Label Tec Scotland Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC292141 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Label Tec Scotland Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Paul Dunne

Mrs Caroline Dunne

SECRETARY:

Mr Paul Dunne

REGISTERED OFFICE:

Unit 4, Block 4

Chapelhall Industrial Estate

Airdrie

Lanarkshire

ML6 8QH

REGISTERED NUMBER:

SC292141 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Intangible assets

4

82,500

110,000

Tangible assets

5

520,988

658,338

603,488

768,338

CURRENT ASSETS

Stock

78,896

25,676

Debtors

6

276,627

384,363

Cash at bank and in hand

462,013

346,614

817,536

756,653

CREDITORS

Amounts falling due within one year

7

278,206

398,342

NET CURRENT ASSETS

539,330

358,311

TOTAL ASSETS LESS CURRENT LIABILITIES

1,142,818

1,126,649

PROVISIONS FOR LIABILITIES

8

122,844

118,223

NET ASSETS

1,019,974

1,008,426

CAPITAL AND RESERVES

Called up share capital

9

50

50

Capital redemption reserve

10

50

50

Retained earnings

10

1,019,874

1,008,326

SHAREHOLDERS' FUNDS

1,019,974

1,008,426

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 May 2023 and were signed on its behalf by:

Mr Paul Dunne - Director

1.	STATUTORY INFORMATION

Label Tec Scotland Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Stocks

Stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grant income

Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 29 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

550,000

AMORTISATION

At 1 April 2022

440,000

Amortisation for year

27,500

At 31 March 2023

467,500

NET BOOK VALUE

At 31 March 2023

82,500

At 31 March 2022

110,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2022

2,197,179

60,915

2,258,094

Additions

13,051

11,784

24,835

At 31 March 2023

2,210,230

72,699

2,282,929

DEPRECIATION

At 1 April 2022

1,567,550

32,206

1,599,756

Charge for year

156,111

6,074

162,185

At 31 March 2023

1,723,661

38,280

1,761,941

NET BOOK VALUE

At 31 March 2023

486,569

34,419

520,988

At 31 March 2022

629,629

28,709

658,338

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

250,296

384,229

Other debtors

26,331

134

276,627

384,363

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

112,653

297,945

Taxation and social security

157,147

85,308

Other creditors

8,406

15,089

278,206

398,342

8.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

122,844

118,223

Deferred

tax

£

Balance at 1 April 2022

118,223

Provided during year

4,621

Balance at 31 March 2023

122,844

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

50

Ordinary

£1

50

50

10.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2022

1,008,326

50

1,008,376

Profit for the year

215,948

215,948

Dividends

(204,400

)

(204,400

)

At 31 March 2023

1,019,874

50

1,019,924

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Mr Paul Dunne had an overdrawn director's loan account of £16,082 at 31st March 2023.

Mrs Caroline Dunne had an overdrawn director's loan account of £10,000 at 31st March 2023.

Both balances will be repaid within 9 months of the year end.