REGISTERED NUMBER: |
CAMPBELL HOMES CUMNOCK LIMITED |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
REGISTERED NUMBER: |
CAMPBELL HOMES CUMNOCK LIMITED |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
CAMPBELL HOMES CUMNOCK LIMITED (REGISTERED NUMBER: SC557131) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CAMPBELL HOMES CUMNOCK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
11 Portland Road |
Kilmarnock |
Ayrshire |
KA1 2BT |
CAMPBELL HOMES CUMNOCK LIMITED (REGISTERED NUMBER: SC557131) |
BALANCE SHEET |
28TH FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Investments | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
CAMPBELL HOMES CUMNOCK LIMITED (REGISTERED NUMBER: SC557131) |
BALANCE SHEET - continued |
28TH FEBRUARY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CAMPBELL HOMES CUMNOCK LIMITED (REGISTERED NUMBER: SC557131) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
Campbell Homes Cumnock Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for the construction of residential properties provided in the normal course of business, and is shown net of VAT and other sales related taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
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 and loss. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors and trade creditors. |
Financial assets that are measured at 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 Income and Retained Earnings. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
CAMPBELL HOMES CUMNOCK LIMITED (REGISTERED NUMBER: SC557131) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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. |
Cash at bank and in hand |
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown with borrowings in current liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CAMPBELL HOMES CUMNOCK LIMITED (REGISTERED NUMBER: SC557131) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st March 2022 |
Additions |
At 28th February 2023 |
DEPRECIATION |
At 1st March 2022 |
Charge for year |
At 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 28th February 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Secured loan |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 571,935 | 197,626 |
Taxation and social security |
Other creditors |
CAMPBELL HOMES CUMNOCK LIMITED (REGISTERED NUMBER: SC557131) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 28th February 2023 and 28th February 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The directors loans have been fully repaid after the balance sheet date. |
10. | RELATED PARTY DISCLOSURES |
Sales of construction services of £5,838,660 were charged to Campbell Homes (Afton Braes) Limited, a company controlled by the directors. |
Included within creditors is an amount of £571,935 due from Campbell Homes (Afton Braes) Limited, a company controlled by the directors. |