Spring Distribution (Scotland) Limited Company accounts

Spring Distribution (Scotland) Limited Company accounts

SPRING DISTRIBUTION (SCOTLAND) LIMITED - Company Information

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15 false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2021 - FRS102_2021 20,542 264,198 xbrli:pure xbrli:shares iso4217:GBP SC466064 2022-05-01 2023-04-30 SC466064 2023-04-30 SC466064 2022-04-30 SC466064 2021-05-01 2022-04-30 SC466064 2022-04-30 SC466064 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 SC466064 core:PlantMachinery 2022-05-01 2023-04-30 SC466064 core:FurnitureFittings 2022-05-01 2023-04-30 SC466064 bus:RegisteredOffice 2022-05-01 2023-04-30 SC466064 bus:LeadAgentIfApplicable 2022-05-01 2023-04-30 SC466064 bus:Director1 2022-05-01 2023-04-30 SC466064 bus:Director2 2022-05-01 2023-04-30 SC466064 bus:Director3 2022-05-01 2023-04-30 SC466064 bus:Director4 2022-05-01 2023-04-30 SC466064 bus:Director5 2022-05-01 2023-04-30 SC466064 bus:Director6 2022-05-01 2023-04-30 SC466064 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-30 SC466064 core:PlantMachinery 2022-04-30 SC466064 core:FurnitureFittings 2022-04-30 SC466064 core:MotorVehicles 2022-04-30 SC466064 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 SC466064 core:PlantMachinery 2023-04-30 SC466064 core:FurnitureFittings 2023-04-30 SC466064 core:MotorVehicles 2023-04-30 SC466064 core:MotorVehicles 2022-05-01 2023-04-30 SC466064 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-30 SC466064 core:WithinOneYear 2023-04-30 SC466064 core:WithinOneYear 2022-04-30 SC466064 core:AfterOneYear 2023-04-30 SC466064 core:AfterOneYear 2022-04-30 SC466064 core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 SC466064 core:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 SC466064 core:RetainedEarningsAccumulatedLosses 2022-04-30 SC466064 core:RetainedEarningsAccumulatedLosses 2021-04-30 SC466064 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC466064 core:RetainedEarningsAccumulatedLosses 2022-04-30 SC466064 core:ShareCapital 2023-04-30 SC466064 core:ShareCapital 2022-04-30 SC466064 core:OtherReservesSubtotal 2023-04-30 SC466064 core:OtherReservesSubtotal 2022-04-30 SC466064 core:PlantMachinery 2022-04-30 SC466064 core:FurnitureFittings 2022-04-30 SC466064 core:MotorVehicles 2022-04-30 SC466064 bus:SmallEntities 2022-05-01 2023-04-30 SC466064 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 SC466064 bus:FullAccounts 2022-05-01 2023-04-30 SC466064 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 SC466064 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 SC466064 core:InvestmentPropertyIncludedWithinPPE 2022-04-30 SC466064 core:InvestmentPropertyIncludedWithinPPE 2022-05-01 2023-04-30
COMPANY REGISTRATION NUMBER: SC466064
Spring Distribution (Scotland) Limited
Unaudited Financial Statements
For the year ended
30 April 2023
Spring Distribution (Scotland) Limited
Financial Statements
Year ended 30 April 2023
Contents
Page
Directors' report
1
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
12
Spring Distribution (Scotland) Limited
Directors' Report
Year ended 30 April 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2023 .
Directors
The directors who served the company during the year were as follows:
Mrs D D Carson
Mr G H W Garden
Ms V E Garden
Mr R T Garvey
Mr J J Ward
Mrs L S Ward
Directors' responsibilities statement The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 6 September 2023 and signed on behalf of the board by:
Mrs L S Ward
Director
Registered office:
34 Inchmuir Road
Whitehill Industrial Estate
Bathgate
EH48 2EP
Spring Distribution (Scotland) Limited
Statement of Income and Retained Earnings
Year ended 30 April 2023
2023
2022
Note
£
£
Turnover
2,569,796
2,258,878
Cost of sales
1,373,881
1,301,889
------------
------------
Gross profit
1,195,915
956,989
Administrative expenses
1,100,245
567,055
Other operating income
–
500
------------
---------
Operating profit
95,670
390,434
Other interest receivable and similar income
30
36
Interest payable and similar expenses
85,752
54,319
------------
---------
Profit before taxation
5
9,948
336,151
Tax on profit
( 10,594)
71,953
--------
---------
Profit for the financial year and total comprehensive income
20,542
264,198
--------
---------
Dividends paid and payable
( 10,000)
( 10,000)
Retained earnings at the start of the year
685,025
430,827
---------
---------
Retained earnings at the end of the year
695,567
685,025
---------
---------
Spring Distribution (Scotland) Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
4,134,795
5,603,387
Current assets
Debtors
7
421,468
370,587
Cash at bank and in hand
1,482,816
1,240,610
------------
------------
1,904,284
1,611,197
Creditors: amounts falling due within one year
8
417,649
511,287
------------
------------
Net current assets
1,486,635
1,099,910
------------
------------
Total assets less current liabilities
5,621,430
6,703,297
Creditors: amounts falling due after more than one year
9
1,670,000
1,670,000
Provisions
781,419
800,382
------------
------------
Net assets
3,170,011
4,232,915
------------
------------
Spring Distribution (Scotland) Limited
Statement of Financial Position (continued)
30 April 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Other reserves
2,474,344
3,547,790
Profit and loss account
695,567
685,025
------------
------------
Shareholders funds
3,170,011
4,232,915
------------
------------
These financial statements have been prepared 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'.
For the year ending 30 April 2023 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 6 September 2023 , and are signed on behalf of the board by:
Mrs L S Ward
Director
Company registration number: SC466064
Spring Distribution (Scotland) Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 34 Inchmuir Road, Whitehill Industrial Estate, Bathgate, EH48 2EP.
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.
Going concern
The current situation with the Coronavirus (COVID-19) pandemic could have an impact on the business in 2021. Impact could range from reduced turnover caused by restrictions to trade to increases in credit, liquidity and price risk. The directors will take all necessary steps to mitigate the additional risks this situation poses.
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 and of Value Added Tax. 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. Investment properties Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. No depreciation is charged on investment properties.
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.
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:
Freehold Property
-
1% reducing balance
Plant & machinery
-
15% reducing balance
Fixtures & fittings
-
20% reducing balance
Motor vehicles
-
10% - 25% reducing balance
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 pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 18 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
49,651
53,424
--------
--------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost
At 1 May 2022
4,179,366
250,818
104,240
95,100
1,360,000
5,989,524
Additions
–
30,700
932
–
–
31,632
Disposals
( 55,000)
( 52,644)
( 1,183)
( 6,000)
( 1,360,000)
( 1,474,827)
------------
---------
---------
--------
------------
------------
At 30 Apr 2023
4,124,366
228,874
103,989
89,100
–
4,546,329
------------
---------
---------
--------
------------
------------
Depreciation
At 1 May 2022
141,307
148,258
57,529
39,043
–
386,137
Charge for the year
13,236
16,573
9,438
10,404
–
49,651
Disposals
–
( 17,740)
( 942)
( 5,572)
–
( 24,254)
------------
---------
---------
--------
------------
------------
At 30 Apr 2023
154,543
147,091
66,025
43,875
–
411,534
------------
---------
---------
--------
------------
------------
Carrying amount
At 30 Apr 2023
3,969,823
81,783
37,964
45,225
–
4,134,795
------------
---------
---------
--------
------------
------------
At 30 Apr 2022
4,038,059
102,560
46,711
56,057
1,360,000
5,603,387
------------
---------
---------
--------
------------
------------
Tangible assets held at valuation
Freehold land and buildings were professionally valued by Graham & Sibbald, an independent valuer, to fair value at 25 September 2018 .
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:
Freehold property
£
At 30 April 2023
Aggregate cost
1,023,695
Aggregate depreciation
(154,543)
------------
Carrying value
869,152
------------
At 30 April 2022
Aggregate cost
1,310,249
Aggregate depreciation
(141,307)
------------
Carrying value
1,168,942
------------
7. Debtors
2023
2022
£
£
Trade debtors
388,793
351,030
Other debtors
32,675
19,557
---------
---------
421,468
370,587
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
53,641
46,309
Corporation tax
8,058
61,801
Social security and other taxes
138,656
128,191
Other creditors
217,294
274,986
---------
---------
417,649
511,287
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,670,000
1,670,000
------------
------------
10. Directors' advances, credits and guarantees
The following directors had overdrawn loan accounts as at 30th April 2023 - Mr Grant Garden, £1,600 (2022 - £3,600) - Mrs Lesley Ward £2550 (2022 - £Nil). Interest at a commercial rate is being charged on the outstanding balance and arrangements are in place to repay this loan.
11. Related party transactions
The company was under the control of the directors throughout the current year and previous period. The company owes £1.67M (2022 - £1.67M) to Mr John Ward who is a director of the Company. The loan is secured on company assets and is shown in creditors due after more than one year. The interest charge for the year was £85,704 (2022 - £54,275). A final Dividend of £2,000 was voted to each shareholder for the year ended 30th April 2023. Four of the Directors are also shareholders of the company.
Spring Distribution (Scotland) Limited
Management Information
Year ended 30 April 2023
The following pages do not form part of the financial statements.
Spring Distribution (Scotland) Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Spring Distribution (Scotland) Limited
Year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spring Distribution (Scotland) Limited for the year ended 30 April 2023, which comprise the statement of income and retained earnings, statement of financial position and the 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 icas.com/icas-frameworkpreparation-of-accounts. This report is made solely to the Board of Directors of Spring Distribution (Scotland) Limited, as a body, in accordance with the terms of our engagement letter dated 26 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Spring Distribution (Scotland) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at icas.com/icas-frameworkpreparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spring Distribution (Scotland) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Spring Distribution (Scotland) Limited 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 Spring Distribution (Scotland) Limited. You consider that Spring Distribution (Scotland) Limited 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 Spring Distribution (Scotland) Limited. 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.
I.A.STEWART & CO Chartered Accountants
The Mechanics Workshop New Lanark ML11 9DB
6 September 2023