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COMPANY REGISTRATION NUMBER: SC254910
Joseph Leckie & Sons (Contracts) Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Joseph Leckie & Sons (Contracts) Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Current assets
Debtors
5
565,202
537,889
Cash at bank and in hand
55
121
---------
---------
565,257
538,010
Creditors: amounts falling due within one year
6
393,078
365,758
---------
---------
Net current assets
172,179
172,252
---------
---------
Total assets less current liabilities
172,179
172,252
---------
---------
Net assets
172,179
172,252
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
162,179
162,252
---------
---------
Shareholders funds
172,179
172,252
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 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 25 October 2023 , and are signed on behalf of the board by:
G Leckie
D Leckie
Director
Director
Company registration number: SC254910
Joseph Leckie & Sons (Contracts) Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Allanshaw Industrial Estate, Peacock Cross, Hamilton, ML3 9BG.
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, 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
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.
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. 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.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments. Amounts due under construction contracts were previously included within Stocks. These are now included within Other debtors. The prior period has been restated. The amount included is unchanged.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 28 ).
5. Debtors
2023
2022
£
£
Trade debtors
226,282
143,093
Amounts owed by group undertakings and undertakings in which the company has a participating interest
165,727
152,312
Other debtors
173,193
242,484
---------
---------
565,202
537,889
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
24,974
51,929
Trade creditors
246,616
162,585
Social security and other taxes
118,833
139,136
Other creditors
2,655
12,108
---------
---------
393,078
365,758
---------
---------
7. Related party transactions
Control:- The company was under the control of Mr Leckie throughout the current and previous year. Mr Leckie is the managing director and shareholder of Joseph Leckie & Sons Limited , the parent company. Transactions:- The company paid a management charge amounting to £80,000 (2021 - £125,000 ) to Joseph Leckie & Sons Limited, the parent company.
8. Controlling party
The company's ultimate parent company is Joseph leckie & Sons Ltd , a company incorporated in Scotland.