IRIS Accounts Production v23.4.0.336 SC615291 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false 7522 15690 32285 34994 42129 43162 2322 7522 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC6152912022-12-31SC6152912023-12-31SC6152912023-01-012023-12-31SC6152912021-12-31SC6152912022-01-012022-12-31SC6152912022-12-31SC615291ns15:Scotland2023-01-012023-12-31SC615291ns14:PoundSterling2023-01-012023-12-31SC615291ns10:Director12023-01-012023-12-31SC615291ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC615291ns10:SmallEntities2023-01-012023-12-31SC615291ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC615291ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC615291ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC615291ns10:FullAccounts2023-01-012023-12-31SC61529142ns10:Director22022-12-31SC61529142ns10:Director22021-12-31SC61529142ns10:Director22023-01-012023-12-31SC61529142ns10:Director22022-01-012022-12-31SC61529142ns10:Director22023-12-31SC61529142ns10:Director22022-12-31SC615291ns10:Director22023-01-012023-12-31SC615291ns10:RegisteredOffice2023-01-012023-12-31SC615291ns5:CurrentFinancialInstruments2023-12-31SC615291ns5:CurrentFinancialInstruments2022-12-31SC615291ns5:Non-currentFinancialInstruments2023-12-31SC615291ns5:Non-currentFinancialInstruments2022-12-31SC615291ns5:ShareCapital2023-12-31SC615291ns5:ShareCapital2022-12-31SC615291ns5:RetainedEarningsAccumulatedLosses2023-12-31SC615291ns5:RetainedEarningsAccumulatedLosses2022-12-31SC615291ns5:PlantMachinery2023-01-012023-12-31SC615291ns5:MotorVehicles2023-01-012023-12-31SC615291ns5:ComputerEquipment2023-01-012023-12-31SC615291ns5:PlantMachinery2022-12-31SC615291ns5:MotorVehicles2022-12-31SC615291ns5:ComputerEquipment2022-12-31SC615291ns5:PlantMachinery2023-12-31SC615291ns5:MotorVehicles2023-12-31SC615291ns5:ComputerEquipment2023-12-31SC615291ns5:PlantMachinery2022-12-31SC615291ns5:MotorVehicles2022-12-31SC615291ns5:ComputerEquipment2022-12-31SC615291ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC615291ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC615291ns5:AcceleratedTaxDepreciationDeferredTax2023-12-31SC615291ns5:AcceleratedTaxDepreciationDeferredTax2022-12-31SC615291ns5:DeferredTaxation2022-12-31SC615291ns5:DeferredTaxation2023-01-012023-12-31SC615291ns5:DeferredTaxation2023-12-31SC6152911ns10:Director12022-12-31SC6152911ns10:Director12021-12-31SC6152911ns10:Director12023-01-012023-12-31SC6152911ns10:Director12022-01-012022-12-31SC6152911ns10:Director12023-12-31SC6152911ns10:Director12022-12-31
REGISTERED NUMBER: SC615291 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ADDON DEVELOPMENTS LIMITED

ADDON DEVELOPMENTS LIMITED (REGISTERED NUMBER: SC615291)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ADDON DEVELOPMENTS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: G Montgomery
M Montgomery





REGISTERED OFFICE: 33 Ostlere Road
Kirkcaldy
Fife
KY2 5ER





REGISTERED NUMBER: SC615291 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Viewforth House
189 Nicol Street
Kirkcaldy
Fife
KY1 1PF

ADDON DEVELOPMENTS LIMITED (REGISTERED NUMBER: SC615291)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,954 17,257

CURRENT ASSETS
Stocks 5,523 11,500
Debtors 5 768 8,222
Cash at bank 13,796 886
20,087 20,608
CREDITORS
Amounts falling due within one year 6 24,547 20,188
NET CURRENT (LIABILITIES)/ASSETS (4,460 ) 420
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,494

17,677

CREDITORS
Amounts falling due after more than one
year

7

(3,457

)

(8,935

)

PROVISIONS FOR LIABILITIES 8 (2,461 ) (3,278 )
NET ASSETS 2,576 5,464

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 2,573 5,461
2,576 5,464

ADDON DEVELOPMENTS LIMITED (REGISTERED NUMBER: SC615291)

BALANCE SHEET - continued
31 December 2023


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

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

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2024 and were signed on its behalf by:





G Montgomery - Director


ADDON DEVELOPMENTS LIMITED (REGISTERED NUMBER: SC615291)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Addon Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

At the period end the company had net current liabilities of £4,409 (2022 - net assets £420). The company continues to be supported by the Directors who provide funding for operations. The operational funding support is expected to continue for a period of at least one year after the date of signing the financial statements.

TURNOVER
Turnover represents the consideration received or receivable for goods and services provided in the operation of property development.

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 - 20% per annum reducing balance
Motor vehicles - 25% per annum reducing balance
Computer equipment - 33% per annum on cost

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

STOCKS
Work in progress is valued at the lower of cost and net realisable value.

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.

ADDON DEVELOPMENTS LIMITED (REGISTERED NUMBER: SC615291)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

HIRE PURCHASE AND LEASING COMMITMENTS
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

ADDON DEVELOPMENTS LIMITED (REGISTERED NUMBER: SC615291)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 535 25,129 143 25,807
DEPRECIATION
At 1 January 2023 319 8,088 143 8,550
Charge for year 43 4,260 - 4,303
At 31 December 2023 362 12,348 143 12,853
NET BOOK VALUE
At 31 December 2023 173 12,781 - 12,954
At 31 December 2022 216 17,041 - 17,257

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 768 8,222

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 5,478 5,689
Trade creditors 1,556 1,556
Taxation and social security 11,201 10,177
Other creditors 6,312 2,766
24,547 20,188

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 3,457 8,935

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 2,461 3,278

ADDON DEVELOPMENTS LIMITED (REGISTERED NUMBER: SC615291)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 3,278
Provided during year (817 )
Balance at 31 December 2023 2,461

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
G Montgomery and M Montgomery
Balance outstanding at start of year 7,522 15,690
Amounts advanced 32,285 34,994
Amounts repaid (42,129 ) (43,162 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,322 ) 7,522

Interest of 2% and 2.25% is charged on overdrawn loan balances over £10,000. The loan is repayable on demand.