BINDERY MACHINERY SERVICES LTD 28/02/2023 iXBRL

BINDERY MACHINERY SERVICES LTD 28/02/2023 iXBRL

BINDERY MACHINERY SERVICES LIMITED - Company Information

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10 28/02/2023 2023-02-28 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 2022-03-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC142723 2022-03-01 2023-02-28 SC142723 2023-02-28 SC142723 2022-02-28 SC142723 2021-03-01 2022-02-28 SC142723 2022-02-28 SC142723 2021-02-28 SC142723 bus:RegisteredOffice 2022-03-01 2023-02-28 SC142723 bus:LeadAgentIfApplicable 2022-03-01 2023-02-28 SC142723 bus:Director1 2022-03-01 2023-02-28 SC142723 bus:CompanySecretary1 2022-03-01 2023-02-28 SC142723 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 SC142723 core:LandBuildings core:ShortLeaseholdAssets 2022-02-28 SC142723 core:PlantMachinery 2022-02-28 SC142723 core:FurnitureFittingsToolsEquipment 2022-02-28 SC142723 core:MotorVehicles 2022-02-28 SC142723 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 SC142723 core:LandBuildings core:ShortLeaseholdAssets 2023-02-28 SC142723 core:PlantMachinery 2023-02-28 SC142723 core:FurnitureFittingsToolsEquipment 2023-02-28 SC142723 core:MotorVehicles 2023-02-28 SC142723 core:WithinOneYear 2023-02-28 SC142723 core:WithinOneYear 2022-02-28 SC142723 core:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 SC142723 core:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 SC142723 core:ShareCapital 2023-02-28 SC142723 core:ShareCapital 2022-02-28 SC142723 core:SharePremium 2023-02-28 SC142723 core:SharePremium 2022-02-28 SC142723 core:RevaluationReserve 2023-02-28 SC142723 core:RevaluationReserve 2022-02-28 SC142723 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC142723 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC142723 core:ShareCapital 2021-02-28 SC142723 core:SharePremium 2021-02-28 SC142723 core:RevaluationReserve 2021-02-28 SC142723 core:RetainedEarningsAccumulatedLosses 2021-02-28 SC142723 core:LandBuildings core:ShortLeaseholdAssets 2022-03-01 2023-02-28 SC142723 core:PlantMachinery 2022-03-01 2023-02-28 SC142723 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 SC142723 core:MotorVehicles 2022-03-01 2023-02-28 SC142723 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 SC142723 core:LandBuildings core:ShortLeaseholdAssets 2022-02-28 SC142723 core:PlantMachinery 2022-02-28 SC142723 core:FurnitureFittingsToolsEquipment 2022-02-28 SC142723 core:MotorVehicles 2022-02-28 SC142723 bus:Director1 2022-02-28 SC142723 bus:Director1 2023-02-28 SC142723 bus:Director1 2021-02-28 SC142723 bus:Director1 2022-02-28 SC142723 bus:Director1 2021-03-01 2022-02-28 SC142723 bus:SmallEntities 2022-03-01 2023-02-28 SC142723 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 SC142723 bus:FullAccounts 2022-03-01 2023-02-28 SC142723 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 SC142723 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28
Company registration number: SC142723
BINDERY MACHINERY SERVICES LTD
Unaudited filleted financial statements
28 February 2023
BINDERY MACHINERY SERVICES LTD
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
BINDERY MACHINERY SERVICES LTD
Directors and other information
Director James Brown
Secretary Mrs Toni Brown
Company number SC142723
Registered office Unit 24a
Macmerry Industrial Estate
Macmerry
East Lothian
EH33 1RD
Business address Unit 24a
Macmerry Industrial Estate
Macmerry
East Lothian
EH33 1RD
Accountants J Douglas Pearson
2 Babylon Court
Tranent
East Lothian
EH33 1ES
Bankers Clydesdale Bank Plc
54 Court Street
Haddington
East Lothian
EH41 5AD
Solicitors Dundas & Wilson
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2EN
BINDERY MACHINERY SERVICES LTD
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 1,823,230 1,774,529
_______ _______
1,823,230 1,774,529
Current assets
Stocks 1,496,986 1,108,507
Debtors 7 1,069,095 1,434,716
Investments 8 20,000 20,000
Cash at bank and in hand 2,642 90,943
_______ _______
2,588,723 2,654,166
Creditors: amounts falling due
within one year 9 ( 1,370,478) ( 1,422,004)
_______ _______
Net current assets 1,218,245 1,232,162
_______ _______
Total assets less current liabilities 3,041,475 3,006,691
_______ _______
Net assets 3,041,475 3,006,691
_______ _______
Capital and reserves
Called up share capital 700 700
Share premium account 299,700 299,700
Revaluation reserve 276,120 276,120
Profit and loss account 2,464,955 2,430,171
_______ _______
Shareholder funds 3,041,475 3,006,691
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 August 2023 , and are signed on behalf of the board by:
James Brown
Director
BINDERY MACHINERY SERVICES LTD
Statement of changes in equity
Year ended 28 February 2023
Called up share capital Share premium account Revaluation reserve Profit and loss account Total
£ £ £ £ £
At 1 March 2021 700 299,700 276,120 2,239,350 2,815,870
Profit for the year 190,821 190,821
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 190,821 190,821
_______ _______ _______ _______ _______
At 28 February 2022 and 1 March 2022 700 299,700 276,120 2,432,529 3,009,049
Profit for the year 32,426 32,426
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 32,426 32,426
_______ _______ _______ _______ _______
At 28 February 2023 700 299,700 276,120 2,464,955 3,041,475
_______ _______ _______ _______ _______
BINDERY MACHINERY SERVICES LTD
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 24a, Macmerry Industrial Estate, Macmerry, East Lothian, EH33 1RD.
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 and liabilities and investment properties 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
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.
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 stocks to their present location and condition.
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 in finance costs 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 10 (2022: 12 ).
5. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 82,375 81,615
Compensation for loss of office - 7,000
_______ _______
82,375 88,615
_______ _______
The number of directors who accrued benefits under company pension plans was as follows:
2023 2022
Number Number
Defined contribution plans 1 1
_______ _______
6. Tangible assets
Freehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 March 2022 1,726,389 58,066 66,915 73,012 40,050 1,964,432
Additions - 52,447 2,450 635 - 55,532
_______ _______ _______ _______ _______ _______
At 28 February 2023 1,726,389 110,513 69,365 73,647 40,050 2,019,964
_______ _______ _______ _______ _______ _______
Depreciation
At 1 March 2022 42,494 - 54,851 62,966 28,625 188,936
Charge for the year - - 2,903 1,457 3,438 7,798
_______ _______ _______ _______ _______ _______
At 28 February 2023 42,494 - 57,754 64,423 32,063 196,734
_______ _______ _______ _______ _______ _______
Carrying amount
At 28 February 2023 1,683,895 110,513 11,611 9,224 7,987 1,823,230
_______ _______ _______ _______ _______ _______
At 28 February 2022 1,683,895 58,066 12,064 10,046 11,425 1,775,496
_______ _______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 772,509 1,150,492
Other debtors 296,586 284,224
_______ _______
1,069,095 1,434,716
_______ _______
8. Investments
2023 2022
£ £
Other investments 20,000 20,000
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 912,033 1,153,983
Trade creditors 408,824 160,064
Amounts owed to group undertakings and undertakings in which the company has a participating interest ( 140,683) ( 93,406)
Corporation tax 47,673 51,442
Social security and other taxes 10,178 38,247
Other creditors 132,453 111,674
_______ _______
1,370,478 1,422,004
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
James Brown ( 349) 73,620 ( 73,415) ( 144)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
James Brown ( 482) 130,457 ( 130,324) ( 349)
_______ _______ _______ _______