2022-04-012023-03-312023-03-31falseSC574419FALCON CONTRACTS 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FALCON CONTRACTS LIMITED

Registered Number
SC574419
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

FALCON CONTRACTS LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

Lee Falconer

Registered Address

Jubilee Cottage Makgill Row
Springfield
Cupar
KY15 5SA

Registered Number

SC574419 (Scotland)
FALCON CONTRACTS LIMITED
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets548,11619,149
48,11619,149
Current assets
Debtors620,15114,564
Cash at bank and on hand8,6792,077
28,83016,641
Creditors amounts falling due within one year7(32,360)(15,174)
Net current assets (liabilities)(3,530)1,467
Total assets less current liabilities44,58620,616
Creditors amounts falling due after one year8(16,725)(2,466)
Provisions for liabilities(9,142)(3,638)
Net assets18,71914,512
Capital and reserves
Called up share capital1010
Profit and loss account18,70914,502
Shareholders' funds18,71914,512
The financial statements were approved and authorised for issue by the Director on 28 June 2023, and are signed on its behalf by:
Lee Falconer
Director
Registered Company No. SC574419
FALCON CONTRACTS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
Falcon Contracts Limited 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.Compliance with applicable reporting framework
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
3.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment policy
Fixed assets are stated at cost, being purchase price, less accumulated depreciation.

Reducing balance (%)Straight line (years)
Plant and machinery-4
Fixtures and fittings-4
Vehicles25-
Office Equipment-3
Deferred tax policy
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.
Leases policy
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Going concern
The financial statements have been prepared on the going concern basis. The directors find it appropriate for the financial statements to be prepared on this basis despite the net current liability position of the company. The company is reliant upon the continued support of the directors who have confirmed they will not withdraw their directors loan account to the detriment of other creditors.
4.Employee information

20232022
Average number of employees during the year22
5.Property, plant and equipment

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 April 225,20942,08924638347,927
Additions4,76132,763--37,524
Disposals-(14,695)--(14,695)
At 31 March 239,97060,15724638370,756
Depreciation and impairment
At 01 April 221,58426,58624536328,778
Charge for year1,2754,2531205,549
On disposals-(11,687)--(11,687)
At 31 March 232,85919,15224638322,640
Net book value
At 31 March 237,11141,005--48,116
At 31 March 223,62515,50312019,149
6.Debtors

2023

2022

££
Trade debtors / trade receivables1,0941,026
Other debtors17,70212,293
Prepayments and accrued income1,3551,245
Total20,15114,564
7.Creditors within one year

2023

2022

££
Trade creditors / trade payables21518
Taxation and social security2,5067,659
Finance lease and HP contracts5,6894,227
Other creditors23,9503,268
Accrued liabilities and deferred income-2
Total32,36015,174
8.Creditors after one year

2023

2022

££
Other creditors16,7252,466
Total16,7252,466