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REGISTERED NUMBER: SC146561 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Ductwork Services Limited

Ductwork Services Limited (Registered number: SC146561)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ductwork Services Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: Mr G Lucas





REGISTERED OFFICE: Westburn Business Centre
McNee Road
Prestwick
Ayrshire
KA9 2PB





REGISTERED NUMBER: SC146561 (Scotland)






Ductwork Services Limited (Registered number: SC146561)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 189 222
Investment property 5 609,983 609,983
610,172 610,205

CURRENT ASSETS
Debtors 6 - 14,920
Cash at bank 375,989 351,895
375,989 366,815
CREDITORS
Amounts falling due within one year 7 105,292 114,351
NET CURRENT ASSETS 270,697 252,464
TOTAL ASSETS LESS CURRENT
LIABILITIES

880,869

862,669

PROVISIONS FOR LIABILITIES 19,235 19,241
NET ASSETS 861,634 843,428

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Other non distributable
reserve 86,613 86,613
Retained earnings 725,021 706,815
861,634 843,428

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Ductwork Services Limited (Registered number: SC146561)

Balance Sheet - continued
31 May 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 February 2024 and were signed by:





Mr G Lucas - Director


Ductwork Services Limited (Registered number: SC146561)

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

1. STATUTORY INFORMATION

Ductwork Services 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The director has considered the financial position of the company, the resources available to it and the current trading conditions in concluding that it has the ability to meet commitments as they fall due for the foreseeable future. On that basis the director has prepared the accounts on a going concern basis

Turnover/revenue recognition
Turnover represents net invoiced sales of services, excluding value added tax. The figure in the accounts represents rental income earned.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

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 the reporting end date. Any surplus or deficit on revaluation is recognised in the profit or loss account and ultimately the fair value reserve.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Ductwork Services Limited (Registered number: SC146561)

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

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Government Grants
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted form the asset's carrying amount.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Ductwork Services Limited (Registered number: SC146561)

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2022
and 31 May 2023 1,560
DEPRECIATION
At 1 June 2022 1,338
Charge for year 33
At 31 May 2023 1,371
NET BOOK VALUE
At 31 May 2023 189
At 31 May 2022 222

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 609,983
NET BOOK VALUE
At 31 May 2023 609,983
At 31 May 2022 609,983

The Director has considered the fair value of the Investment Property portfolio and is of the view that this accurately reflects the market value as at 31 May 2023.

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2003 30,813
Valuation in 2004 35,000
Valuation in 2008 40,000
Cost 504,170
609,983

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 1,448
Other debtors - 13,472
- 14,920

Ductwork Services Limited (Registered number: SC146561)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 12,228 16,305
Other creditors 93,064 98,046
105,292 114,351

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The balance due to the director Mr G Lucas at 31 May 2023 is repayable on demand.

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the Lucas family by virtue of their ownership of 100% of the issued share capital. The day to day running of the company is conducted by Mr G Lucas as sole director.