Silverfin false 28/02/2023 01/03/2022 28/02/2023 Michael Farquhar Lee 15/07/2021 29 November 2023 The principal activity of the Company during the financial year was that of property development. SC558241 2023-02-28 SC558241 bus:Director1 2023-02-28 SC558241 2022-02-28 SC558241 core:CurrentFinancialInstruments 2023-02-28 SC558241 core:CurrentFinancialInstruments 2022-02-28 SC558241 core:Non-currentFinancialInstruments 2023-02-28 SC558241 core:Non-currentFinancialInstruments 2022-02-28 SC558241 core:ShareCapital 2023-02-28 SC558241 core:ShareCapital 2022-02-28 SC558241 core:RevaluationReserve 2023-02-28 SC558241 core:RevaluationReserve 2022-02-28 SC558241 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC558241 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC558241 core:PlantMachinery 2022-02-28 SC558241 core:FurnitureFittings 2022-02-28 SC558241 core:ComputerEquipment 2022-02-28 SC558241 core:PlantMachinery 2023-02-28 SC558241 core:FurnitureFittings 2023-02-28 SC558241 core:ComputerEquipment 2023-02-28 SC558241 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-02-28 SC558241 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-02-28 SC558241 core:MoreThanFiveYears 2023-02-28 SC558241 core:MoreThanFiveYears 2022-02-28 SC558241 bus:OrdinaryShareClass1 2023-02-28 SC558241 bus:OrdinaryShareClass2 2023-02-28 SC558241 2022-03-01 2023-02-28 SC558241 bus:FullAccounts 2022-03-01 2023-02-28 SC558241 bus:SmallEntities 2022-03-01 2023-02-28 SC558241 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC558241 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC558241 bus:Director1 2022-03-01 2023-02-28 SC558241 core:PlantMachinery 2022-03-01 2023-02-28 SC558241 core:FurnitureFittings core:TopRangeValue 2022-03-01 2023-02-28 SC558241 core:ComputerEquipment core:TopRangeValue 2022-03-01 2023-02-28 SC558241 2021-03-01 2022-02-28 SC558241 core:FurnitureFittings 2022-03-01 2023-02-28 SC558241 core:ComputerEquipment 2022-03-01 2023-02-28 SC558241 core:CurrentFinancialInstruments 2022-03-01 2023-02-28 SC558241 core:MoreThanFiveYears 2022-03-01 2023-02-28 SC558241 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC558241 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 SC558241 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 SC558241 bus:OrdinaryShareClass2 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC558241 (Scotland)

CRAIGDON CONSTRUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

CRAIGDON CONSTRUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023

Contents

CRAIGDON CONSTRUCTION LIMITED

BALANCE SHEET

AS AT 28 FEBRUARY 2023
CRAIGDON CONSTRUCTION LIMITED

BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 9,043 11,395
Investment property 4 235,000 235,000
244,043 246,395
Current assets
Stocks 530,651 478,879
Debtors 5 9,823 8,824
Cash at bank and in hand 27,334 127,824
567,808 615,527
Creditors: amounts falling due within one year 6 ( 805,802) ( 823,346)
Net current liabilities (237,994) (207,819)
Total assets less current liabilities 6,049 38,576
Creditors: amounts falling due after more than one year 7 ( 58,574) ( 70,989)
Net liabilities ( 52,525) ( 32,413)
Capital and reserves
Called-up share capital 8 130 130
Revaluation reserve 25,871 25,871
Profit and loss account ( 78,526 ) ( 58,414 )
Total shareholders' deficit ( 52,525) ( 32,413)

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Craigdon Construction Limited (registered number: SC558241) were approved and authorised for issue by the Director on 29 November 2023. They were signed on its behalf by:

Michael Farquhar Lee
Director
CRAIGDON CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
CRAIGDON CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Craigdon Construction Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is South, Newbigging, Inverurie, AB51 5JL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.

At the year end the company has net liabilities amounting to £52,525 (2022 - net liabilities £32,413). This is mainly due to the reduction in value of work in progress in the prior year, being recognised in the profit and loss but there has been an increase in the current year. There has also been no property sales in the year. The director will continue to support the company and shall not seek repayment of the directors loan account to the detriment of the company’s ability to trade. The director is confident liabilities will be met as they fall due.

The company also transitioned from a profit making position in the prior year to a small loss in the current year.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents amounts receivable for property development net of VAT and trade discounts. Turnover on property sales is recognised at the point of handover. Turnover includes amounts receivable from rental income on properties, which is recognised on an accruals basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Fixtures and fittings 5 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuer's and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Land stock is stated at the lower of cost and net realisable value. Cost comprises the purchase price of land.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Construction Contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 March 2022 11,590 395 3,595 15,580
Additions 0 0 249 249
At 28 February 2023 11,590 395 3,844 15,829
Accumulated depreciation
At 01 March 2022 3,782 13 390 4,185
Charge for the financial year 1,561 79 961 2,601
At 28 February 2023 5,343 92 1,351 6,786
Net book value
At 28 February 2023 6,247 303 2,493 9,043
At 28 February 2022 7,808 382 3,205 11,395

4. Investment property

Investment property
£
Valuation
As at 01 March 2022 235,000
As at 28 February 2023 235,000

Valuation

Investment properties are compromised of rental properties. The fair value of the investment properties has been arrived at on the basis of valuations carried out during June 2021 by qualified Chartered Surveyors. The directors are satisfied that the fair value of the properties at 28 February 2023 is not materially different to this valuation. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

2023 2022
£ £
Trade debtors 3,500 1,500
Other debtors 6,323 7,324
9,823 8,824

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 12,584 12,500
Trade creditors 1,271 3,828
Amounts owed to related parties 56,100 56,100
Other taxation and social security 130 0
Other creditors 735,717 750,918
805,802 823,346

Bank loans are secured by a government guarantee and a floating charge over the assets of the company.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 58,574 70,989

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 26,281 28,176

Bank loans are secured by a government guarantee and a floating charge over the assets of the company.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
30 A Shares ordinary shares of £ 1.00 each 30 30
130 130

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Key management personnel 729,915 744,628

All key management personnel transactions are made under normal market conditions.

Other related party transactions

2023 2022
£ £
Other related parties 56,100 56,100

The amounts shown were outstanding amounts due to related parties at the reporting end date.