COMPANY REGISTRATION NUMBER:
SC562804
|
Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Statement of Financial Position |
|
30 April 2024
Fixed assets
|
Investments |
5 |
34,401 |
34,401 |
|
|
|
|
Current assets
|
Stocks |
170,000 |
167,092 |
|
Debtors |
93,035 |
87,635 |
|
Cash at bank and in hand |
– |
4 |
|
--------- |
--------- |
|
263,035 |
254,731 |
|
|
|
|
Creditors: amounts falling due within one year |
257,275 |
257,924 |
|
--------- |
--------- |
|
Net current assets/(liabilities) |
5,760 |
(
3,193) |
|
-------- |
-------- |
|
Total assets less current liabilities |
40,161 |
31,208 |
|
|
|
|
Creditors: amounts falling due after more than one year |
29,522 |
29,522 |
|
-------- |
-------- |
|
Net assets |
10,639 |
1,686 |
|
-------- |
-------- |
|
|
|
Capital and reserves
|
Called up share capital |
3 |
3 |
|
Profit and loss account |
10,636 |
1,683 |
|
-------- |
------- |
|
Shareholders funds |
10,639 |
1,686 |
|
-------- |
------- |
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
|
Abridged Statement of Financial Position (continued) |
|
30 April 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
6 October 2025
, and are signed on behalf of the board by:
|
Mr J W G Sanderson |
|
Director |
|
Company registration number:
SC562804
|
Notes to the Abridged Financial Statements |
|
Year ended 30 April 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, Lanark, ML119DB, Scotland.
2.
Statement of compliance
These abridged 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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 Nil (2023: Nil).
5.
Investments
|
£ |
|
Cost |
|
|
At 1 May 2023 and 30 April 2024 |
34,401 |
|
-------- |
|
Impairment |
|
|
At 1 May 2023 and 30 April 2024 |
– |
|
-------- |
|
Carrying amount |
|
|
At 30 April 2024 |
34,401 |
|
-------- |
|
At 30 April 2023 |
34,401 |
|
-------- |
|
|
6.
Charges on assets
Creditors include loans which are secured of £123,200 (23:£123,200). The loan is secured by a floating charge over the assets of the company.
7.
Directors' advances, credits and guarantees
During the year the directors were advanced £5,400. The balance outstanding due to the company at the year-end was £46,961 (2023:£41,561). The loan is interest free and has no repayment terms.
8.
Related party transactions
Included within Debtors is a balance due from Harrison Hunt (The Manse) Ltd of £45,000. The company is a related party due to common control. The loan has no fixed terms for repayment.