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REGISTERED NUMBER: SC245245 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2023

FOR

DAVIDSONS MARINE & INDUSTRIAL PAINTERS
LTD.

DAVIDSONS MARINE & INDUSTRIAL PAINTERS
LTD. (REGISTERED NUMBER: SC245245)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


DAVIDSONS MARINE & INDUSTRIAL PAINTERS
LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: B Davidson
B Davidson
A Davidson





REGISTERED OFFICE: The
Seagate
Peterhead
Aberdeenshire
AB42 1JP





REGISTERED NUMBER: SC245245 (Scotland)





ACCOUNTANTS: Goldwells Ltd
Goldwells House
Grange Road
Peterhead
Aberdeenshire
AB42 1WN

DAVIDSONS MARINE & INDUSTRIAL PAINTERS
LTD. (REGISTERED NUMBER: SC245245)

STATEMENT OF FINANCIAL POSITION
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 820,962 778,946

CURRENT ASSETS
Stocks 56,990 55,995
Debtors 5 616,935 373,708
Cash at bank 44,220 12,220
718,145 441,923
CREDITORS
Amounts falling due within one year 6 583,012 405,912
NET CURRENT ASSETS 135,133 36,011
TOTAL ASSETS LESS CURRENT
LIABILITIES

956,095

814,957

CREDITORS
Amounts falling due after more than one year 7 174,982 185,467
NET ASSETS 781,113 629,490

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 781,109 629,486
SHAREHOLDERS' FUNDS 781,113 629,490

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DAVIDSONS MARINE & INDUSTRIAL PAINTERS
LTD. (REGISTERED NUMBER: SC245245)

STATEMENT OF FINANCIAL POSITION - continued
31ST MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th September 2023 and were signed on its behalf by:





B Davidson - Director


DAVIDSONS MARINE & INDUSTRIAL PAINTERS
LTD. (REGISTERED NUMBER: SC245245)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023

1. STATUTORY INFORMATION

Davidsons Marine & Industrial Painters 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2022 - 38 ) .

DAVIDSONS MARINE & INDUSTRIAL PAINTERS
LTD. (REGISTERED NUMBER: SC245245)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st June 2022 593,130 826,001 1,419,131
Additions - 124,098 124,098
Disposals - (18,743 ) (18,743 )
At 31st May 2023 593,130 931,356 1,524,486
DEPRECIATION
At 1st June 2022 - 640,185 640,185
Charge for year - 75,945 75,945
Eliminated on disposal - (12,606 ) (12,606 )
At 31st May 2023 - 703,524 703,524
NET BOOK VALUE
At 31st May 2023 593,130 227,832 820,962
At 31st May 2022 593,130 185,816 778,946

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 603,836 355,467
Loan - employees 300 300
Inter Company - DBS 12,799 12,799
VAT - 5,142
616,935 373,708

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 100,416 115,470
Hire purchase contracts 21,899 28,330
Trade creditors 287,036 162,878
Tax 51,587 26,662
Social security and other taxes 22,044 17,502
VAT 12,635 -
Other creditors 36,038 2,958
Inter company loan Fraserburgh 51,157 52,107
Directors' current accounts 200 5
583,012 405,912

DAVIDSONS MARINE & INDUSTRIAL PAINTERS
LTD. (REGISTERED NUMBER: SC245245)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
CBILS loan 74,297 112,387
Bank loan 58,984 63,691
Hire purchase contracts 41,701 9,389
174,982 185,467

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 53,373 33,157
Bank loans 180,324 258,391
233,697 291,548

The company's bank, the Royal Bank of Scotland hold a standard security over 9 and 9A Dales Industrial Estate. They also hold a bond and floating charge over the assets of the company.