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REGISTERED NUMBER: SC281069 (Scotland)















STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

CARNEY CONTRACTS LIMITED

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


CARNEY CONTRACTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: G C Findlay
Ms L Bell
W Brotherston





SECRETARY: Mrs H Findlay





REGISTERED OFFICE: Mayfield Industrial Estate
Galston Road
Hurlford
KILMARNOCK
Ayrshire
KA1 5EX





REGISTERED NUMBER: SC281069 (Scotland)





AUDITORS: Galbraith Pritchards
Chartered Accountants and Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The principal activity of the company in the year under review was civil engineering contractors.

During the financial year, the business continued to expand its existing operations with turnover denoting improvement over the prior year.

The directors are satisfied with the financial performance.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the risks the company is exposed to as stated below:

Competitive Risk : The company is reliant on major house builders for contracts which are subject to periodic review. To mitigate the risk Carney Contracts provides a high level of customer service at all times and is in continuous contact with customers to ensure all their needs are met. Carney Contracts also retains a competitive pricing policy for all services provided and continually invests in plant and employees to optimise value within its operations and ensure quality of performance and customer experience is maximised.

Credit Risk is the risk that one party to a financial instruction will cause a financial loss for that other party by failing to discharge an obligation. Carney Contracts mitigates this risk by only granting these terms to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.

Liquidity Risk is the risk that the entity will encounter difficulty in meeting obligations associated with the financial liabilities. Carney Contracts mitigates liquidity risk by managing cash generation of its operations and by having credit facilities in place.

Health and Safety Risk is the risk that Carney Contracts' operations pose a risk to the health or safety of its employees, suppliers, customers or the general public. Carney Contracts mitigates this risk by maintaining a regime which (i) requires all operations to be conducted in accordance with high standards of health and safety; and (ii) maintains a high level of awareness among all people involved of potential dangers and the appropriate methods of mitigating them. To support this Carney Contracts employs an independent Health & Safety Consultant who regularly monitors and audits all of the company's operations.

FUTURE DEVELOPMENTS
The directors will seek to maintain the profitability and the market share of the company.

SIGNED BY ORDER OF THE DIRECTOR:





Mrs H Findlay - Secretary


17 October 2023

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their report with the financial statements of the company for the year ended 31 March 2023.

DIVIDENDS
An interim dividend of 324700 per share was paid on 31 March 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2023 will be £ 324,700 .

FUTURE DEVELOPMENTS
The directors will seek to maintain the profitability and the market share of the company.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

G C Findlay
Ms L Bell
W Brotherston

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


AUDITORS
The auditors, Galbraith Pritchards, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTOR:



Mrs H Findlay - Secretary


17 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARNEY CONTRACTS LIMITED


Opinion
We have audited the financial statements of Carney Contracts Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARNEY CONTRACTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARNEY CONTRACTS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alistair Campbell (Senior Statutory Auditor)
for and on behalf of Galbraith Pritchards
Chartered Accountants and Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA

19 October 2023

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

31/3/23 31/3/22
Notes £    £   

TURNOVER 18,343,846 15,677,722

Cost of sales 7,896,097 6,711,945
GROSS PROFIT 10,447,749 8,965,777

Administrative expenses 9,937,792 7,954,079
509,957 1,011,698

Other operating income 41,446 44,460
OPERATING PROFIT 4 551,403 1,056,158

Interest receivable and similar income 2,713 93
554,116 1,056,251

Interest payable and similar expenses 5 107,705 90,768
PROFIT BEFORE TAXATION 446,411 965,483

Tax on profit 6 105,573 42,973
PROFIT FOR THE FINANCIAL YEAR 340,838 922,510

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

31/3/23 31/3/22
Notes £    £   

PROFIT FOR THE YEAR 340,838 922,510


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

340,838

922,510

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

BALANCE SHEET
31 MARCH 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 15,300 22,950
Tangible assets 9 3,654,782 3,747,270
3,670,082 3,770,220

CURRENT ASSETS
Stocks 10 1,037,009 1,286,596
Debtors 11 655,379 776,335
Cash at bank and in hand 1,665,746 2,230,159
3,358,134 4,293,090
CREDITORS
Amounts falling due within one year 12 2,638,495 3,521,391
NET CURRENT ASSETS 719,639 771,699
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,389,721

4,541,919

CREDITORS
Amounts falling due after more than one
year

13

(1,230,364

)

(1,475,373

)

PROVISIONS FOR LIABILITIES 17 (507,969 ) (431,296 )
NET ASSETS 2,651,388 2,635,250

CAPITAL AND RESERVES
Called up share capital 18 1 1
Retained earnings 19 2,651,387 2,635,249
SHAREHOLDERS' FUNDS 2,651,388 2,635,250

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2023 and were signed on its behalf by:





G C Findlay - Director


CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 1 2,204,739 2,204,740

Changes in equity
Dividends - (492,000 ) (492,000 )
Total comprehensive income - 922,510 922,510
Balance at 31 March 2022 1 2,635,249 2,635,250

Changes in equity
Dividends - (324,700 ) (324,700 )
Total comprehensive income - 340,838 340,838
Balance at 31 March 2023 1 2,651,387 2,651,388

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

31/3/23 31/3/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 688,830 1,730,056
Interest paid (11,097 ) (11,800 )
Interest element of hire purchase payments
paid

(96,608

)

(78,968

)
Tax paid 61,585 (61,365 )
Net cash from operating activities 642,710 1,577,923

Cash flows from investing activities
Purchase of tangible fixed assets (1,009,958 ) (1,784,623 )
Sale of tangible fixed assets 429,855 691,606
Interest received 2,713 93
Net cash from investing activities (577,390 ) (1,092,924 )

Cash flows from financing activities
Capital repayments in year (304,918 ) 879,669
Amount withdrawn by directors (115 ) (170 )
Equity dividends paid (324,700 ) (492,000 )
Net cash from financing activities (629,733 ) 387,499

(Decrease)/increase in cash and cash equivalents (564,413 ) 872,498
Cash and cash equivalents at beginning of
year

2

2,230,159

1,357,661

Cash and cash equivalents at end of year 2 1,665,746 2,230,159

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/3/23 31/3/22
£    £   
Profit before taxation 446,411 965,483
Depreciation charges 504,040 348,916
Loss on disposal of fixed assets 176,200 186,939
Finance costs 107,705 90,768
Finance income (2,713 ) (93 )
1,231,643 1,592,013
Decrease/(increase) in stocks 249,587 (754,480 )
Decrease in trade and other debtors 59,371 94,415
(Decrease)/increase in trade and other creditors (851,771 ) 798,108
Cash generated from operations 688,830 1,730,056

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 1,665,746 2,230,159
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 2,230,159 1,357,661


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank and in hand 2,230,159 (564,413 ) 1,665,746
2,230,159 (564,413 ) 1,665,746
Debt
Finance leases (2,235,125 ) 209,508 (2,025,617 )
Debts falling due within 1 year (93,279 ) 3,192 (90,087 )
Debts falling due after 1 year (168,151 ) 92,219 (75,932 )
(2,496,555 ) 304,919 (2,191,636 )
Total (266,396 ) (259,494 ) (525,890 )

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Carney 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. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

AMORTISATION
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - 5% Straight line

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Depreciation is not provided on Land & Buildings as they are maintained to such a standard that their value is not impaired by the passage of time.

A review of impairment is carried out at each reporting date. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

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


2. ACCOUNTING POLICIES - continued

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

FINANCIAL INSTRUMENTS
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3. EMPLOYEES AND DIRECTORS
31/3/23 31/3/22
£    £   
Wages and salaries 6,041,806 5,176,175
Social security costs 651,244 525,392
Other pension costs 248,483 146,749
6,941,533 5,848,316

The average number of employees during the year was as follows:
31/3/23 31/3/22

Management & Administration 6 6
Construction Staff 150 136
156 142

31/3/23 31/3/22
£    £   
Directors' remuneration 364,179 336,695
Directors' pension contributions to money purchase schemes 52,500 8,468

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

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


3. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
31/3/23 31/3/22
£    £   
Emoluments etc 135,954 131,200
Pension contributions to money purchase schemes 44,604 3,410

4. OPERATING PROFIT

The operating profit is stated after charging:

31/3/23 31/3/22
£    £   
Hire of plant and machinery 733,681 385,571
Depreciation - owned assets 81,514 76,891
Depreciation - assets on hire purchase contracts 414,877 264,374
Loss on disposal of fixed assets 176,200 186,939
Goodwill amortisation 7,650 7,650
Auditors' remuneration 18,735 17,145

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/3/23 31/3/22
£    £   
Bank interest 507 1,057
Bank loan interest 10,590 10,743
Hire purchase interest 96,608 78,968
107,705 90,768

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/3/23 31/3/22
£    £   
Current tax:
UK corporation tax 28,900 (62,220 )

Deferred tax 76,673 105,193
Tax on profit 105,573 42,973

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

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


6. TAXATION - continued

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/3/23 31/3/22
£    £   
Profit before tax 446,411 965,483
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

84,818

183,442

Effects of:
Expenses not deductible for tax purposes 1,735 -
Capital allowances in excess of depreciation (18,141 ) (227,995 )
Utilisation of tax losses (39,512 ) 44,553
Adjustments to tax charge in respect of previous periods - (636 )
Deferred tax 76,673 105,193
Corporation tax refund - (61,584 )
Total tax charge 105,573 42,973

7. DIVIDENDS
31/3/23 31/3/22
£    £   
Ordinary share of £1
Interim 324,700 492,000

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 153,000
AMORTISATION
At 1 April 2022 130,050
Amortisation for year 7,650
At 31 March 2023 137,700
NET BOOK VALUE
At 31 March 2023 15,300
At 31 March 2022 22,950

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

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


9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2022 747,375 2,570,607 49,579
Additions - 627,146 -
Disposals - (675,944 ) -
At 31 March 2023 747,375 2,521,809 49,579
DEPRECIATION
At 1 April 2022 - 501,425 28,023
Charge for year - 198,181 12,395
Eliminated on disposal - (158,230 ) -
At 31 March 2023 - 541,376 40,418
NET BOOK VALUE
At 31 March 2023 747,375 1,980,433 9,161
At 31 March 2022 747,375 2,069,182 21,556

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 1,487,051 22,338 4,876,950
Additions 381,771 1,041 1,009,958
Disposals (202,080 ) - (878,024 )
At 31 March 2023 1,666,742 23,379 5,008,884
DEPRECIATION
At 1 April 2022 582,441 17,791 1,129,680
Charge for year 284,654 1,161 496,391
Eliminated on disposal (113,739 ) - (271,969 )
At 31 March 2023 753,356 18,952 1,354,102
NET BOOK VALUE
At 31 March 2023 913,386 4,427 3,654,782
At 31 March 2022 904,610 4,547 3,747,270

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

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


9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 1,990,879 1,106,116 3,096,995
Additions 622,901 381,771 1,004,672
Disposals (667,964 ) (156,461 ) (824,425 )
Transfer to ownership (42,670 ) (96,221 ) (138,891 )
At 31 March 2023 1,903,146 1,235,205 3,138,351
DEPRECIATION
At 1 April 2022 219,422 284,757 504,179
Charge for year 162,220 252,657 414,877
Eliminated on disposal (148,850 ) (77,032 ) (225,882 )
Transfer to ownership (11,391 ) (53,116 ) (64,507 )
At 31 March 2023 221,401 407,266 628,667
NET BOOK VALUE
At 31 March 2023 1,681,745 827,939 2,509,684
At 31 March 2022 1,771,457 821,359 2,592,816

10. STOCKS
31/3/23 31/3/22
£    £   
Stocks 68,666 92,786
Work-in-progress 968,343 1,193,810
1,037,009 1,286,596

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 377,109 449,034
Other debtors 159,750 36,771
Tax - 61,585
VAT 118,520 228,945
655,379 776,335

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

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


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts (see note 14) 90,087 93,279
Hire purchase contracts (see note 15) 871,185 927,903
Trade creditors 1,334,280 2,042,730
Tax 28,900 -
Social security and other taxes 238,652 244,135
Other creditors 11,461 11,461
Directors' current accounts 100 215
Accrued expenses 63,830 201,668
2,638,495 3,521,391

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans (see note 14) 75,932 168,151
Hire purchase contracts (see note 15) 1,154,432 1,307,222
1,230,364 1,475,373

14. 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 loans 90,087 93,279

Amounts falling due between two and five years:
Bank loans - 2-5 years 75,932 168,151

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31/3/23 31/3/22
£    £   
Net obligations repayable:
Within one year 871,185 927,903
Between one and five years 1,154,432 1,307,222
2,025,617 2,235,125

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

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


16. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Bank loans 166,019 261,430
Hire purchase contracts 2,025,617 2,235,125
2,191,636 2,496,555

Bank Borrowings are secured by standard securities over 19 Ashgrove Road Kilwinning, Mayfield Industrial Estate Hurlford and a Bond & Floating Charge over the company assets

17. PROVISIONS FOR LIABILITIES
31/3/23 31/3/22
£    £   
Deferred tax 507,969 431,296

Deferred
tax
£   
Balance at 1 April 2022 431,296
Provided during year 76,673
Balance at 31 March 2023 507,969

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/23 31/3/22
value: £    £   
1 Ordinary £1 1 1

19. RESERVES
Retained
earnings
£   

At 1 April 2022 2,635,249
Profit for the year 340,838
Dividends (324,700 )
At 31 March 2023 2,651,387

CARNEY CONTRACTS LIMITED (REGISTERED NUMBER: SC281069)

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


20. RELATED PARTY DISCLOSURES

During the period the company provided goods and services to Avante Scaffolding Limited (a company of which
both Mr Brotherston and Mr Findlay are Directors and Shareholders) amounting to £50,474 (2022: £28,461). At
the balance sheet date the amount owed by Avante Scaffolding Limited included in Debtors amounted to
£424,826 (2022 : £304,166).
In the previous year, the company acquired goods and services from Carney Plant Hire (a business controlled by Mr Findlay) amounting to £15,000. At the balance sheet date, the amount due from Carney Plant Hire and shown under Trade Debtors amounted to £62,253 (2022 : £162,255).

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G C Findlay.