COMPANY REGISTRATION NUMBER:
SC019061
|
Peter Clemson & Sons Limited |
|
|
Filleted Unaudited Abridged Financial Statements |
|
|
Peter Clemson & Sons Limited |
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Abridged Statement of Financial Position (continued) |
|
31 March 2025
Capital and reserves
|
Called up share capital |
10,000 |
10,000 |
|
Profit and loss account |
(
282,062) |
(
241,983) |
|
--------- |
--------- |
|
Shareholders deficit |
(
272,062) |
(
231,983) |
|
--------- |
--------- |
|
|
|
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 31 March 2025 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 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
23 December 2025
, and are signed on behalf of the board by:
|
Mr A Turner |
Mr R Turner |
|
Director |
Director |
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|
Company registration number:
SC019061
|
Peter Clemson & Sons Limited |
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Notes to the Abridged Financial Statements |
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Year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Skellyton Farm, Lanark Road, Larkhall, Lanarkshire, ML9 2UD.
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.
Going concern The accounts have been prepared on the going concern basis as a result of the continuing support of the directors, in the form of directors' loans and personal guarantees and security provided to the company's bankers.
Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 |
|
Motor vehicles |
- |
10% to 15% Reducing balance |
|
Equipment |
- |
20% reducing balance |
|
Improvements |
- |
10% 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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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
2
(2024:
2
).
5.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 April 2024 |
671,184 |
|
Additions |
54,337 |
|
--------- |
|
At 31 March 2025 |
725,521 |
|
--------- |
|
Depreciation |
|
|
At 1 April 2024 |
236,067 |
|
Charge for the year |
51,911 |
|
--------- |
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At 31 March 2025 |
287,978 |
|
--------- |
|
Carrying amount |
|
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At 31 March 2025 |
437,543 |
|
--------- |
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At 31 March 2024 |
435,117 |
|
--------- |
|
|
6.
Charges on assets
Creditors include loans, overdrafts and net obligations under hire purchase contracts which are secured of £223,308 (2024: £263,077).
Bank borrowing is secured by a guarantee and indemnity for £150,000 plus interest by
Mr A Turner
, Mr R Turner
and Mr S Turner
supported by a first ranking standard security over farm and lands at Skellyton, Larkhall.
7.
Directors' advances, credits and guarantees
The directors' loan accounts were not in debit at any time during the year