 39,936
2,588,170 2,072,932
CREDITORS
Amounts falling due within one year 7 2,432,913 1,666,724
NET CURRENT ASSETS 155,257 406,208
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,093,610

999,639

CREDITORS
Amounts falling due after more than one
year

8

404,472

573,814
NET ASSETS 689,138 425,825

CAPITAL AND RESERVES
Called up share capital 5,334 5,334
Share premium 31,737 31,737
Capital redemption reserve 5,334 5,334
Retained earnings 646,733 383,420
SHAREHOLDERS' FUNDS 689,138 425,825

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

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

The directors acknowledge their 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.

LERWICK ENGINEERING & FABRICATION LTD. (REGISTERED NUMBER: SC154818)

Balance Sheet - continued
30 November 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:





J R Watt - Director


LERWICK ENGINEERING & FABRICATION LTD. (REGISTERED NUMBER: SC154818)

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


1. STATUTORY INFORMATION

Lerwick Engineering & Fabrication 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 20% on reducing balance
Equipment - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2023 - 39 ) .

LERWICK ENGINEERING & FABRICATION LTD. (REGISTERED NUMBER: SC154818)

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


4. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 December 2023
and 30 November 2024 5,835
AMORTISATION
At 1 December 2023 2,334
Amortisation for year 700
At 30 November 2024 3,034
NET BOOK VALUE
At 30 November 2024 2,801
At 30 November 2023 3,501

5. TANGIBLE FIXED ASSETS
Long Motor Computer
leasehold Equipment vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 December 2023 92,828 918,398 511,545 58,578 1,581,349
Additions - - 150,549 - 150,549
Revaluations - 369,444 - - 369,444
At 30 November 2024 92,828 1,287,842 662,094 58,578 2,101,342
DEPRECIATION
At 1 December 2023 49,237 527,171 373,695 41,316 991,419
Charge for year 7,750 115,620 46,465 4,536 174,371
At 30 November 2024 56,987 642,791 420,160 45,852 1,165,790
NET BOOK VALUE
At 30 November 2024 35,841 645,051 241,934 12,726 935,552
At 30 November 2023 43,591 391,227 137,850 17,262 589,930

Cost or valuation at 30 November 2024 is represented by:

Long Motor Computer
leasehold Equipment vehicles equipment Totals
£    £    £    £    £   
Valuation in 2023 92,828 918,398 511,545 58,578 1,581,349
Valuation in 2024 - 369,444 150,549 - 519,993
92,828 1,287,842 662,094 58,578 2,101,342

LERWICK ENGINEERING & FABRICATION LTD. (REGISTERED NUMBER: SC154818)

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


6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 339,529 1,292,339
Other debtors 47,133 64,463
386,662 1,356,802

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,468,971 -

Aggregate amounts 1,855,633 1,356,802

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 645,330 620,682
Trade creditors 1,103,892 838,689
Taxation and social security 192,789 131,776
Other creditors 490,902 75,577
2,432,913 1,666,724

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 244,415 17,165
Trade creditors 137,364 296,297
Other creditors 22,693 260,352
404,472 573,814

9. RELATED PARTY DISCLOSURES

During the year the company transferred the Facilities Management business to a group company at fair value of £1,468,971.

LERWICK ENGINEERING & FABRICATION LTD.

Report of the Accountants to the Directors of
Lerwick Engineering & Fabrication Ltd.


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 November 2024 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Russell & Co
Station House
Station Approach
East Horsley
Leatherhead
Surrey
KT24 6QX


Date: .............................................