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REGISTERED NUMBER: SC263761 (Scotland)















Unaudited Financial Statements for the Year Ended 31st July 2023

for

COVANBURN CONTRACTS LIMITED

COVANBURN CONTRACTS LIMITED (REGISTERED NUMBER: SC263761)






Contents of the Financial Statements
for the Year Ended 31st July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COVANBURN CONTRACTS LIMITED

Company Information
for the Year Ended 31st July 2023







DIRECTOR: A Stewart



REGISTERED OFFICE: Unit 1
Colvilles Place
Kelvin Industrial Estate
East Kilbride
G75 0PZ



REGISTERED NUMBER: SC263761 (Scotland)



ACCOUNTANTS: Pecuniae Limited
10 Abercorn Drive
Hamilton
ML3 7EX



BANKERS: Virgin Money
135 Almada Street
Hamilton
ML3 0EX

COVANBURN CONTRACTS LIMITED (REGISTERED NUMBER: SC263761)

Balance Sheet
31st July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 260,354 155,044

CURRENT ASSETS
Stocks 6,467 6,946
Debtors 6 1,849,445 1,484,097
Cash at bank 554,845 705,427
2,410,757 2,196,470
CREDITORS
Amounts falling due within one year 7 1,964,567 1,830,420
NET CURRENT ASSETS 446,190 366,050
TOTAL ASSETS LESS CURRENT
LIABILITIES

706,544

521,094

CREDITORS
Amounts falling due after more than one
year

8

(120,136

)

(54,557

)

PROVISIONS FOR LIABILITIES (48,885 ) (6,981 )
NET ASSETS 537,523 459,556

CAPITAL AND RESERVES
Called up share capital 76 76
Capital redemption reserve 24 24
Retained earnings 537,423 459,456
SHAREHOLDERS' FUNDS 537,523 459,556

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

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

COVANBURN CONTRACTS LIMITED (REGISTERED NUMBER: SC263761)

Balance Sheet - continued
31st July 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20th February 2024 and were signed by:





A Stewart - Director


COVANBURN CONTRACTS LIMITED (REGISTERED NUMBER: SC263761)

Notes to the Financial Statements
for the Year Ended 31st July 2023

1. STATUTORY INFORMATION

Covanburn Contracts 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. STATEMENT OF COMPLIANCE

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. There were no material departures from the standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover & revenue recognition
Turnover represents amounts invoiced to outside customers, except in respect of contracting activities where turnover represents the value of work carried out during the year including amounts not invoiced. Turnover excludes value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and
accumulated impairment loss.
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets
below this threshold is charged directly to the profit and loss account in the period it is incurred.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

COVANBURN CONTRACTS LIMITED (REGISTERED NUMBER: SC263761)

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

3. ACCOUNTING POLICIES - continued

Basic financial instruments
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Government grants
Government grants received in the year are in respect of revenue expenditure and are credited to the profit and loss account as and when they are received.

Contract work in progress
Profit on contracting activities is recognised in work in progress where the outcome of the relevant contract can be assessed with reasonable certainty. Full provision is made for all known or expected losses at completion of each contract immediately such losses are foreseen. The amount attributable to contracts in the balance sheet (disclosed under debtors as amounts recoverable on contracts) is the value of measured work less certified payments on account.

COVANBURN CONTRACTS LIMITED (REGISTERED NUMBER: SC263761)

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

3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefit will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 43 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st August 2022 756,819
Additions 219,006
Disposals (77,097 )
At 31st July 2023 898,728
DEPRECIATION
At 1st August 2022 601,775
Charge for year 88,649
Eliminated on disposal (52,050 )
At 31st July 2023 638,374
NET BOOK VALUE
At 31st July 2023 260,354
At 31st July 2022 155,044

COVANBURN CONTRACTS LIMITED (REGISTERED NUMBER: SC263761)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st August 2022 92,689
Additions 202,548
Disposals (38,872 )
At 31st July 2023 256,365
DEPRECIATION
At 1st August 2022 32,365
Charge for year 47,081
Eliminated on disposal (18,524 )
At 31st July 2023 60,922
NET BOOK VALUE
At 31st July 2023 195,443
At 31st July 2022 60,324

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,020,532 452,393
Amounts recoverable on contract 774,698 949,997
Other debtors 54,215 81,707
1,849,445 1,484,097

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 48,077 18,645
Trade creditors 1,208,233 1,247,178
Taxation and social security 363,898 238,481
Other creditors 334,359 316,116
1,964,567 1,830,420

COVANBURN CONTRACTS LIMITED (REGISTERED NUMBER: SC263761)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 18,333 28,333
Hire purchase contracts 101,803 26,224
120,136 54,557

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 149,880 44,869

All of the company's facilities with Virgin Money are secured by a floating charge.
Hire purchase liabilities are secured over the assets concerned.