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No description of principal activity
2022-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC428120
2022-01-01
2022-12-31
SC428120
2022-12-31
SC428120
2021-12-31
SC428120
2021-01-01
2021-12-31
SC428120
2021-12-31
SC428120
2020-12-31
SC428120
core:NetGoodwill
2022-01-01
2022-12-31
SC428120
bus:Director1
2022-01-01
2022-12-31
SC428120
core:NetGoodwill
2022-12-31
SC428120
core:PatentsTrademarksLicencesConcessionsSimilar
2022-12-31
SC428120
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-12-31
SC428120
core:PlantMachinery
2021-12-31
SC428120
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
SC428120
core:PlantMachinery
2022-12-31
SC428120
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-01-01
2022-12-31
SC428120
core:PlantMachinery
2022-01-01
2022-12-31
SC428120
core:WithinOneYear
2022-12-31
SC428120
core:WithinOneYear
2021-12-31
SC428120
core:AfterOneYear
2022-12-31
SC428120
core:AfterOneYear
2021-12-31
SC428120
core:ShareCapital
2022-12-31
SC428120
core:ShareCapital
2021-12-31
SC428120
core:RetainedEarningsAccumulatedLosses
2022-12-31
SC428120
core:RetainedEarningsAccumulatedLosses
2021-12-31
SC428120
core:NetGoodwill
2021-12-31
SC428120
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-12-31
SC428120
core:PlantMachinery
2021-12-31
SC428120
bus:SmallEntities
2022-01-01
2022-12-31
SC428120
bus:AuditExemptWithAccountantsReport
2022-01-01
2022-12-31
SC428120
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
SC428120
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
SC428120
bus:FullAccounts
2022-01-01
2022-12-31
SC428120
core:PatentsTrademarksLicencesConcessionsSimilar
2022-01-01
2022-12-31
SC428120
core:Buildings
2021-12-31
SC428120
core:Buildings
2022-01-01
2022-12-31
SC428120
core:Buildings
2022-12-31
COMPANY REGISTRATION NUMBER:
SC428120
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2022
Fixed assets
Intangible assets |
5 |
1 |
1 |
Tangible assets |
6 |
1,945,456 |
1,080,884 |
|
------------ |
------------ |
|
1,945,457 |
1,080,885 |
|
|
|
|
Current assets
Stocks |
810,113 |
520,804 |
Debtors |
7 |
119,623 |
236,974 |
Cash at bank and in hand |
154,510 |
391,309 |
|
------------ |
------------ |
|
1,084,246 |
1,149,087 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
(
939,326) |
(
428,816) |
|
------------ |
------------ |
Net current assets |
144,920 |
720,271 |
|
------------ |
------------ |
Total assets less current liabilities |
2,090,377 |
1,801,156 |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
(
71,165) |
(
75,351) |
|
|
|
|
Provisions |
(
54,251) |
(
72,967) |
|
------------ |
------------ |
Net assets |
1,964,961 |
1,652,838 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
1,964,861 |
1,652,738 |
|
------------ |
------------ |
Shareholders' funds |
1,964,961 |
1,652,838 |
|
------------ |
------------ |
|
|
|
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 31 December 2022 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 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 financial statements
.
Statement of Financial Position (continued) |
|
31 December 2022
These financial statements were approved by the
board of directors
and authorised for issue on
7 August 2023
, and are signed on behalf of the board by:
Company registration number:
SC428120
Notes to the Financial Statements |
|
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Old Evanton Road, Dingwall, Ross-Shire, IV15 9UN.
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.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Patents |
- |
8 1/4 years straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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:
|
Tenant's improvements |
- |
10 years straight line
|
|
Plant and equipment |
- |
20% reducing balance |
|
Buildings |
- |
25 years straight line
|
|
|
|
|
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other receivables and cash and bank balances, 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 receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other payables, 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 receipts discounted at the market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2021:
15
).
5.
Intangible assets
|
Goodwill |
Patents |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2022 and 31 December 2022 |
1 |
15,840 |
15,841 |
|
---- |
-------- |
-------- |
Amortisation |
|
|
|
At 1 January 2022 and 31 December 2022 |
– |
15,840 |
15,840 |
|
---- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 December 2022 |
1 |
– |
1 |
|
---- |
-------- |
-------- |
At 31 December 2021 |
1 |
– |
1 |
|
---- |
-------- |
-------- |
|
|
|
|
6.
Tangible assets
|
Tenant's improvements |
Plant and equipment |
Buildings |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 January 2022 |
42,000 |
582,594 |
729,691 |
1,354,285 |
Additions |
– |
56,328 |
991,944 |
1,048,272 |
Disposals |
– |
(
67,735) |
– |
(
67,735) |
|
-------- |
--------- |
------------ |
------------ |
At 31 December 2022 |
42,000 |
571,187 |
1,721,635 |
2,334,822 |
|
-------- |
--------- |
------------ |
------------ |
Depreciation |
|
|
|
|
At 1 January 2022 |
38,850 |
198,067 |
36,484 |
273,401 |
Charge for the year |
3,150 |
77,335 |
49,027 |
129,512 |
Disposals |
– |
(
13,547) |
– |
(
13,547) |
|
-------- |
--------- |
------------ |
------------ |
At 31 December 2022 |
42,000 |
261,855 |
85,511 |
389,366 |
|
-------- |
--------- |
------------ |
------------ |
Carrying amount |
|
|
|
|
At 31 December 2022 |
– |
309,332 |
1,636,124 |
1,945,456 |
|
-------- |
--------- |
------------ |
------------ |
At 31 December 2021 |
3,150 |
384,527 |
693,207 |
1,080,884 |
|
-------- |
--------- |
------------ |
------------ |
|
|
|
|
|
7.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
103,343 |
177,989 |
Other debtors |
16,280 |
58,985 |
|
--------- |
--------- |
|
119,623 |
236,974 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
720,824 |
194,418 |
Corporation tax |
25,737 |
45,439 |
Social security and other taxes |
22,598 |
13,519 |
Other creditors |
170,167 |
175,440 |
|
--------- |
--------- |
|
939,326 |
428,816 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Other creditors |
71,165 |
75,351 |
|
-------- |
-------- |
|
|
|