George Andrew (Engineers) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC372570 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

George Andrew (Engineers) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTORS:

N Andrew

I Andrew

N L Andrew

SECRETARY:

N Andrew

REGISTERED OFFICE:

55-57 West High Street

INVERURIE

AB51 3QQ

REGISTERED NUMBER:

SC372570 (Scotland)

ACCOUNTANTS:

Atholl Scott

55-57 West High Street

INVERURIE

AB51 3QQ

FIXED ASSETS

Intangible assets

4

207,523

311,285

Tangible assets

5

404,475

426,327

611,998

737,612

CURRENT ASSETS

Stocks

9,974

9,616

Debtors

6

108,313

129,765

Cash at bank and in hand

125,186

146,028

243,473

285,409

CREDITORS

Amounts falling due within one year

7

(620,164

)

(689,979

)

NET CURRENT LIABILITIES

(376,691

)

(404,570

)

TOTAL ASSETS LESS CURRENT LIABILITIES

235,307

333,042

PROVISIONS FOR LIABILITIES

8

(13,191

)

(20,240

)

NET ASSETS

222,116

312,802

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

222,016

312,702

SHAREHOLDERS' FUNDS

222,116

312,802

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2023 and were signed on its behalf by:

N Andrew - Director

1.	STATUTORY INFORMATION

George Andrew (Engineers) 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.

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 represents amounts receivable for goods sold and services rendered during the year, exclusive of value added tax.

Goodwill

Goodwill arising on the acquisition of the business trade is carried at cost less accumulated amortisation. Amortisation is calculated on a straight line basis over the useful economic life of 10 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.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

1,297,026

AMORTISATION

At 1 April 2022

985,741

Amortisation for year

103,762

At 31 March 2023

1,089,503

NET BOOK VALUE

At 31 March 2023

207,523

At 31 March 2022

311,285

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2022

and 31 March 2023

452,419

193,066

28,985

1,653

676,123

DEPRECIATION

At 1 April 2022

108,321

115,494

24,368

1,613

249,796

Charge for year

9,048

11,636

1,154

14

21,852

At 31 March 2023

117,369

127,130

25,522

1,627

271,648

NET BOOK VALUE

At 31 March 2023

335,050

65,936

3,463

26

404,475

At 31 March 2022

344,098

77,572

4,617

40

426,327

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

98,077

119,319

Prepayments

10,236

10,446

108,313

129,765

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other loans

185,000

195,000

Trade creditors

10,635

13,435

Tax

24,588

36,183

PAYE

2,128

2,071

VAT

17,008

21,275

Directors' loan accounts

373,924

414,924

Accrued expenses

6,881

7,091

620,164

689,979

8.	PROVISIONS FOR LIABILITIES

31.3.23

31.3.22

£

£

Deferred tax

13,191

20,240

Deferred

tax

£

Balance at 1 April 2022

20,240

Credit to Income Statement during year

(7,049

)

Balance at 31 March 2023

13,191

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £76,000 (2022 - £64,000) were paid to the directors .

During the year N L Andrew (Director) decreased the amount loaned to the company by £26,000 leaving a balance of £183,000 (2022 £209,000). This loan is unsecured, interest free and repayable `on demand.

During the year I Andrew (Director) decreased the amount loaned to the company by £15,000 leaving a balance of £155,000 (2022 £170,000). This loan is unsecured, interest free and repayable on demand.

During the year repayments of £10,000 were made to R Andrew (Former Director) by the company in the leaving a balance of £185,000 (2022 £195,000). This loan is unsecured, interest free and repayable on demand.

There was no movement in the loan from N Andrew (Director) to the company in the year leaving a balance of £35,924 (2022 £35,924). This loan is unsecured, interest free and repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on pages three to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

This report is made solely to the Board of Directors of the company, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Board of Directors of the company, as a body, in this report in accordance with the requirements of the Institute of Financial Accountants. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that the company has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities and financial position of the company. You consider that the company 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 the company. 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.

Atholl Scott

55-57 West High Street

INVERURIE

AB51 3QQ

12 October 2023