REGISTERED NUMBER: |
DAVIE + MCCULLOCH LTD. |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
REGISTERED NUMBER: |
DAVIE + MCCULLOCH LTD. |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
DAVIE + MCCULLOCH LTD. (REGISTERED NUMBER: SC253781) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Page |
Company Information | 1 |
Chartered Certified Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
DAVIE + MCCULLOCH LTD. |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
4 Royal Crescent |
Glasgow |
G3 7SL |
BANKERS: |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
DAVIE + MCCULLOCH LTD. |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Davie + McCulloch Ltd. for the year ended 31st March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of Davie + McCulloch Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Davie + McCulloch Ltd. and state those matters that we have agreed to state to the Board of Directors of Davie + McCulloch Ltd., as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Davie + McCulloch Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Davie + McCulloch Ltd.. You consider that Davie + McCulloch Ltd. is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Davie + McCulloch Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Certified Accountants |
4 Royal Crescent |
Glasgow |
G3 7SL |
DAVIE + MCCULLOCH LTD. (REGISTERED NUMBER: SC253781) |
BALANCE SHEET |
31ST MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
DAVIE + MCCULLOCH LTD. (REGISTERED NUMBER: SC253781) |
BALANCE SHEET - continued |
31ST MARCH 2023 |
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 |
DAVIE + MCCULLOCH LTD. (REGISTERED NUMBER: SC253781) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | STATUTORY INFORMATION |
Davie + McCulloch Ltd. is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern basis |
The financial statements have been prepared on the going concern basis. The director believes that the company has adequate resources and support to continue to operate for the foreseeable future. |
Turnover |
The turnover shown in the profit and loss account represents the sales value of work done as consulting engineers during the year, exclusive of Value Added Tax. |
Goodwill |
Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life of 20 years. |
Tangible fixed assets |
Improvements to property | - 20% straight line |
Website development | - 25% straight line |
Fixtures & fittings | - 10 % - 20% straight line |
Motor vehicles | - 20% straight line |
Office equipment | - 25% straight line |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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. |
DAVIE + MCCULLOCH LTD. (REGISTERED NUMBER: SC253781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 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. |
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. |
Long term contracts |
The company classifies as long term those contracts where the contract activity extends over more than one accounting period. |
The amount recognised as turnover represents the value of work carried out during the year. Where the outcome of a contract can be assessed with reasonable certainty attributable profit is recognised in proportion to the amount of turnover recognised in the financial statements. Full provision is made for any foreseeable losses. |
Where the amount recognised as turnover exceeds the payments received on account in respect of that contract, the balance is included in debtors as amounts recoverable on contracts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
DAVIE + MCCULLOCH LTD. (REGISTERED NUMBER: SC253781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st April 2022 |
and 31st March 2023 |
AMORTISATION |
At 1st April 2022 |
Amortisation for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Website | and |
property | development | fittings |
£ | £ | £ |
COST |
At 1st April 2022 |
Additions |
Disposals |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
Eliminated on disposal |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
DAVIE + MCCULLOCH LTD. (REGISTERED NUMBER: SC253781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions |
At 31st March 2023 |
DEPRECIATION |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Amounts recoverable on contracts |
Other debtors |
DAVIE + MCCULLOCH LTD. (REGISTERED NUMBER: SC253781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts |
Payments on account |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank overdraft |
Hire purchase contracts | 62,464 | - |
There is a bond and floating charge over the assets of the company to secure any future sums and obligations due or to become due from time to time by the company to The Bank of Scotland plc. |
DAVIE + MCCULLOCH LTD. (REGISTERED NUMBER: SC253781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
"A" ordinary | £1 | 540 | 540 |
"B" ordinary | £1 | 460 | 460 |
"S" ordinary | £100 | 100 | 100 |
1,100 | 1,100 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31st March 2023 and 31st March 2022: |
31.3.23 | 31.3.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
The partnership of Davie & McCulloch, I S Oxburgh & A K MacDougall have provided a joint personal guarantee of £100,000 to Bank of Scotland PLc in respect of the bank facilities. |
13. | ULTIMATE CONTROLLING PARTY |
The company was under the control of I S Oxburgh throughout the current and previous year. I S Oxburgh is a director and majority shareholder. |