COMPANY REGISTRATION NUMBER:
SC575675
|
Filleted Unaudited Financial Statements |
|
Year ended 30 September 2024
|
Statement of financial position |
1 |
|
|
|
Notes to the financial statements |
2 |
|
|
|
Statement of Financial Position |
|
30 September 2024
Fixed assets
|
Tangible assets |
5 |
7,654 |
– |
|
|
|
|
Current assets
|
Debtors |
6 |
541,938 |
515,414 |
|
Cash at bank and in hand |
4,026 |
3,840 |
|
--------- |
--------- |
|
545,964 |
519,254 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,001,802 |
855,523 |
|
------------ |
--------- |
|
Net current liabilities |
455,838 |
336,269 |
|
--------- |
--------- |
|
Total assets less current liabilities |
(
448,184) |
(
336,269) |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
1 |
1 |
|
Profit and loss account |
(
448,185) |
(
336,270) |
|
--------- |
--------- |
|
Shareholders deficit |
(
448,184) |
(
336,269) |
|
--------- |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
30 June 2025
, and are signed on behalf of the board by:
Company registration number:
SC575675
|
Notes to the Financial Statements |
|
Year ended 30 September 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Marshill Farm, Blackwood, Lesmahagow, ML11 9PW.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is funded by loans from the Director and from two associated companies. The director has confirmed that this support will continue indefinitely and these financial statements have therefore been prepared on a going concern basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
15% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
|
Plant and machinery |
|
£ |
|
Cost |
|
|
At 1 October 2023 |
– |
|
Additions |
9,000 |
|
------- |
|
At 30 September 2024 |
9,000 |
|
------- |
|
Depreciation |
|
|
At 1 October 2023 |
– |
|
Charge for the year |
1,346 |
|
------- |
|
At 30 September 2024 |
1,346 |
|
------- |
|
Carrying amount |
|
|
At 30 September 2024 |
7,654 |
|
------- |
|
At 30 September 2023 |
– |
|
------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Other debtors |
541,938 |
515,414 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Other creditors |
1,001,802 |
855,523 |
|
------------ |
--------- |
|
|
|
8.
Related party transactions
The Company is funded by means of loans from Netherburn West Limited and Stewart Energy Limited.
Mr A Stewart
is a director and major shareholder in these companies. The balance due to each at the balance sheet date was Netherburn West Limited £27,672 (2023 - £27,672) and Stewart Energy Limited £974,130 (2023 - £695,597). There are no set repayment or interest terms in respect of these loans. During the year an interest charge was provided for Stewart Energy Limited of £10,924 (2023 - £10,729).