REGISTERED NUMBER: SC295304 (Scotland)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Ironworks Engineering Ltd

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

D Moore

Mrs O Moore

SECRETARY:

Mrs O Moore

REGISTERED OFFICE:

191 Station Road

Shotts

Lanarkshire

ML7 4BA

REGISTERED NUMBER:

SC295304 (Scotland)

ACCOUNTANTS:

EAC Accountancy Limited

191 Station Road

Shotts

North Lanarkshire

ML7 4BA

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 Engineering.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

D Moore

Mrs O Moore

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs O Moore - Secretary

14 February 2025

TURNOVER

1,324,052

1,942,837

Cost of sales

922,672

1,200,815

GROSS PROFIT

401,380

742,022

Administrative expenses

268,211

279,669

OPERATING PROFIT

4

133,169

462,353

Interest receivable and similar income

8,664

7,786

141,833

470,139

Interest payable and similar expenses

837

1,736

PROFIT BEFORE TAXATION

140,996

468,403

Tax on profit

31,397

89,088

PROFIT FOR THE FINANCIAL YEAR

109,599

379,315

FIXED ASSETS

Tangible assets

5

482,241

466,660

CURRENT ASSETS

Debtors

6

121,043

101,555

Investments

7

267,500

267,500

Cash at bank

575,621

781,955

964,164

1,151,010

CREDITORS

Amounts falling due within one year

8

65,280

160,542

NET CURRENT ASSETS

898,884

990,468

TOTAL ASSETS LESS CURRENT LIABILITIES

1,381,125

1,457,128

CREDITORS

Amounts falling due after more than one year

9

(5,427

)

(14,167

)

PROVISIONS FOR LIABILITIES

(25,933

)

(19,470

)

NET ASSETS

1,349,765

1,423,491

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,349,665

1,423,391

1,349,765

1,423,491

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2025 and were signed on its behalf by:

D Moore - Director

1.	STATUTORY INFORMATION

Ironworks Engineering 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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

25% reducing balance

Taxation

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

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 7 (2023 - 16 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

48,428

43,214

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

336,956

546,502

883,458

Additions

-

83,069

83,069

Disposals

-

(60,237

)

(60,237

)

At 31 December 2024

336,956

569,334

906,290

DEPRECIATION

At 1 January 2024

-

416,798

416,798

Charge for year

-

48,428

48,428

Eliminated on disposal

-

(41,177

)

(41,177

)

At 31 December 2024

-

424,049

424,049

NET BOOK VALUE

At 31 December 2024

336,956

145,285

482,241

At 31 December 2023

336,956

129,704

466,660

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

121,043

101,555

7.	CURRENT ASSET INVESTMENTS

31.12.24

31.12.23

£

£

Listed investments

267,500

267,500

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

5,042

-

Taxation and social security

43,638

143,502

Other creditors

6,600

7,040

65,280

160,542

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

4,167

14,167

Hire purchase contracts

1,260

-

5,427

14,167