Octagon Specialist Engineering Ltd 31/12/2021 iXBRL

Octagon Specialist Engineering Ltd 31/12/2021 iXBRL

OCTAGON SPECIALIST ENGINEERING LIMITED - Company Information

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Company registration number: SC240982
Octagon Specialist Engineering Ltd
Unaudited filleted abridged financial statements
31 December 2021
Octagon Specialist Engineering Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Octagon Specialist Engineering Ltd
Directors and other information
Directors D Walker
B McIntosh
S Robertson
Company number SC240982
Registered office 1 Faraday Road
Southfield Industrial Estate
Glenrothes
Fife
KY6 2RU
Accountants Paterson Boyd & Co
Chartered Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
Bankers Royal Bank of Scotland
3 Falkland Gate
Glenrothes
Fife
KY7 5NS
Bank of Scotland
9 Falkland Place
Glenrothes
Fife
KY7 5LW
Octagon Specialist Engineering Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Octagon Specialist Engineering Ltd
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Octagon Specialist Engineering Ltd for the year ended 31 December 2021 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Octagon Specialist Engineering Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Octagon Specialist Engineering Ltd and state those matters that we have agreed to state to the board of directors of Octagon Specialist Engineering Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Octagon Specialist Engineering Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Octagon Specialist Engineering Ltd 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 profit of Octagon Specialist Engineering Ltd. You consider that Octagon Specialist Engineering Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Octagon Specialist Engineering Ltd. 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.
Paterson Boyd & Co
Chartered Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
26 August 2022
Octagon Specialist Engineering Ltd
Abridged statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 6 638,642 596,801
_______ _______
638,642 596,801
Current assets
Stocks 74,621 39,098
Debtors 177,639 129,406
Cash at bank and in hand 4,810 237,158
_______ _______
257,070 405,662
Creditors: amounts falling due
within one year ( 308,445) ( 357,020)
_______ _______
Net current (liabilities)/assets ( 51,375) 48,642
_______ _______
Total assets less current liabilities 587,267 645,443
Creditors: amounts falling due
after more than one year 7 ( 308,098) ( 342,771)
Provisions for liabilities ( 83,296) ( 73,383)
_______ _______
Net assets 195,873 229,289
_______ _______
Capital and reserves
Called up share capital 8 3,003 3,003
Other reserves 4,004 4,004
Profit and loss account 188,866 222,282
_______ _______
Shareholders funds 195,873 229,289
_______ _______
For the year ending 31 December 2021 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.
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 abridged statement of income and retained earnings has not been delivered.
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 current year ending 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 26 August 2022 , and are signed on behalf of the board by:
B McIntosh S Robertson
Director Director
Company registration number: SC240982
Octagon Specialist Engineering Ltd
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 Faraday Road, Southfield Industrial Estate, Glenrothes, Fife, KY6 2RU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt 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:
Freehold property - straight line over fifty years
Plant and machinery - 15% reducing balance
Fittings fixtures and equipment - 15% reducing balance
Motor vehicles - 15% reducing balance
Computer equipment - straight line over three years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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 and work in progress
Stocks and work in progress 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 inventories to their 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.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.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as as expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reducton in future prepayments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2020: 23 ).
5. Directors' remuneration
The directors aggregate remuneration in respect of qualifying services was:
2021 2020
£ £
Remuneration 60,000 101,400
Company contributions to pension schemes in respect of qualifying services 13,066 13,457
_______ _______
73,066 114,857
_______ _______
6. Tangible assets
£
Cost
At 1 January 2021 1,402,083
Additions 104,138
Disposals ( 636)
_______
At 31 December 2021 1,505,585
_______
Depreciation
At 1 January 2021 805,282
Charge for the year 62,297
Disposals ( 636)
_______
At 31 December 2021 866,943
_______
Carrying amount
At 31 December 2021 638,642
_______
At 31 December 2020 596,801
_______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 December 2021
Aggregate cost 329,981
Aggregate depreciation -
_______
Carrying amount 329,981
_______
At 31 December 2020
Aggregate cost 329,981
Aggregate depreciation -
_______
Carrying amount 329,981
_______
On 27 November 2015 the property was revalued by DM Hall, Chartered Surveyors at a market value of £265,000.
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 December 2021 176,382
_______
At 31 December 2020 208,789
_______
7. Creditors: amounts falling due after more than one year
Included within creditors: amounts falling due after more than one year is an amount of £ 84,675 (2020 £ 98,152 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares of £ 1.00 each 3,000 3,000 3,000 3,000
Ordinary B shares of £ 1.00 each 3 3 3 3
_______ _______ _______ _______
3,003 3,003 3,003 3,003
_______ _______ _______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 1,152 3,294
Later than 1 year and not later than 5 years - 576
_______ _______
1,152 3,870
_______ _______