iso4217:GBP xbrli:pure xbrli:shares iso4217:GBP xbrli:shares SC587845 2026-03-31 SC587845 2025-03-31 SC587845 2025-04-01 2026-03-31 SC587845 2024-04-01 2025-03-31 SC587845 bus:Director2 2025-04-01 2026-03-31 SC587845 bus:Director1 2025-04-01 2026-03-31 SC587845 bus:SmallEntities 2025-04-01 2026-03-31 SC587845 bus:AuditExemptWithAccountantsReport 2025-04-01 2026-03-31 SC587845 bus:FilletedAccounts 2025-04-01 2026-03-31 SC587845 bus:Director1 2025-04-01 2026-03-31 SC587845 2025-04-01 2026-03-31 SC587845 bus:PrivateLimitedCompanyLtd 2025-04-01 2026-03-31
OLD SCHOOL FABRICATIONS LIMITED
Registration Number SC587845 (Scotland)
Unaudited Financial Statements
for the year ended 31 March 2026
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2026
STATEMENT OF FINANCIAL POSITION
Notes
2026 £
2025 £
Fixed assets
Tangible assets
7
12,564
14,608
Current assets
Stock
3,000
3,000
Debtors
8
16,413
41,006
Cash at bank and in hand
72,160
136,409
91,573
180,415
Creditors: amounts falling due within one year
9
36,532
72,190
Net current assets
55,041
108,225
Total assets less current liabilities
67,605
122,833
Creditors: amounts falling due after more than one year
10
-
(2,024)
Provision for liabilities
(1,581)
(1,756)
Net assets
66,024
119,053
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
65,924
118,953
Shareholders' funds
66,024
119,053
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. These financial statements and reports have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the statement of comprehensive income has been taken.
For the year ended 31 March 2026, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year ended 31 March 2026 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect ot accounting records and the preparation of accounts.
The financial statements were approved and authorised for issue by the Board of Directors on 6 July 2025.
Signed on behalf of the Board of Directors
_______________________
_______________________
Mr N A Rae
Mr S Laverie
The notes on pages 2 to 6 form part of these accounts.
Company registration number: SC587845
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2026
NOTES TO THE FINANCIAL STATEMENTS
1. Summary of significant accounting policies
1.1 General information and basis of preparation
Old School Fabrications Limited is a private company limited by shares, registered in Scotland. The address of the registered office and registration number are as below:
2 Airfield Sawmill
Airfield Workshops
Cousland
Midlothian
EH22 2PE
These financial statements have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland as adapted by Section 1A of FRS 102 and the Companies Act 2006.
The nature of the company's operations and principal activities are principal activity during the year was that of special design activities.
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 company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
1.2 Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Asset class
Useful life / depreciation rate
Plant and machinery
20% straight line
Equipment
33% straight line
1.3 Stocks
Stocks are stated at the lower of cost and estimated selling price, after making due allowance for obsolete and slow-moving items.
1.4 Financial instruments
The Company has chosen to adopt Section 11 of FRS102 in respect of financial instruments.
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2026
NOTES TO THE FINANCIAL STATEMENTS
Other financial assets
Other financial assets, including trade debtors for goods sold to customers on short-term credit, are initially measured at the transaction price including transaction costs, and are subsequently measured at the transaction price plus transaction costs not yet recognised, cumulative interest income less repayments and impairment, where there is evidence of impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
1.5 Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Where the circumstances causing an impairment of an asset, other than goodwill, no longer apply, then the impairment is reversed through the profit and loss account. An impairment loss recognised for goodwill is not reversed in subsequent periods.
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
1.6 Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
1.7 Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.
1.8 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.
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2026
NOTES TO THE FINANCIAL STATEMENTS
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, 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.
1.9 Revenue recognition
Turnover is measured at fair value of the consideration received and represents amounts receivables for goods and services rendered, which are exclusive of VAT.
1.10 Defined contributions
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 as a finance cost in profit or loss in the period in which it arises.
2. Operating profit
Operating profit is stated after charging / (crediting):
2026 £
2025 £
Depreciation of tangible fixed assets
4,581
4,010
3. Employees
The average monthly number of employees, including directors, during the year was as follows:
2026 £
2025 £
Employees
5
6
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2026
NOTES TO THE FINANCIAL STATEMENTS
4. Tax
Tax on profit
2026 £
2025 £
Current tax
United Kingdom corporation tax
(12,751)
(32,181)
Deferred tax
Changes in tax rates
175
(532)
Tax on profit
(12,576)
(32,713)
5. 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 as a finance cost in profit or loss in the period in which it arises.
6. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
No later than 1 year
19,000
8,283
Later than 1 year
11,083
-
30,083
8,283
7. Tangible assets
Balances at year end and movements for the year
Plant and machinery £
Equipment £
Total £
Cost
At 01 April 2025
41,389
15,666
57,055
Additions
2,537
-
2,537
At 31 March 2026
43,926
15,666
59,592
Depreciation
At 01 April 2025
(29,781)
(12,666)
(42,447)
Charge for the year
(3,265)
(1,316)
(4,581)
At 31 March 2026
(33,046)
(13,982)
(47,028)
Net book value
At 01 April 2025
11,608
3,000
14,608
OLD SCHOOL FABRICATIONS LIMITED
Financial Statements for the year ended 31 March 2026
NOTES TO THE FINANCIAL STATEMENTS
At 31 March 2026
10,880
1,684
12,564
8. Debtors
Debtors comprise:
2026 £
2025 £
Trade debtors
12,374
38,666
Other debtors
4,039
2,340
16,413
41,006
9. Creditors: amounts falling due within one year
Creditors: amounts falling due within one year comprise:
2026 £
2025 £
Trade creditors
356
4,612
Accruals
2,979
2,587
Pensions payable
-
1,092
Wages payable
-
(354)
Bank loans
1,766
10,202
Social security and other taxes
21,074
21,640
Loans from directors
348
288
Corporation tax
10,009
32,123
Deferred tax
1,581
1,756
38,113
73,946
10. Creditors: amounts falling due after more than one year
Creditors: amounts falling due after more than one year comprise:
2026 £
2025 £
Bank loans
-
2,024
11. Called up share capital
The authorised, allotted and fully paid share capital of the company consisted of shares of each amounting to £1.
Alloted, called up and fully paid
2026 £
2025 £
Ordinary shares of each amounting to £1
100
100
Appendix - Additional XBRL Tags and Values
Accounting standards applied
[Current]
bus_SmallEntities
Accounts status, audited or unaudited
[Current]
bus_AuditExemptWithAccountantsReport
Accounts type
[Current]
bus_FilletedAccounts
Average number of employees during the period
[Prior]
6
Average number of employees during the period
[Current]
5
Balance sheet date
[Current]
31 March 2026
Date of auditor's report
[Current]
0001-01-01
Date of authorisation of financial statements for issue
[Current]
06 July 2025
Director signing Directors' Report
[Current]
bus_Director1
Director signing financial statements
[Current]
bus_Director1
End date for period covered by report
[Current]
31 March 2026
Entity current legal or registered name
[Current]
Old School Fabrications Limited
Entity is dormant [true/false]
[Current]
false
Entity trading status
[Current]
[default]
Equity [Multiple Tags or Values]
[Prior]
238,106
Equity [Multiple Tags or Values]
[Current]
132,048
Legal form of entity
[Current]
bus_PrivateLimitedCompanyLtd
Name of entity auditors
[Current]
CT
Name of entity officer
[Current]
Mr S Laverie
Name of entity officer
[Current]
Mr N A Rae
Name of individual auditor
[Current]
CT
Name of production software
[Current]
Draftworx Cloud
Start date for period covered by report
[Current]
01 April 2025
UK Companies House registered number
[Current]
SC587845
Version of production software
[Current]
2026.11.0.0