Company No: SC315199 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	52,000		65,000
Tangible assets	4	14,850		13,067
		66,850		78,067
Current assets
Stocks	5	750		750
Debtors	6	468,986		356,184
Cash at bank and in hand	7	125,525		149,171
		595,261		506,105
Creditors
Amounts falling due within one year	8	( 262,939)		( 280,006)
Net current assets		332,322		226,099
Total assets less current liabilities		399,172		304,166
Creditors
Amounts falling due after more than one year	9	( 34,119)		( 43,583)
Provision for liabilities	10, 11	( 2,277)		( 1,877)
Net assets		362,776		258,706
Capital and reserves
Called-up share capital	12	110		110
Profit and loss account		362,666		258,596
Total shareholders' funds		362,776		258,706

For the financial year ending 31 March 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Ralph A. Ogg And Partners Limited (registered number: SC315199) were approved and authorised for issue by the Director on 15 December 2022. They were signed on its behalf by:

Mr A Simpson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ralph A. Ogg And Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 66 Tay Street, Perth, PH2 8RA, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and trade discounts.

Revenue is recognised when the company is entitled to income in exchange for the provision or services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	10		9

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2021	130,000		130,000
At 31 March 2022	130,000		130,000
Accumulated amortisation
At 01 April 2021	65,000		65,000
Charge for the financial year	13,000		13,000
At 31 March 2022	78,000		78,000
Net book value
At 31 March 2022	52,000		52,000
At 31 March 2021	65,000		65,000

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2021	32,503		32,503
Additions	6,719		6,719
Disposals	( 8,403)		( 8,403)
At 31 March 2022	30,819		30,819
Accumulated depreciation
At 01 April 2021	19,436		19,436
Charge for the financial year	4,936		4,936
Disposals	( 8,403)		( 8,403)
At 31 March 2022	15,969		15,969
Net book value
At 31 March 2022	14,850		14,850
At 31 March 2021	13,067		13,067

5. Stocks

	2022		2021
	£		£
Stocks	750		750

6. Debtors

	2022		2021
	£		£
Trade debtors	464,146		351,846
Other debtors	4,840		4,338
	468,986		356,184

7. Cash and cash equivalents

	2022		2021
	£		£
Cash at bank and in hand	125,525		149,171

8. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	10,048		6,417
Trade creditors	874		4,777
Corporation tax	41,950		25,624
Other taxation and social security	95,134		111,471
Other creditors	114,933		131,717
	262,939		280,006

Included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme totalling £10,048 (2021 - £6,417). This loan is fully backed by a government guarantee.

9. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	34,119		43,583

 Included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme totalling £34,119 (2021 - £43,583). This loan is fully backed by a government guarantee.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2022		2021
	£		£
Bank loans (repayable by instalments)	0		3,414

10. Provision for liabilities

	2022		2021
	£		£
Deferred tax	2,277		1,877

11. Deferred tax

	2022		2021
	£		£
At the beginning of financial year	( 1,877)		( 1,829)
Charged to the Statement of Income and Retained Earnings	( 400)		( 48)
At the end of financial year	( 2,277)		( 1,877)

12. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
10 B Ordinary Shares shares of £ 1.00 each	10		10
100 A Ordinary Shares shares of £ 1.00 each	100		100
	110		110

13. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2022		2021
	£		£
- within one year	12,000		15,446
- between one and five years	24,000		36,000
	36,000		51,446

14. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

	2022		2021
	£		£
Directors' Loan Account	105,188		125,697

The loan is unsecured, interest free and repayable on demand.