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REGISTERED NUMBER: SC047272 (Scotland)




















Goatfoot Contractors Limited

Unaudited Financial Statements

for the Year Ended 28 February 2023






Goatfoot Contractors Limited (Registered number: SC047272)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Goatfoot Contractors Limited

Company Information
for the Year Ended 28 February 2023







DIRECTOR: AA Clark





SECRETARY: J Clark





REGISTERED OFFICE: Goatfoot Farm
Skirling
By Biggar
Lanarkshire
ML12 6HD





REGISTERED NUMBER: SC047272 (Scotland)





ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT

Goatfoot Contractors Limited (Registered number: SC047272)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 119,585 161,648
Investments 5 1 1
119,586 161,649

CURRENT ASSETS
Stocks 8,462 4,678
Debtors 6 45,626 34,266
Cash in hand 65 65
54,153 39,009
CREDITORS
Amounts falling due within one year 7 104,558 67,707
NET CURRENT LIABILITIES (50,405 ) (28,698 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,181

132,951

CREDITORS
Amounts falling due after more than
one year

8

111,553

128,053
NET (LIABILITIES)/ASSETS (42,372 ) 4,898

Goatfoot Contractors Limited (Registered number: SC047272)

Balance Sheet - continued
28 February 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (42,472 ) 4,798
SHAREHOLDERS' FUNDS (42,372 ) 4,898

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 6 November 2023 and were signed by:





AA Clark - Director


Goatfoot Contractors Limited (Registered number: SC047272)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Goatfoot Contractors 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. 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 recognised at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from timber haulage and agricultural contracting is recognised as the company earns the right to receive consideration.

Revenue from sale of wholesale crops and foodstuffs is recognised when the goods are delivered to customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 4 to 10 years straight line

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 balance sheet date.


Goatfoot Contractors Limited (Registered number: SC047272)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued
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
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.

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

Financial instruments
Financial instruments comprise financial assets and financial liabilities which are recognised when the company becomes a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS 102 and are accounted for at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial.

Financial assets at cost comprise cash and other debtors. Financial liabilities comprise bank and other loans, accruals and other creditors.

Going concern
The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade for the foreseeable future.In order to do so the company will require the continued support of its directors and creditors. The director's will continue to support the company and are confident of the continued support of creditors.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Goatfoot Contractors Limited (Registered number: SC047272)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 8,516 663,689 672,205
DEPRECIATION
At 1 March 2022 6,213 504,344 510,557
Charge for year 143 41,920 42,063
At 28 February 2023 6,356 546,264 552,620
NET BOOK VALUE
At 28 February 2023 2,160 117,425 119,585
At 28 February 2022 2,303 159,345 161,648

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Investment 1 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 44,570 32,816
Other debtors 1,056 1,450
45,626 34,266

Goatfoot Contractors Limited (Registered number: SC047272)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 47,765 36,324
Trade creditors 14,209 -
Taxation and social security 11,738 9,493
Other creditors 30,846 21,890
104,558 67,707

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 25,833 35,833
Other creditors 85,720 92,220
111,553 128,053

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 20,000 20,000

The Bank overdraft is secured over assets of the company and by a personal guarantee from the Director.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 37,765 26,324