Registered number
SC317163
DEESIDE LOG CABINS LTD
Filleted Unaudited Accounts
30 April 2023
DEESIDE LOG CABINS LTD
Registered number: SC317163
Balance Sheet
As at 30 April 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 352,766 193,009
Current assets
Stocks 497,078 618,794
Debtors 4 31,490 48,880
Cash at bank and in hand 1,401,286 1,375,642
1,929,854 2,043,316
Creditors: amounts falling due within one year 5 (249,650) (433,207)
Net current assets 1,680,204 1,610,109
Total assets less current liabilities 2,032,970 1,803,118
Provisions for liabilities (87,439) (48,253)
Net assets 1,945,531 1,754,865
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,945,431 1,754,765
Shareholder's funds 1,945,531 1,754,865
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A L Riach
Director
Approved by the board on 30 October 2023
DEESIDE LOG CABINS LTD
Notes to the Accounts
For the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 4% to 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total Total
£ £ £ £ £
Cost
At 1 May 2022 - 246,509 160,250 406,759 406,759
Additions 153,010 20,532 50,055 223,597 223,597
Disposals - (14,795) (54,990) (69,785) (69,785)
At 30 April 2023 153,010 252,246 155,315 560,571 560,571
Depreciation
At 1 May 2022 - 128,199 85,551 213,750 213,750
Charge for the year - 26,251 24,045 50,296 50,296
On disposals - (11,228) (45,013) (56,241) (56,241)
At 30 April 2023 - 143,222 64,583 207,805 207,805
Net book value
At 30 April 2023 153,010 109,024 90,732 352,766 352,766
At 30 April 2022 - 118,310 74,699 193,009 193,009
4 Debtors 2023 2022
£ £
Trade debtors 28,319 45,725
Other debtors 3,171 3,155
31,490 48,880
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 99,541 122,056
Taxation and social security costs 100,759 227,933
Other creditors 49,350 83,218
249,650 433,207
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases re land & buildings 12,595 12,026
7 Loans to/(from) directors
Description and conditions B/fwd Paid Repaid C/fwd C/fwd
£ £ £ £ £
A L Riach
Unsecured interest free loan with no set repayment date (4,449) 221 - (4,228) (4,228)
(4,449) 221 - (4,228) (4,228)
8 Controlling party
During the current and previous year the company was controlled by the sole director A L Riach.
9 Other information
DEESIDE LOG CABINS LTD is a private company limited by shares and incorporated in Scotland. Its registered office is:
Beechfield
Annesley
Torphins
Aberdeenshire
AB31 4HL
Place of business is at The Log Village, Kincardine O'Neil, Aboybe, Aberdeenshire AB34 5AX.
10 Security
The director has provided its bankers The Royal Bank of Scotland plc with a bond and floating charge over the assets of the company as well as providing a personal guarantee.
DEESIDE LOG CABINS LTD SC317163 false 2022-05-01 2023-04-30 2023-04-30 VT Final Accounts October 2023 A L Riach No description of principal activity SC317163 2021-05-01 2022-04-30 SC317163 core:WithinOneYear 2022-04-30 SC317163 core:ShareCapital 2022-04-30 SC317163 core:RetainedEarningsAccumulatedLosses 2022-04-30 SC317163 core:AllPeriods 2022-04-30 SC317163 2022-05-01 2023-04-30 SC317163 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 SC317163 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 SC317163 bus:Director40 2022-05-01 2023-04-30 SC317163 1 2022-05-01 2023-04-30 SC317163 2 2022-05-01 2023-04-30 SC317163 core:LandBuildings 2022-05-01 2023-04-30 SC317163 core:PlantMachinery 2022-05-01 2023-04-30 SC317163 core:Vehicles 2022-05-01 2023-04-30 SC317163 bus:Director1 2022-05-01 2023-04-30 SC317163 bus:Director1 1 2022-05-01 2023-04-30 SC317163 countries:England 2022-05-01 2023-04-30 SC317163 bus:FRS102 2022-05-01 2023-04-30 SC317163 bus:FullAccounts 2022-05-01 2023-04-30 SC317163 2023-04-30 SC317163 core:WithinOneYear 2023-04-30 SC317163 core:ShareCapital 2023-04-30 SC317163 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC317163 core:LandBuildings 2023-04-30 SC317163 core:PlantMachinery 2023-04-30 SC317163 core:Vehicles 2023-04-30 SC317163 core:AllPeriods 2023-04-30 SC317163 bus:Director1 1 2023-04-30 SC317163 2022-04-30 SC317163 core:LandBuildings 2022-04-30 SC317163 core:PlantMachinery 2022-04-30 SC317163 core:Vehicles 2022-04-30 SC317163 bus:Director1 1 2022-04-30 iso4217:GBP xbrli:pure