Registered number
SC516790
Borg Contractors Ltd
Filleted Accounts
30 September 2023
Borg Contractors Ltd
Registered number: SC516790
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,727 2,302
Current assets
Stock of Cars 231,681 169,054
Cash at bank and in hand 477 3,133
232,158 172,187
Creditors: amounts falling due within one year 4 (42,606) (22,383)
Net current assets 189,552 149,804
Total assets less current liabilities 191,279 152,106
Creditors: amounts falling due after more than one year 5 (182,769) (140,425)
Net assets 8,510 11,681
Capital and reserves
Called up share capital 2 2
Profit and loss account 8,508 11,679
Shareholders' funds 8,510 11,681
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Bain
Director
Approved by the board on 14 March 2024
Borg Contractors Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on at the following annual rates on all tangible fixed assets, other than freehold land, as follows:
Plant and machinery 25% on a Reducing Balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2022 1,392 2,975 4,367
At 30 September 2023 1,392 2,975 4,367
Depreciation
At 1 October 2022 763 1,302 2,065
Charge for the year 157 418 575
At 30 September 2023 920 1,720 2,640
Net book value
At 30 September 2023 472 1,255 1,727
At 30 September 2022 629 1,673 2,302
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,131 -
Trade creditors 25,897 9,958
Corporation tax 6,661 8,183
Other taxes and social security costs 3,317 3,642
Accruals 600 600
42,606 22,383
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 38,333 45,312
Director's account 64,276 52,360
Close Motor Financing Account 80,160 42,753
182,769 140,425
6 Other information
Borg Contractors Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
30 Letham Way
Dalgety Bay
Fife
KY11 9FQ
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