I A Stewart & Co Limited Filleted accounts for Companies House (small and micro)

I A STEWART & CO LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC447695

I A Stewart & Co Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2022

I A Stewart & Co Limited

Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Intangible assets	5	240,000	360,000
Tangible assets	6	75,746	89,378
		---------	---------
		315,746	449,378

Current assets

Stocks		700	500
Debtors	7	598,982	464,160
Cash at bank and in hand		500,484	520,290
		------------	---------
		1,100,166	984,950

Creditors: amounts falling due within one year	8	454,154	531,519
		------------	---------
Net current assets		646,012	453,431
		---------	---------
Total assets less current liabilities		961,758	902,809

Creditors: amounts falling due after more than one year
Bank loans and overdrafts	32,438	–
	---------	---------
Net assets	929,320	902,809
	---------	---------

I A Stewart & Co Limited

Statement of Financial Position (continued)

31 March 2022

	2022	2021
Note	£	£

Capital and reserves

Called up share capital	120	150
Capital redemption reserve	60	30
Profit and loss account	929,140	902,629
	---------	---------
Shareholders funds	929,320	902,809
	---------	---------

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 statement of comprehensive income has not been delivered.

For the 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 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 were approved by the board of directors and authorised for issue on 30 March 2023 , and are signed on behalf of the board by:

Mr R Watson	Mr A Kerr
Director	Director

Mr S Bell	Mrs L Watson
Director	Director

Company registration number: SC447695

I A Stewart & Co Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, Lanark, ML11 9DB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Intangible assets	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:

Improvements	-	10% straight line
Plant and machinery	-	25% reducing balance

Impairment of fixed assets

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

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 stock to its 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. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, 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.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 as a finance cost 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 38 (2021: 37 ).

5. Intangible assets

	Intangibles
	£
Cost
At 1 April 2021 and 31 March 2022	1,800,000
	------------
Amortisation
At 1 April 2021	1,440,000
Charge for the year	120,000
	------------
At 31 March 2022	1,560,000
	------------
Carrying amount
At 31 March 2022	240,000
	------------
At 31 March 2021	360,000
	------------

6. Tangible assets

	Long leasehold property	Plant and machinery	Total
	£	£	£
Cost
At 1 April 2021	31,506	122,243	153,749
Additions	–	11,012	11,012
	--------	---------	---------
At 31 March 2022	31,506	133,255	164,761
	--------	---------	---------
Depreciation
At 1 April 2021	25,812	38,559	64,371
Charge for the year	3,151	21,493	24,644
	--------	---------	---------
At 31 March 2022	28,963	60,052	89,015
	--------	---------	---------
Carrying amount
At 31 March 2022	2,543	73,203	75,746
	--------	---------	---------
At 31 March 2021	5,694	83,684	89,378
	--------	---------	---------

7. Debtors

	2022	2021
	£	£
Trade debtors	564,645	433,267
Prepayments and accrued income	30,266	27,198
Other debtors	4,071	3,695
	---------	---------
	598,982	464,160
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	9,668	50,000
Trade creditors	32,018	27,008
Accruals and deferred income	46,767	41,474
Corporation tax	103,202	49,954
Social security and other taxes	172,367	261,221
Director loan accounts	78,439	90,083
Other creditors	11,693	11,779
	---------	---------
	454,154	531,519
	---------	---------

9. Operating leases

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

	2022	2021
	£	£
Not later than 1 year	45,000	45,000
Later than 1 year and not later than 5 years	180,000	225,000
	---------	---------
	225,000	270,000
	---------	---------

10. Directors' advances, credits and guarantees

The directors' loan accounts were not in debit at any time during the year.

11. Related party transactions

Dividends of £258,000 (2021 - £222,000) were paid to the directors during the year.