Applied Irrigation Limited - Period Ending 2022-12-31
Applied Irrigation Limited - Period Ending 2022-12-31
Registration number:
Applied Irrigation Limited
for the Year Ended 31 December 2022
Applied Irrigation Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
Applied Irrigation Limited
Company Information
Director |
Mr Callum Peter Oliphant |
Company secretary |
Ms Debra Jayne Barlow |
Registered office |
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Accountants |
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Applied Irrigation Limited
(Registration number: SC313817)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial 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.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Applied Irrigation Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in Scotland.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision
of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax,
returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the
financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and
subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and
installation.
Applied Irrigation Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% straight line |
Motor vehicles |
25% reducing balance |
Fixtures and fittings |
15% reducing balance |
Plant and machinery |
20% straight line |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary
course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost
using the effective interest method, less provision for impairment. A provision for the impairment of trade
debtors is established when there is objective evidence that the company will not be able to collect all amounts
due according to the original terms of the receivables.
Stocks
Inventories are valued at the lower of cost and net realisable value. Cost comprises purchase price plus transport costs less trade discounts and subsidies. Provision is made where necessary for slow moving, obsolete and defective stocks.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are classified as current liabilities if the company does not have an
unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve
months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months
after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost
using the effective interest method.
Financial instruments
Classification
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Employees and Directors |
The average number of persons employed by the company (including the director) during the year, was
Applied Irrigation Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
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Cost or valuation |
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At 1 January 2022 |
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Additions |
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- |
- |
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Disposals |
- |
- |
- |
( |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
- |
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Eliminated on disposal |
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- |
- |
( |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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- |
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At 31 December 2021 |
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Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions |
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Disposals |
( |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Applied Irrigation Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Stocks |
2022 |
2021 |
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Work in progress |
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- |
Other inventories |
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Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
- |
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Other debtors |
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Applied Irrigation Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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2022 |
2021 |
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Current loans and borrowings |
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Hire purchase contracts |
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Applied Irrigation Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Related party transactions |
Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
2022 |
2021 |
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Mr Callum Peter Oliphant |
25,926 |
5,455 |
25,926 |
5,455 |
The maximum balance outstanding during the year amounted to £25,926.
The directors current accounts are repayable on demand.
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Applied Irrigation Limited
for the Year Ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Applied Irrigation Limited for the year ended 31 December 2022 as set out on pages 2 to 8 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 Applied Irrigation Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Applied Irrigation Limited and state those matters that we have agreed to state to the Board of Directors of Applied Irrigation Limited, 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 Applied Irrigation Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Applied Irrigation Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Applied Irrigation Limited. You consider that Applied Irrigation Limited 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 accounts of Applied Irrigation 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 accounts.
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Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX