REGISTERED NUMBER: SC060061 (Scotland)

Financial Statements

for the Year Ended 31 August 2025

for

Hugh Logan Plant & Engineering

Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Carney

A Gilmurray

REGISTERED OFFICE:

Whistleberry Industrial Estate

Whistleberry Road

Hamilton

Lanarkshire

ML3 0ED

REGISTERED NUMBER:

SC060061 (Scotland)

AUDITORS:

O'Haras Accountants Limited (Statutory Auditor)

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Property, plant and equipment

3

71,763

87,482

CURRENT ASSETS

Inventories

4

516,557

528,146

Debtors

5

373,951

371,750

Cash at bank

919,026

1,022,932

1,809,534

1,922,828

CREDITORS

Amounts falling due within one year

6

619,870

798,518

NET CURRENT ASSETS

1,189,664

1,124,310

TOTAL ASSETS LESS CURRENT LIABILITIES

1,261,427

1,211,792

PROVISIONS FOR LIABILITIES

11,338

14,694

NET ASSETS

1,250,089

1,197,098

CAPITAL AND RESERVES

Called up share capital

8

500

500

Retained earnings

1,249,589

1,196,598

SHAREHOLDERS' FUNDS

1,250,089

1,197,098

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2026 and were signed on its behalf by:

M Carney - Director

1.	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.

Going concern

The directors have assessed, based on current projections, that the group and company has adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements.

The directors have assessed that the facilities available, group support provided and the actions and strategies available to them to mitigate business threats under stress testing and under other scenarios reviewed, the forecasts demonstrated that the company could operate within its available funding arrangements subject to the group support provided. Therefore, as there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, the directors have concluded this does not represent a material uncertainty with regards to going concern.

Thus the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-the company has transferred the significant risks and rewards of ownership to the buyer

-the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold

-the amount of revenue can be measured reliably

-it is probable that the company will receive the consideration due under the transaction

-the costs incurred or to be incurred in respect of the transaction can be measured reliably

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

4% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Inventories

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment cost is recognised immediately in profit or loss.

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.

Hire purchase and leasing commitments

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of change on the net obligation outstanding in each period.

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.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Impairment of fixed assets

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Debtors

Shirt-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured initially at the present value of future cash flows discounted at market rate of interest for a similar debt instrument and subsequently at amortised cost unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis to realise the asset and settle the liability simultaneously.

Judgements in applying key accounting policies

In preparing these financial statements, the directors have made the following judgements:

Determine whether leases entered into by the company as a lessee are operating or finance leases. In making these decisions an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee are considered on a lease by lease basis.

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. the actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Bad debts are considered by reviewing the debtors listing,with debts provided for on a specific basis. Factors considered include customer payment history and agreed credit terms.

Determine whether any stock provision is necessary. Factors taken into consideration include assessment of stock quantities on hand against sales of stock lines over historic and future periods.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2024 - 13 ) .

3.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2024

265,523

34,072

57,683

12,214

369,492

Disposals

-

-

(8,200

)

-

(8,200

)

At 31 August 2025

265,523

34,072

49,483

12,214

361,292

DEPRECIATION

At 1 September 2024

204,301

12,766

57,683

7,260

282,010

Charge for year

12,244

1,363

-

2,112

15,719

Eliminated on disposal

-

-

(8,200

)

-

(8,200

)

At 31 August 2025

216,545

14,129

49,483

9,372

289,529

NET BOOK VALUE

At 31 August 2025

48,978

19,943

-

2,842

71,763

At 31 August 2024

61,222

21,306

-

4,954

87,482

4.	INVENTORIES

2025

2024

£

£

Stocks

87,000

71,722

Raw materials

429,557

456,424

516,557

528,146

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

206,508

262,591

Other debtors

167,443

109,159

373,951

371,750

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

-

6,435

Trade creditors

523,570

576,531

Taxation and social security

34,008

86,026

Other creditors

62,292

129,526

619,870

798,518

7.	SECURED DEBTS

The company has a bank overdraft facility. This is secured by a bond and floating charge over the assets of the company and an inter-company cross guarantee between the company and James Cowie & Co Limited and James Cowie Group Limited.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

500

Ordinary shares

£1

500

500

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John O'Hara CA (Senior Statutory Auditor)

for and on behalf of O'Haras Accountants Limited (Statutory Auditor)

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. the assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge of £13,163 represents contributions payable by the company to the fund.

At the year end there were outstanding pension creditors of £370 included in the accruals and deferred income balance.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of James Cowie & Co Limited. The company's ultimate parent company is James Cowie Group Limited, a company incorporated in the United Kingdom, which is the parent of the largest group of which the company is a member.

The directors regard Mark Carney as the company's ultimate controlling party.