Registered number: 02398030
ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
COMPANY INFORMATION
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ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
CONTENTS
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Notes to the financial statements
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ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Anglo Scottish Equipment (Southern) Limited for the year ended 30 September 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the director of Anglo Scottish Equipment (Southern) Limited in accordance with the terms of our engagement letter dated 22 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Anglo Scottish Equipment (Southern) Limited and state those matters that we have agreed to state to the director of Anglo Scottish Equipment (Southern) Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Anglo Scottish Equipment (Southern) Limited and its director for our work or for this report.
It is your duty to ensure that Anglo Scottish Equipment (Southern) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Anglo Scottish Equipment (Southern) Limited. You consider that Anglo Scottish Equipment (Southern) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Anglo Scottish Equipment (Southern) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
22 March 2024
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ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
REGISTERED NUMBER: 02398030
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
REGISTERED NUMBER: 02398030
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 March 2024.
The notes on pages 4 to 9 form part of these financial statements.
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ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is The Accommodation Centre, Holt Road, Fakenham, Norfolk, NR21 8JH.
The Company's principal activity during the year continued to be dealing in and hiring out portable accommodation.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the Company in respect of the dealing in and hiring out of portable accommodation, exclusive of Value Added Tax and trade discounts. Revenue is recognised at the point of sale or hire.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.
Depreciation is provided on the following basis:
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L/Term Leasehold Property
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over the period of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
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.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.
Key sources of estimation uncertainty
(i) Stock - the director estimates which units on hand at the year end are considered stock readily available for sale.
(ii) Fixed asset additions and dispoals - the director estimates which units within plant and machinery have been disposed of during the year and which purchases have been retained for use as plant and machinery rather than as stock.
(iii) Bad debt provision - the director reviews the oustanding debts at the year end and makes a judgement on those to treat as potential bad debts based on the length of time the debt has remianed unpaid and knowledge of the customer.
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The average monthly number of employees, including directors, during the year was 4 (2022 - 7).
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ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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L/Term Leasehold Property
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Charge for the year on owned assets
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ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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100 Ordinary shares of £1.00 each
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Contributions totalling £800 (2022 - £822) were payable to the fund at the balance sheet date and are included in creditors.
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ANGLO SCOTTISH EQUIPMENT (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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Transactions with directors
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As at 1 October 2022, the balance owed by the directors to the Company was £7,424.
During the year the the directors made net advances of £4,274.
As a result, at 30 September 2023, the balance owed by the directors to the Company totalled £11,698. The loan is repayable on demand, with interest charged at a variable rate not exceeding 2.5%, and is included in other debtors due within one year in note 6 of the financial statements
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Related party transactions
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As at 1 October 2022, a balance of £3,404,728 was owed by a related company.
During the year, the Company paid further funds of £2,200,341 and £3,404,307 was written off. As a result at 30 September 2023, a balance of £2,200,762 was owed from a related company. The loan is interest free, repayable on demand and included in other debtors due within one year in note 7 to the financial statements.
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