Registered number
SC370326
G Ross Contractors Ltd
Unaudited Filleted Accounts
31 March 2023
G Ross Contractors Ltd
Registered number: SC370326
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 159,724 139,142
Current assets
Stocks 34,450 24,125
Debtors 5 918,675 895,753
Cash at bank and in hand 195,984 180,627
1,149,109 1,100,505
Creditors: amounts falling due within one year 6 (493,942) (390,796)
Net current assets 655,167 709,709
Total assets less current liabilities 814,891 848,851
Creditors: amounts falling due after more than one year 7 (499,386) (577,290)
Provisions for liabilities (30,189) (26,437)
Net assets 285,316 245,124
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 284,316 244,124
Shareholders' funds 285,316 245,124
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 members have 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.
M Macdonald
Director
Approved by the board on 26 September 2023
G Ross Contractors Ltd
Notes to the Accounts
for the year ended 31 March 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 rendering of services. 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. Turnover received in advance of the rendering of the service is exluded.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Tenant's improvements over 5 years
Plant and machinery 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.
Work in progress is valued at the estimated cost of work completed at the balance sheet date.
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.
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 20 20
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 500,000
At 31 March 2023 500,000
Amortisation
At 1 April 2022 500,000
At 31 March 2023 500,000
Net book value
At 31 March 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Tenant's improvements Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 31,668 491,138 522,806
Additions - 143,579 143,579
Disposals - (245,608) (245,608)
At 31 March 2023 31,668 389,109 420,777
Depreciation
At 1 April 2022 13,774 369,890 383,664
Charge for the year 6,334 49,382 55,716
On disposals - (178,327) (178,327)
At 31 March 2023 20,108 240,945 261,053
Net book value
At 31 March 2023 11,560 148,164 159,724
At 31 March 2022 17,894 121,248 139,142
5 Debtors 2023 2022
£ £
Trade debtors 111,195 206,522
Amounts owed by group undertakings and undertakings in which the company has a participating interest 800,787 682,249
Other debtors 6,693 6,982
918,675 895,753
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 206,667 183,333
Obligations under finance lease and hire purchase contracts 45,724 10,381
Trade creditors 48,473 56,296
Taxation and social security costs 76,776 104,477
Other creditors 116,302 36,309
493,942 390,796
The hire purchase contracts are secured by a personal guarantee from the director and also a shareholder.
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 413,334 550,000
Obligations under finance lease and hire purchase contracts 86,052 27,290
499,386 577,290
The hire purchase contracts are secured by a personal guarantee from the director and also a shareholder.
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 483,333 483,333
This loan is secured by a standard security over the assets of the parent company, Murray Mac & Son Limited and also a personal gaurantee by the director.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 6,869 14,679
10 Related party transactions
The company made a loan of £118,538 (2022: £682,249) to it's parent company during the year. This loan is interest free and repayable on demand.
11 Controlling party
The immediate and ultimate parent undertaking and controlling party is Murray Mac & Son Limited. The registered office of Murray Mac & Son Limited is Waldie House C/O Barclay & Co C.A., Mill Road Industrial Estate, Linlithgow, West Lothian, United Kingdom, EH49 7SF.
The ultimate controlling party at the date of approval of these financial statements is Mr M Macdonald.
12 Other information
G Ross Contractors Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is :
Camps Industrial Estate
East Calder
West Lothian
EH27 8DF
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