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S. & S. HAUGHEY LIMITED

Registered Number
SC256009
(Scotland)

Unaudited Financial Statements for the Year ended
31 August 2024

S. & S. HAUGHEY LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

Mr S R Haughey
Mr S C Haughey

Company Secretary

Mr S R Haughey

Registered Address

26 Mcgowan Street
Paisley
PA3 1QJ

Registered Number

SC256009 (Scotland)
S. & S. HAUGHEY LIMITED
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3-20
Tangible assets42,9463,689
2,9463,709
Current assets
Stocks9,25010,100
Debtors52,0052,648
Cash at bank and on hand49,79048,185
61,04560,933
Creditors amounts falling due within one year6(39,805)(33,180)
Net current assets (liabilities)21,24027,753
Total assets less current liabilities24,18631,462
Creditors amounts falling due after one year7(3,300)(6,900)
Provisions for liabilities(736)(922)
Net assets20,15023,640
Capital and reserves
Called up share capital100100
Profit and loss account20,05023,540
Shareholders' funds20,15023,640
The financial statements were approved and authorised for issue by the Board of Directors on 31 August 2025, and are signed on its behalf by:
Mr S C Haughey
Director
Mr S R Haughey
Director

Registered Company No. SC256009
S. & S. HAUGHEY LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered office is 26 McGowan Street, Paisley, Renfrewshire, Scotland, PA3 1QJ.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and services attributable to the one principal activity of the company being that of salvage and paint strippers.
Current taxation
Current tax is recognised in profit or loss and represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
Tangible fixed assets and depreciation
Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Plant and machinery - 15% on reducing balance Computer equipment - 33% on reducing balance Motor vehicles - 25% on reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
Stocks and work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately within current liabilities.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
2.Average number of employees

20242023
Average number of employees during the year22
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 September 2310,00010,000
At 31 August 2410,00010,000
Amortisation and impairment
At 01 September 239,9809,980
Charge for year2020
At 31 August 2410,00010,000
Net book value
At 31 August 24--
At 31 August 232020
4.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 September 239,0776,00013015,207
At 31 August 249,0776,00013015,207
Depreciation and impairment
At 01 September 237,2874,10113011,518
Charge for year268475-743
At 31 August 247,5554,57613012,261
Net book value
At 31 August 241,5221,424-2,946
At 31 August 231,7901,899-3,689
5.Debtors: amounts due within one year

2024

2023

££
Other debtors1,7202,410
Prepayments and accrued income285238
Total2,0052,648
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-3,294
Bank borrowings and overdrafts3,6003,600
Taxation and social security10,542-
Other creditors14,26217,087
Accrued liabilities and deferred income11,4019,199
Total39,80533,180
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts3,3006,900
Total3,3006,900