Octagon Specialist Engineering Ltd 31/12/2022 iXBRL

Octagon Specialist Engineering Ltd 31/12/2022 iXBRL

OCTAGON SPECIALIST ENGINEERING LIMITED - Company Information

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23 31/12/2022 2022-12-31 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 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC240982 2022-01-01 2022-12-31 SC240982 2022-12-31 SC240982 2021-12-31 SC240982 2021-01-01 2021-12-31 SC240982 2021-12-31 SC240982 2020-12-31 SC240982 bus:RegisteredOffice 2022-01-01 2022-12-31 SC240982 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC240982 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 SC240982 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 SC240982 bus:Agent1 2022-01-01 2022-12-31 SC240982 bus:Director1 2022-01-01 2022-12-31 SC240982 bus:Director2 2022-01-01 2022-12-31 SC240982 bus:Director3 2022-01-01 2022-12-31 SC240982 core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 SC240982 core:ShareCapital 2022-01-01 2022-12-31 SC240982 core:CapitalRedemptionReserve 2022-01-01 2022-12-31 SC240982 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 SC240982 core:WithinOneYear 2022-12-31 SC240982 core:WithinOneYear 2021-12-31 SC240982 core:AfterOneYear 2022-12-31 SC240982 core:AfterOneYear 2021-12-31 SC240982 core:ShareCapital 2022-12-31 SC240982 core:ShareCapital 2021-12-31 SC240982 core:OtherReservesSubtotal 2022-12-31 SC240982 core:OtherReservesSubtotal 2021-12-31 SC240982 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC240982 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC240982 core:ShareCapital 2020-12-31 SC240982 core:CapitalRedemptionReserve 2020-12-31 SC240982 core:RetainedEarningsAccumulatedLosses 2020-12-31 SC240982 core:CapitalRedemptionReserve 2021-12-31 SC240982 core:CapitalRedemptionReserve 2022-12-31 SC240982 bus:OrdinaryShareClass1 core:ShareCapital 2022-12-31 SC240982 bus:OrdinaryShareClass1 core:ShareCapital 2021-12-31 SC240982 bus:OrdinaryShareClass2 core:ShareCapital 2022-12-31 SC240982 bus:OrdinaryShareClass2 core:ShareCapital 2021-12-31 SC240982 bus:SmallEntities 2022-01-01 2022-12-31 SC240982 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 SC240982 bus:AbridgedAccounts 2022-01-01 2022-12-31 SC240982 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 SC240982 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 SC240982 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 SC240982 core:PlantMachinery 2022-01-01 2022-12-31 SC240982 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 SC240982 core:MotorVehicles 2022-01-01 2022-12-31
Company registration number: SC240982
Octagon Specialist Engineering Ltd
Unaudited filleted abridged financial statements
31 December 2022
Octagon Specialist Engineering Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Octagon Specialist Engineering Ltd
Directors and other information
Directors D Walker (Retired 17 November 2022)
B McIntosh
S Robertson
Company number SC240982
Registered office 1 Faraday Road
Southfield Industrial Estate
Glenrothes
Fife
KY6 2RU
Accountants Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
Bankers Royal Bank of Scotland
3 Falkland Gate
Glenrothes
Fife
KY7 5NS
Bank of Scotland
9 Falkland Place
Glenrothes
Fife
KY7 5LW
Octagon Specialist Engineering Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Octagon Specialist Engineering Ltd
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 financial statements of Octagon Specialist Engineering Ltd for the year ended 31 December 2022 which comprise the abridged statement of financial position, statement of changes in equity and related notes 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 Octagon Specialist Engineering Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Octagon Specialist Engineering Ltd and state those matters that we have agreed to state to the board of directors of Octagon Specialist Engineering Ltd 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 Octagon Specialist Engineering Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Octagon Specialist Engineering Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Octagon Specialist Engineering Ltd. You consider that Octagon Specialist Engineering Ltd 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 financial statements of Octagon Specialist Engineering Ltd. 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 financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
18 May 2023
Octagon Specialist Engineering Ltd
Abridged statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 569,485 638,642
_______ _______
569,485 638,642
Current assets
Stocks 71,048 74,621
Debtors 196,829 177,639
Cash at bank and in hand 2,081 4,810
_______ _______
269,958 257,070
Creditors: amounts falling due
within one year ( 384,499) ( 308,445)
_______ _______
Net current liabilities ( 114,541) ( 51,375)
_______ _______
Total assets less current liabilities 454,944 587,267
Creditors: amounts falling due
after more than one year 7 ( 286,247) ( 308,098)
Provisions for liabilities ( 71,899) ( 83,296)
_______ _______
Net assets 96,798 195,873
_______ _______
Capital and reserves
Called up share capital 8 2,002 3,003
Other reserves 5,005 4,004
Profit and loss account 89,791 188,866
_______ _______
Shareholders funds 96,798 195,873
_______ _______
For the 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.
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 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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 18 May 2023 , and are signed on behalf of the board by:
B McIntosh S Robertson
Director Director
Company registration number: SC240982
Octagon Specialist Engineering Ltd
Statement of changes in equity
Year ended 31 December 2022
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 January 2021 3,003 4,004 222,282 229,289
Profit for the year 142,984 142,984
_______ _______ _______ _______
Total comprehensive income for the year - - 142,984 142,984
Dividends paid and payable ( 176,400) ( 176,400)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 176,400) ( 176,400)
_______ _______ _______ _______
At 31 December 2021 and 1 January 2022 3,003 4,004 188,866 195,873
Profit for the year 162,018 162,018
_______ _______ _______ _______
Total comprehensive income for the year - - 162,018 162,018
Dividends paid and payable ( 184,000) ( 184,000)
Redemption of shares ( 1,001) 1,001 ( 77,093) ( 77,093)
_______ _______ _______ _______
Total investments by and distributions to owners ( 1,001) 1,001 ( 261,093) ( 261,093)
_______ _______ _______ _______
At 31 December 2022 2,002 5,005 89,791 96,798
_______ _______ _______ _______
Octagon Specialist Engineering Ltd
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 Faraday Road, Southfield Industrial Estate, Glenrothes, Fife, KY6 2RU.
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'.
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 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.
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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated 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:
Freehold property - straight line over fifty years
Plant and machinery - 15% reducing balance
Fittings fixtures and equipment - 15% reducing balance
Motor vehicles - 15% reducing balance
Computer equipment - straight line over three years
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.
Impairment
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 and work in progress
Stocks and work in progress 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 inventories to their 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.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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as as 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 reducton in future prepayments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2021: 22 ).
5. Directors' remuneration
The directors aggregate remuneration in respect of qualifying services was:
2022 2021
£ £
Remuneration 63,067 60,000
Company contributions to pension schemes in respect of qualifying services 1,186 13,066
_______ _______
64,253 73,066
_______ _______
6. Tangible assets
£
Cost
At 1 January 2022 and 31 December 2022 1,505,585
_______ |
Depreciation
At 1 January 2022 866,943
Charge for the year 69,157
_______ |
At 31 December 2022 936,100
_______ |
Carrying amount
At 31 December 2022 569,485
_______ |
At 31 December 2021 638,642
_______ |
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 December 2022
Aggregate cost 329,981
Aggregate depreciation -
_______
Carrying amount 329,981
_______
At 31 December 2021
Aggregate cost 329,981
Aggregate depreciation -
_______
Carrying amount 329,981
_______
On 27 November 2015 the property was revalued by DM Hall, Chartered Surveyors at a market value of £265,000.
7. Creditors: amounts falling due after more than one year
Included within creditors: amounts falling due after more than one year is an amount of £ 54,952 (2021 £ 84,675 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 2,000 2,000 3,000 3,000
Ordinary B shares of £ 1.00 each 2 2 3 3
_______ _______ _______ _______
2,002 2,002 3,003 3,003
_______ _______ _______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - 1,152
_______ _______