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REGISTERED NUMBER: SC407400 (Scotland)


















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

PROCAST BUILDING CONTRACTORS LTD.

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


PROCAST BUILDING CONTRACTORS LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: D D Innes





REGISTERED OFFICE: 4 Alness Street
Hamilton
ML3 6RU





REGISTERED NUMBER: SC407400 (Scotland)





AUDITORS: Xeinadin Audit Limited
24 Beresford Terrace
Ayr
KA7 2EG

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The Director presents his strategic report of the Company for the year ended 31st March 2023.

OBJECTIVES
The principal activity of the Company is in the multi trades facilities management sector specifically including:

- Internal and external building refurbishments.
- New build projects and extensions.
- Multi trade works.
- Energy efficiency services.
- Renewables.

The Company has built up a reliable workforce and supply chain in recent years and strives to make continual improvements to the business while delivering value to its customers.

The Company prides itself on delivering service excellence and outstanding commercial performance to both public and private sectors while responding to the changing needs of clients and the markets in which they are active. Its impressive customer base continues to be developed through the approach of "Partnership built on trust".

REVIEW OF BUSINESS
The Company is particularly pleased to report that profit before taxation has increased to £1.3m. This is a significant improvement from the £51k loss reported in the prior year. This improvement is mainly due to the significant changes in management structure combined with increased focus on cost control and project delivery.

Of particular note, are the industry successes with which the Company has been recently honoured:

Regional Energy Efficiency Awards
o Insulation & Fabric Installer/Contractor of the Year - Winner
o Large Scale Project of the Year - Winner
o Small Project of the Year - Highly Commended

INCA (Insulated Render & Cladding Association) Awards
o Installer of the year -Winner
o EWI Excellence - Highly Commended

National Energy Efficiency Awards
o Multi-measure Project of the Year - Highly Commended
o Insulation & Fabric Installer/Contractor of the Year - Second

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the business are varied and include the following:

- Material price increases: The Company has continued with its robust process of materials sourcing to ensure that the best available prices are secured along with any available incentives.

- Labour supply shortages: Recent experience has identified labour shortages across the industry together with inflated costs. The Company believes that its own employees are treated fairly at all times with the result that it retains and develops a strong, dedicated and loyal workforce.

- Cashflow risk: As with most entities, the Company is exposed to cashflow risk where expenditure can exceed cash receipts. This is compensated for by regular payment schedules being agreed with customers together with a 13 week rolling cash forecast which can identify potential problems before they crystalise and therefore allow remedial action to be taken ahead of time.


PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL KEY PERFORMANCE INDICATORS
The key performance indicators include the monitoring of working capital and contract profit margins which are review each month against budget and forecast.

Key performance
indicators
Year Ended 31st
March 2023
Year Ended 31st
March 2022

Increase/(decrease)
£m £m £m
Turnover 28.4 26.5 1.9
Gross profit 4.4 2.8 1.6
Gross profit % 15.5% 10.6% 4.9%
EBITDA 1.5 1.3 0.2
EBITDA % 5.3% 5.1% 0.2%
Profit (loss) before
taxation

1.3

(0.1)

1.4

Cash balance 2.4 3.8 (1.4)
Net assets 3.9 3.1 0.8

OUTLOOK
Procast continues to develop as a brand and, through its continued growth, is in a position to secure and deliver larger and more profitable contracts. With the main focus being on direct awards rather than the more conventional tender process. The director believes that the company retains the professional expertise and financial stability to deliver these contracts and continue with its growth plans.

ON BEHALF OF THE BOARD:





D D Innes - Director


13 November 2023

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2023

The director presents his report with the financial statements of the company for the year ended 31 March 2023.

DIVIDENDS
During the year to 31 March 2023 each shareholder received a weekly dividend of £800. The director recommends a final dividend payment of £56,557 for the year to 31 March 2023.

The total distribution of dividends for the period ended 31 March 2023 will be £139,757 (2022: £131,503).

DIRECTOR
D D Innes held office during the whole of the period from 1 April 2022 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
During the year donations of £13,132 (2022: £5,828) were given to local community charities. None of the donations were of a political nature.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D D Innes - Director


13 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROCAST BUILDING CONTRACTORS LTD.

Opinion
We have audited the financial statements of Procast Building Contractors Ltd. (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROCAST BUILDING CONTRACTORS LTD.


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROCAST BUILDING CONTRACTORS LTD.


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures in response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing the risks or material misstatements in respect of irregularities, including fraud and non-compliance we considered the following:
- The nature of the company and the industry, the control environment including any performance targets from the parent company; and
- Our enquiries of management about their identification and assessment of the risks of irregularities.

Based on our understanding of the company and the sector we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to:

- Regulations and legislation pertinent to the company's operations; and
- UK tax legislation

We considered the extent to which non-compliance might have a material impact on the financial statement. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements, such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls), and determined that the principal risks were related to:

- Posting inappropriate journal entries; and
- Management bias in accounting estimates.

Audit response to the risks identified;

Our procedures to respond to the risks identified included the following:

- Gaining an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- Enquiring of management, trustees and legal advisors concerning actual and potential litigation and claims;
- Reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;
- In addressing the risk of fraud as a result of management override of controls, testing the appropriateness of journal entries and other adjustments; evaluating rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROCAST BUILDING CONTRACTORS LTD.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more the compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusions, omissions or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sheila Tannock (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
24 Beresford Terrace
Ayr
KA7 2EG

13 November 2023

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 4 28,367,080 26,539,061

Cost of sales 23,978,981 23,731,057
GROSS PROFIT 4,388,099 2,808,004

Administrative expenses 3,141,019 1,990,588
1,247,080 817,416

Other operating income 141,260 438,413
OPERATING PROFIT 6 1,388,340 1,255,829

Interest receivable and similar income 5,220 7,748
1,393,560 1,263,577

Interest payable and similar expenses 8 67,882 1,315,049
PROFIT/(LOSS) BEFORE TAXATION 1,325,678 (51,472 )

Tax on profit/(loss) 9 251,822 (42,403 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,073,856

(9,069

)

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 1,073,856 (9,069 )


OTHER COMPREHENSIVE INCOME
Revaluation (180,000 ) 549,000
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(180,000

)

549,000
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

893,856

539,931

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 1,781,817 1,680,775
1,781,817 1,680,775

CURRENT ASSETS
Stocks 13 72,742 595,179
Debtors 14 7,326,499 4,388,840
Cash at bank and in hand 2,431,989 3,752,326
9,831,230 8,736,345
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR

15

7,207,034

6,738,503
NET CURRENT ASSETS 2,624,196 1,997,842
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,406,013

3,678,617

CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR

16

(391,295

)

(517,683

)

PROVISIONS FOR LIABILITIES 20 (151,548 ) (51,863 )
NET ASSETS 3,863,170 3,109,071

CAPITAL AND RESERVES
Called up share capital 21 100 100
Revaluation reserve 22 369,000 549,000
Retained earnings 22 3,494,070 2,559,971
SHAREHOLDERS' FUNDS 3,863,170 3,109,071

The financial statements were approved by the director and authorised for issue on 13 November 2023 and were signed by:





D D Innes - Director


PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 100 2,700,543 - 2,700,643

Changes in equity
Dividends - (131,503 ) - (131,503 )
Total comprehensive income - (9,069 ) 549,000 539,931
Balance at 31 March 2022 100 2,559,971 549,000 3,109,071

Changes in equity
Dividends - (139,757 ) - (139,757 )
Total comprehensive income - 1,073,856 (180,000 ) 893,856
Balance at 31 March 2023 100 3,494,070 369,000 3,863,170

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (655,393 ) 2,002,553
Interest paid (49,121 ) (1,312,331 )
Interest element of hire purchase payments
paid

(18,761

)

(2,718

)
Tax paid 2,644 317
Net cash from operating activities (720,631 ) 687,821

Cash flows from investing activities
Purchase of tangible fixed assets (212,450 ) (515,252 )
Sale of tangible fixed assets 270,983 7,750
Interest received 5,220 7,748
Net cash from investing activities 63,753 (499,754 )

Cash flows from financing activities
Loan repayments in year (348,426 ) (292,946 )
Capital repayments in year (175,276 ) 69,020
Equity dividends paid (139,757 ) (131,503 )
Net cash from financing activities (663,459 ) (355,429 )

Decrease in cash and cash equivalents (1,320,337 ) (167,362 )
Cash and cash equivalents at beginning of
year

2

3,752,326

3,919,688

Cash and cash equivalents at end of year 2 2,431,989 3,752,326

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit/(loss) before taxation 1,325,678 (51,472 )
Depreciation charges 121,866 87,555
Profit on disposal of fixed assets (40,213 ) (3,858 )
Finance costs 67,882 1,315,049
Finance income (5,220 ) (7,748 )
1,469,993 1,339,526
Decrease/(increase) in stocks 522,437 (108,165 )
Increase in trade and other debtors (2,937,659 ) (1,765,753 )
Increase in trade and other creditors 289,836 2,536,945
Cash generated from operations (655,393 ) 2,002,553

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,431,989 3,752,326
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 3,752,326 3,919,688


PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.4.22 Cash flow changes At 31.3.23
£    £    £    £   
Net cash
Cash at bank
and in hand 3,752,326 (1,320,337 ) 2,431,989
3,752,326 (1,320,337 ) 2,431,989
Debt
Finance leases (89,505 ) 175,276 (421,228 ) (335,457 )
Debts falling due
within 1 year (352,251 ) (997 ) - (353,248 )
Debts falling due
after 1 year (461,337 ) 349,423 - (111,914 )
(903,093 ) 523,702 (421,228 ) (800,619 )
Total 2,849,233 (796,635 ) (421,228 ) 1,631,370

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Procast Building Contractors Ltd. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten 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 the cost less estimated residual value of each asset over its expected useful life or, if held under a finance lease, over the lease of the term, whichever is the shorter.
Freehold property - 2% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

The capitalisation policy limit is £1,000.

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

Financial instruments
The company only has basic financial instruments.

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transactions price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The following judgements have had the most significant effect on amounts recognised in the financial statements:

Depreciation - Fixed assets are depreciated over the useful life of the asset. The useful lives of fixed assets are based on the knowledge of senior management, with reference to assets expected useful life cycles.

Property Valuation - The property is valued on a regular basis by a professional quantity surveyor however there is inevitably a degree of judgement involved in that the property is unique and value can only ultimately be tested reliably in the market itself.

4. TURNOVER

The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the company.

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,894,027 1,689,085
Social security costs 200,577 169,342
Other pension costs 43,131 37,928
2,137,735 1,896,355

The average number of employees during the year was as follows:
2023 2022

Average staff numbers 58 56

2023 2022
£    £   
Director's remuneration 12,078 11,850

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 392,582 418,781
Depreciation - owned assets 121,866 86,485
Profit on disposal of fixed assets (40,213 ) (3,858 )
Goodwill amortisation - 1,070
Auditors' remuneration 13,474 13,663

7. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional items - (1,280,037 )

During the course of the year to 31st March 2022 it became apparent that one particular contract had been significantly adversely affected by the pandemic. A full commercial review of this contact was performed which resulted in identifying that it would report a loss of £1,280,037 over the full period of the contract. See note 8.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 49,121 32,294
Hire purchase 18,761 2,718
Exceptional items - 1,280,037
67,882 1,315,049

See note 7 for further information on the exceptional item in the prior year.

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 152,137 (46,912 )

Deferred tax 99,685 4,509
Tax on profit/(loss) 251,822 (42,403 )

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation (180,000 ) - (180,000 )

2022
Gross Tax Net
£    £    £   
Revaluation 549,000 - 549,000

10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 56,557 48,303
Interim 83,200 83,200
139,757 131,503

11. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 21,288
AMORTISATION
At 1 April 2022
and 31 March 2023 21,288
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

12. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 April 2022 1,494,730 81,151 40,966
Additions 74,808 134,834 -
Disposals (117,623 ) - -
Revaluations (180,000 ) - -
At 31 March 2023 1,271,915 215,985 40,966
DEPRECIATION
At 1 April 2022 76,116 62,002 21,666
Charge for year 10,021 8,658 3,860
Eliminated on disposal - - -
At 31 March 2023 86,137 70,660 25,526
NET BOOK VALUE
At 31 March 2023 1,185,778 145,325 15,440
At 31 March 2022 1,418,614 19,149 19,300

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 486,903 103,937 2,207,687
Additions 421,228 2,808 633,678
Disposals (269,877 ) - (387,500 )
Revaluations - - (180,000 )
At 31 March 2023 638,254 106,745 2,273,865
DEPRECIATION
At 1 April 2022 286,171 80,957 526,912
Charge for year 91,548 7,779 121,866
Eliminated on disposal (156,730 ) - (156,730 )
At 31 March 2023 220,989 88,736 492,048
NET BOOK VALUE
At 31 March 2023 417,265 18,009 1,781,817
At 31 March 2022 200,732 22,980 1,680,775

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

12. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2023 369,000 - -
Cost 902,915 215,985 40,966
1,271,915 215,985 40,966

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2023 - - 369,000
Cost 638,254 106,745 1,904,865
638,254 106,745 2,273,865

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 334,504 334,504
Aggregate depreciation 31,362 15,681

Value of land in freehold land and buildings 509,054 509,054

Freehold property was valued on an open market basis on 25 February 2022 by Residence Estate Agents .

13. STOCKS
2023 2022
£    £   
Stocks 72,742 60,598
Work-in-progress - 534,581
72,742 595,179

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,297,299 2,236,974
Amounts owed by associates 1,569,384 876,048
Other debtors 1,294,473 1,123,901
Tax - 2,621
Prepayments and accrued income 165,343 149,296
7,326,499 4,388,840

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 17) 353,248 352,251
Hire purchase contracts (see note 18) 56,076 33,159
Trade creditors 3,848,649 3,837,682
Tax 152,160 -
Social security and other taxes 167,754 307,043
VAT 501,680 1,507,737
Other creditors 452,858 127,347
Work in progress 275,085 -
Accrued expenses 1,399,524 573,284
7,207,034 6,738,503

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 17) 111,914 461,337
Hire purchase contracts (see note 18) 279,381 56,346
391,295 517,683

17. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 353,248 352,251

Amounts falling due between one and two years:
Bank loans - 1-2 years 75,471 352,251

Amounts falling due between two and five years:
Bank loans - 2-5 years 36,443 109,086

18. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 56,076 33,159
Between one and five years 279,381 56,346
335,457 89,505

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

19. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
RBS Property Loan 76,273 106,532

The bank holds security over the company premises at 31 Green Street, Strathaven, ML10 6LT. The director has also granted a personal guarantee for £20,000.

20. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 151,548 51,863

Deferred
tax
£   
Balance at 1 April 2022 51,863
Provided during year 99,685
Balance at 31 March 2023 151,548

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

22. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2022 2,559,971 549,000 3,108,971
Profit for the year 1,073,856 1,073,856
Dividends (139,757 ) (139,757 )
Revaluation reserve - (180,000 ) (180,000 )
At 31 March 2023 3,494,070 369,000 3,863,070

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

23. RELATED PARTY DISCLOSURES

The company made sales of £610,503 (2022: £998,867) to Procast Property Services Ltd, a company in which Derek Innes is a director. Purchases in the period amounted to £4,741,473 (2022: £7,079,649). At 31 March 2023, there was a net balance of £412,884 due from Procast Property Services Ltd (2022: £62,502 due from Procast Property Services Ltd).

The company made sales of £169,532 (2022: £262,518) to Procast Energy Services Ltd, a company in which Derek Innes is a director. Purchases in the period amounted to £3,188,269 (2022: £190,459) from Procast Energy Services Ltd. At 31 March 2023, there was a balance of £71,068 due from Procast Energy Services Ltd (2022: £214,466 due to Procast Energy Services Ltd).

24. ULTIMATE CONTROLLING PARTY

The controlling party is D D Innes.

The ultimate controlling party is D D Innes.