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REGISTERED NUMBER: SC222765 (Scotland)












Financial Statements

for the Year Ended 31 March 2023

for

Halcyon Ornamental Plasterers Ltd.

Halcyon Ornamental Plasterers Ltd. (Registered number: SC222765)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Halcyon Ornamental Plasterers Ltd.

Company Information
for the Year Ended 31 March 2023







DIRECTORS: J Gallacher
D Nimmo





SECRETARY: Mrs S Gallacher





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC222765 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Halcyon Ornamental Plasterers Ltd. (Registered number: SC222765)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 58,467 65,776
Property, plant and equipment 5 47,014 26,217
105,481 91,993

CURRENT ASSETS
Inventories 3,000 2,431
Debtors 6 121,296 168,905
Cash at bank and in hand 156,586 32,610
280,882 203,946
CREDITORS
Amounts falling due within one year 7 123,487 133,122
NET CURRENT ASSETS 157,395 70,824
TOTAL ASSETS LESS CURRENT
LIABILITIES

262,876

162,817

CREDITORS
Amounts falling due after more than one
year

8

(31,166

)

(45,475

)

PROVISIONS FOR LIABILITIES (7,992 ) (4,457 )
NET ASSETS 223,718 112,885

CAPITAL AND RESERVES
Called up share capital 10 115 115
Retained earnings 223,603 112,770
SHAREHOLDERS' FUNDS 223,718 112,885

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Halcyon Ornamental Plasterers Ltd. (Registered number: SC222765)

Statement of Financial Position - continued
31 March 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 21 April 2023 and were signed on its behalf by:





J Gallacher - Director


Halcyon Ornamental Plasterers Ltd. (Registered number: SC222765)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Halcyon Ornamental Plasterers 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.

Going concern
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

The Coronavirus outbreak has created great uncertainty and many challenges in all companies. In order to protect our business, we have taken prompt action to reduce costs across the company.. While the impact of COVID-19 is still uncertain and the final impact on the company cannot be accurately predicted, the directors believe that they are in a secure financial position and will be able to trade through the current difficult climate.

Revenue
Turnover represents the amounts derived from the provision of architectural plastering services. Sales and included when invoiced not paid and amounts exclude value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty five years.

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.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Inventories
Inventories 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.


Halcyon Ornamental Plasterers Ltd. (Registered number: SC222765)

Notes to the Financial Statements - continued
for the Year Ended 31 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 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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 182,717
AMORTISATION
At 1 April 2022 116,941
Amortisation for year 7,309
At 31 March 2023 124,250
NET BOOK VALUE
At 31 March 2023 58,467
At 31 March 2022 65,776

Halcyon Ornamental Plasterers Ltd. (Registered number: SC222765)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 9,881 68,776 78,657
Additions 20,000 9,750 29,750
At 31 March 2023 29,881 78,526 108,407
DEPRECIATION
At 1 April 2022 7,132 45,308 52,440
Charge for year 1,662 7,291 8,953
At 31 March 2023 8,794 52,599 61,393
NET BOOK VALUE
At 31 March 2023 21,087 25,927 47,014
At 31 March 2022 2,749 23,468 26,217

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 116,643 167,485
Other debtors 4,653 1,420
121,296 168,905

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 16,667 16,667
Hire purchase contracts 5,262 5,897
Trade creditors 6,792 49,153
Taxation and social security 75,926 60,567
Other creditors 18,840 838
123,487 133,122

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 19,444 36,349
Hire purchase contracts 11,722 9,126
31,166 45,475

9. SECURED DEBTS

The Clydesdale Bank PLC holds a floating charge over all property and assets of the company including uncalled capital.

Halcyon Ornamental Plasterers Ltd. (Registered number: SC222765)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
15 B Shares 1 15 15
115 115