ST MICHAEL'S SERVICES LIMITED


Directors	WOOD, Bethan Louise
	WOOD, James Robert


Company Secretary	WOOD, James Robert


Registered Address	St Michael's Service Station
	9 St Michael Street
	Dumfries
	DG1 2QD


Registered Number	SC221622 (Scotland)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

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 obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows: Goodwill - 5 years

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:
Goodwill - 5 years

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	50
Plant and machinery	15	-
Fixtures and fittings	15	-
Vehicles	25	-

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Investment property
	Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Finance leases and hire purchase contracts

Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

	Government grants or assistance
	Grants are accounted for under the accruals model as permitted by FRS102. Grants relating to expenditure on tangible assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Government grants or assistance

Grants are accounted for under the accruals model as permitted by FRS102. Grants relating to expenditure on tangible assets are credited to profit or loss at the same  rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	51		45

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 April 24	359,150	359,150
Additions	10,000	10,000
At 31 March 25	369,150	369,150
Amortisation and impairment
At 01 April 24	359,150	359,150
Charge for year	2,000	2,000
At 31 March 25	361,150	361,150
Net book value
At 31 March 25	8,000	8,000
At 31 March 24	-	-

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Total
	£	£	£	£	£
Cost or valuation
At 01 April 24	2,458,045	835,695	52,200	401,461	3,747,401
Additions	312,910	242,126	-	97,074	652,110
Disposals	-	(115,738)	-	(114,505)	(230,243)
At 31 March 25	2,770,955	962,083	52,200	384,030	4,169,268
Depreciation and impairment
At 01 April 24	180,671	481,223	35,635	248,824	946,353
Charge for year	114,099	87,383	4,140	31,292	236,914
On disposals	-	(106,699)	-	(73,562)	(180,261)
At 31 March 25	294,770	461,907	39,775	206,554	1,003,006
Net book value
At 31 March 25	2,476,185	500,176	12,425	177,476	3,166,262
At 31 March 24	2,277,374	354,472	16,565	152,637	2,801,048

5.	Investment property
	The investment property was valued by the directors on an open market value for existing use basis. If the investment property had been accounted for under the historic cost accounting rules, the property would have been measured at £139,530.


		£
	Additions	139,530
	Fair value adjustments	(79,530)
	At 31 March 25	60,000

6.	Stocks

	2025	2024
	£	£
Raw materials and consumables	515,439	503,898
Total	515,439	503,898

7.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	101,930	110,110
Other debtors	21,634	14,626
Prepayments and accrued income	103,231	32,762
Total	226,795	157,498

8.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	633,820	702,574
Taxation and social security	94,440	54,756
Other creditors	5,753	58,257
Accrued liabilities and deferred income	43,842	25,333
Total	777,855	840,920

9.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	315,400	203,000
Total	315,400	203,000

10.	Capital commitments
	At 31 March 2025 the company had future minimum lease payments under non-cancellable operating leases of £147,500 (2024 - £27,500).

11.	Pension commitments
	The company makes contributions to defined contribution pension plans for its employees. At the balance sheet date £5,753 (2024 - £5,585) was outstanding and included within creditors.

12.	Directors advances, credits and guarantees
	During the year, one of the directors had a loan account with the company. At 1 April 2024, this director owed the company £Nil. During the year the company provided loan advances of £22,884 and the director made repayments of £1,250. At 31 March 2025, this director owed the company £21,634. Interest of £47 has been calculated and charged on this loan using HM Revenue and Customs official rate for beneficial loan arrangements.

12.

Directors advances, credits and guarantees

During the year, one of the directors had a loan account with the company.  At 1 April 2024, this director owed the company £Nil.  During the year the company provided loan advances of £22,884 and the director made repayments of £1,250.  At 31 March 2025, this director owed the company £21,634. Interest of £47 has been calculated and charged on this loan using HM Revenue and Customs official rate for beneficial loan arrangements.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		8,000		-
Tangible assets	4		3,166,262		2,801,048
Investment property	5		60,000		-
			3,234,262		2,801,048
Current assets
Stocks	6	515,439		503,898
Debtors	7	226,795		157,498
Cash at bank and on hand		703,102		933,507
		1,445,336		1,594,903
Creditors amounts falling due within one year	8	(777,855)		(840,920)
Net current assets (liabilities)			667,481		753,983
Total assets less current liabilities			3,901,743		3,555,031
Provisions for liabilities	9		(315,400)		(203,000)
Net assets			3,586,343		3,352,031
Capital and reserves
Called up share capital			100		100
Profit and loss account			3,586,243		3,351,931
Shareholders' funds			3,586,343		3,352,031