BINDERY MACHINERY SERVICES LTD 28/02/2022 iXBRL

BINDERY MACHINERY SERVICES LTD 28/02/2022 iXBRL

BINDERY MACHINERY SERVICES LIMITED - Company Information

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0 28/02/2022 2022-02-28 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-03-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP SC142723 2021-03-01 2022-02-28 SC142723 2022-02-28 SC142723 2021-02-28 SC142723 2020-03-01 2021-02-28 SC142723 2021-02-28 SC142723 2020-02-29 SC142723 bus:RegisteredOffice 2021-03-01 2022-02-28 SC142723 bus:LeadAgentIfApplicable 2021-03-01 2022-02-28 SC142723 bus:Director1 2021-03-01 2022-02-28 SC142723 bus:CompanySecretary1 2021-03-01 2022-02-28 SC142723 core:LandBuildings core:OwnedOrFreeholdAssets 2021-02-28 SC142723 core:PlantMachinery 2021-02-28 SC142723 core:FurnitureFittingsToolsEquipment 2021-02-28 SC142723 core:MotorVehicles 2021-02-28 SC142723 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 SC142723 core:LandBuildings core:ShortLeaseholdAssets 2022-02-28 SC142723 core:PlantMachinery 2022-02-28 SC142723 core:FurnitureFittingsToolsEquipment 2022-02-28 SC142723 core:MotorVehicles 2022-02-28 SC142723 core:WithinOneYear 2022-02-28 SC142723 core:WithinOneYear 2021-02-28 SC142723 core:RetainedEarningsAccumulatedLosses 2020-03-01 2021-02-28 SC142723 core:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 SC142723 core:ShareCapital 2022-02-28 SC142723 core:ShareCapital 2021-02-28 SC142723 core:SharePremium 2022-02-28 SC142723 core:SharePremium 2021-02-28 SC142723 core:RevaluationReserve 2022-02-28 SC142723 core:RevaluationReserve 2021-02-28 SC142723 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC142723 core:RetainedEarningsAccumulatedLosses 2021-02-28 SC142723 core:ShareCapital 2020-02-29 SC142723 core:SharePremium 2020-02-29 SC142723 core:RevaluationReserve 2020-02-29 SC142723 core:RetainedEarningsAccumulatedLosses 2020-02-29 SC142723 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 SC142723 core:LandBuildings core:ShortLeaseholdAssets 2021-03-01 2022-02-28 SC142723 core:PlantMachinery 2021-03-01 2022-02-28 SC142723 core:FurnitureFittingsToolsEquipment 2021-03-01 2022-02-28 SC142723 core:MotorVehicles 2021-03-01 2022-02-28 SC142723 core:LandBuildings core:OwnedOrFreeholdAssets 2021-02-28 SC142723 core:PlantMachinery 2021-02-28 SC142723 core:FurnitureFittingsToolsEquipment 2021-02-28 SC142723 core:MotorVehicles 2021-02-28 SC142723 bus:Director1 2020-02-29 SC142723 bus:Director1 2021-02-28 SC142723 bus:Director1 2020-03-01 2021-02-28 SC142723 bus:SmallEntities 2021-03-01 2022-02-28 SC142723 bus:AuditExempt-NoAccountantsReport 2021-03-01 2022-02-28 SC142723 bus:FullAccounts 2021-03-01 2022-02-28 SC142723 bus:SmallCompaniesRegimeForAccounts 2021-03-01 2022-02-28 SC142723 bus:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28
Company registration number: SC142723
BINDERY MACHINERY SERVICES LTD
Unaudited financial statements
28 February 2022
BINDERY MACHINERY SERVICES LTD
Contents
Directors and other information
Directors report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
BINDERY MACHINERY SERVICES LTD
Directors and other information
Directors James Brown
Secretary Mrs Toni Brown
Company number SC142723
Registered office Unit 24a
Macmerry Industrial Estate
Macmerry
East Lothian
EH33 1RD
Business address Unit 24a
Macmerry Industrial Estate
Macmerry
East Lothian
EH33 1RD
Accountants J Douglas Pearson
2 Babylon Court
Tranent
East Lothian
EH33 1ES
Bankers Clydesdale Bank Plc
54 Court Street
Haddington
East Lothian
EH41 5AD
Solicitors Dundas & Wilson
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2EN
BINDERY MACHINERY SERVICES LTD
Directors report
Year ended 28 February 2022
The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2022.
Directors
The directors who served the company during the year were as follows:
James Brown
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 November 2022 and signed on behalf of the board by:
James Brown
Director
BINDERY MACHINERY SERVICES LTD
Statement of comprehensive income
Year ended 28 February 2022
2022 2021
Note £ £
Turnover 4,577,886 3,191,069
Cost of sales ( 3,503,178) ( 2,423,075)
_______ _______
Gross profit 1,074,708 767,994
Administrative expenses ( 766,622) ( 535,033)
_______ _______
Operating profit 308,086 232,961
Interest payable and similar expenses ( 19,178) ( 19,332)
Profit before taxation 6 288,908 213,629
Tax on profit ( 60,256) ( 37,831)
_______ _______
Profit for the financial year and total comprehensive income 228,652 175,798
_______ _______
All the activities of the company are from continuing operations.
BINDERY MACHINERY SERVICES LTD
Statement of financial position
28 February 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 7 1,774,529 1,712,192
_______ _______
1,774,529 1,712,192
Current assets
Stocks 1,108,507 1,486,525
Debtors 8 1,434,716 1,304,624
Investments 9 20,000 20,000
Cash at bank and in hand 90,943 59,450
_______ _______
2,654,166 2,870,599
Creditors: amounts falling due
within one year 10 ( 1,422,004) ( 1,766,921)
_______ _______
Net current assets 1,232,162 1,103,678
_______ _______
Total assets less current liabilities 3,006,691 2,815,870
_______ _______
Net assets 3,006,691 2,815,870
_______ _______
Capital and reserves
Called up share capital 700 700
Share premium account 299,700 299,700
Revaluation reserve 276,120 276,120
Profit and loss account 2,430,171 2,239,350
_______ _______
Shareholder funds 3,006,691 2,815,870
_______ _______
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has 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 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'.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2022 , and are signed on behalf of the board by:
James Brown
Director
BINDERY MACHINERY SERVICES LTD
Statement of changes in equity
Year ended 28 February 2022
Called up share capital Share premium account Revaluation reserve Profit and loss account Total
£ £ £ £ £
At 1 March 2020 700 299,700 276,120 2,065,552 2,642,072
Profit for the year 175,798 175,798
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 175,798 175,798
Dividends paid and payable ( 2,000) ( 2,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 2,000) ( 2,000)
_______ _______ _______ _______ _______
At 28 February 2021 and 1 March 2021 700 299,700 276,120 2,199,519 2,776,039
Profit for the year 228,652 228,652
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 228,652 228,652
Dividends paid and payable 2,000 2,000
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - 2,000 2,000
_______ _______ _______ _______ _______
At 28 February 2022 700 299,700 276,120 2,430,171 3,006,691
_______ _______ _______ _______ _______
BINDERY MACHINERY SERVICES LTD
Notes to the financial statements
Year ended 28 February 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 24a, Macmerry Industrial Estate, Macmerry, East Lothian, EH33 1RD.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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 and liabilities and investment properties 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
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.
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 stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an 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 reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: 14 ).
5. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2022 2021
£ £
Remuneration 73,011 73,011
Compensation for loss of office 7,000 4,000
_______ _______
80,011 77,011
_______ _______
6. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible assets 3,736 6,772
_______ _______
7. Tangible assets
Freehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 March 2021 1,765,233 - 59,877 71,077 53,800 1,949,987
Additions ( 38,844) 58,066 7,038 968 ( 13,750) 13,478
_______ _______ _______ _______ _______ _______
At 28 February 2022 1,726,389 58,066 66,915 72,045 40,050 1,963,465
_______ _______ _______ _______ _______ _______
Depreciation
At 1 March 2021 42,494 - 51,836 61,958 28,912 185,200
Charge for the year - - 3,015 1,009 ( 288) 3,736
_______ _______ _______ _______ _______ _______
At 28 February 2022 42,494 - 54,851 62,967 28,624 188,936
_______ _______ _______ _______ _______ _______
Carrying amount
At 28 February 2022 1,683,895 58,066 12,064 9,078 11,426 1,774,529
_______ _______ _______ _______ _______ _______
At 28 February 2021 1,722,739 - 8,041 9,119 24,888 1,764,787
_______ _______ _______ _______ _______ _______
8. Debtors
2022 2021
£ £
Trade debtors 1,150,492 1,076,432
Other debtors 284,224 228,192
_______ _______
1,434,716 1,304,624
_______ _______
9. Investments
2022 2021
£ £
Other investments 20,000 20,000
_______ _______
10. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 1,153,983 1,170,627
Trade creditors 160,064 101,101
Amounts owed to group undertakings and undertakings in which the company has a participating interest ( 93,406) 60,051
Corporation tax 51,442 199,066
Social security and other taxes 38,247 76,672
Other creditors 111,674 159,404
_______ _______
1,422,004 1,766,921
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
James Brown - - - -
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
James Brown 789 ( 52,317) 52,011 483
_______ _______ _______ _______