Company Registration No. SC576014 (Scotland)
DUNCRAIG JOINERS AND BUILDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
DUNCRAIG JOINERS AND BUILDERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,061
26,506
Current assets
Stocks
5,597
14,529
Debtors
4
9,139
12,386
Cash at bank and in hand
132,140
120,493
146,876
147,408
Creditors: amounts falling due within one year
5
(114,406)
(126,937)
Net current assets
32,470
20,471
Total assets less current liabilities
50,531
46,977
Provisions for liabilities
6
(3,432)
(5,037)
Net assets
47,099
41,940
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
46,999
41,840
Total equity
47,099
41,940

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 February 2024 and are signed on its behalf by:
Mr Craig MacKenzie
Director
Company Registration No. SC576014
DUNCRAIG JOINERS AND BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Duncraig Joiners and Builders Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the invoiced value of joinery and building services provided by the company, net of Value Added Tax and trade discounts.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

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.

1.4
Stocks

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

1.5
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

DUNCRAIG JOINERS AND BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

1.8
Retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
DUNCRAIG JOINERS AND BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
2,624
551
47,888
51,063
Disposals
-
0
-
0
(10,439)
(10,439)
At 31 October 2023
2,624
551
37,449
40,624
Depreciation and impairment
At 1 November 2022
1,820
377
22,360
24,557
Depreciation charged in the year
161
44
5,763
5,968
Eliminated in respect of disposals
-
0
-
0
(7,962)
(7,962)
At 31 October 2023
1,981
421
20,161
22,563
Carrying amount
At 31 October 2023
643
130
17,288
18,061
At 31 October 2022
804
174
25,528
26,506
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,555
9,875
Other debtors
2,584
2,511
9,139
12,386
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,070
14,098
Corporation tax
4,071
-
0
Other taxation and social security
6,964
6,868
Directors current accounts
77,921
76,921
Accruals and deferred income
13,380
29,050
114,406
126,937
DUNCRAIG JOINERS AND BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
3,432
5,037
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100

 

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
291
291
2023-10-312022-11-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr C MacKenzieMr D MacKenziefalseSC5760142022-11-012023-10-31SC5760142023-10-31SC5760142022-10-31SC576014core:PlantMachinery2023-10-31SC576014core:FurnitureFittings2023-10-31SC576014core:MotorVehicles2023-10-31SC576014core:PlantMachinery2022-10-31SC576014core:FurnitureFittings2022-10-31SC576014core:MotorVehicles2022-10-31SC576014core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-31SC576014core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-31SC576014core:CurrentFinancialInstruments2023-10-31SC576014core:CurrentFinancialInstruments2022-10-31SC576014core:ShareCapital2023-10-31SC576014core:ShareCapital2022-10-31SC576014core:RetainedEarningsAccumulatedLosses2023-10-31SC576014core:RetainedEarningsAccumulatedLosses2022-10-31SC576014bus:Director12022-11-012023-10-31SC576014core:PlantMachinery2022-11-012023-10-31SC576014core:FurnitureFittings2022-11-012023-10-31SC576014core:MotorVehicles2022-11-012023-10-31SC5760142021-11-012022-10-31SC576014core:PlantMachinery2022-10-31SC576014core:FurnitureFittings2022-10-31SC576014core:MotorVehicles2022-10-31SC5760142022-10-31SC576014core:WithinOneYear2023-10-31SC576014core:WithinOneYear2022-10-31SC576014bus:PrivateLimitedCompanyLtd2022-11-012023-10-31SC576014bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-31SC576014bus:FRS1022022-11-012023-10-31SC576014bus:AuditExemptWithAccountantsReport2022-11-012023-10-31SC576014bus:Director22022-11-012023-10-31SC576014bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP