J. & J. Currie Limited SC034501 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is the wholesale of building materials, haulage and crane hire. Digita Accounts Production Advanced 6.30.9574.0 true SC034501 2022-11-01 2023-10-31 SC034501 2023-10-31 SC034501 core:OtherReservesSubtotal 2023-10-31 SC034501 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC034501 core:RevaluationReserve 2023-10-31 SC034501 core:ShareCapital 2023-10-31 SC034501 core:CurrentFinancialInstruments 2023-10-31 SC034501 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 SC034501 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 SC034501 core:ConstructionInProgressAssetsUnderConstruction 2023-10-31 SC034501 core:FurnitureFittingsToolsEquipment 2023-10-31 SC034501 core:LandBuildings 2023-10-31 SC034501 core:MotorVehicles 2023-10-31 SC034501 core:OtherPropertyPlantEquipment 2023-10-31 SC034501 bus:SmallEntities 2022-11-01 2023-10-31 SC034501 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC034501 bus:FilletedAccounts 2022-11-01 2023-10-31 SC034501 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 SC034501 bus:RegisteredOffice 2022-11-01 2023-10-31 SC034501 bus:Director1 2022-11-01 2023-10-31 SC034501 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC034501 core:ConstructionInProgressAssetsUnderConstruction 2022-11-01 2023-10-31 SC034501 core:FurnitureFittings 2022-11-01 2023-10-31 SC034501 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 SC034501 core:LandBuildings 2022-11-01 2023-10-31 SC034501 core:MotorVehicles 2022-11-01 2023-10-31 SC034501 core:OfficeEquipment 2022-11-01 2023-10-31 SC034501 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 SC034501 core:PlantMachinery 2022-11-01 2023-10-31 SC034501 countries:Scotland 2022-11-01 2023-10-31 SC034501 2022-10-31 SC034501 core:ConstructionInProgressAssetsUnderConstruction 2022-10-31 SC034501 core:FurnitureFittingsToolsEquipment 2022-10-31 SC034501 core:LandBuildings 2022-10-31 SC034501 core:MotorVehicles 2022-10-31 SC034501 core:OtherPropertyPlantEquipment 2022-10-31 SC034501 2021-11-01 2022-10-31 SC034501 2022-10-31 SC034501 core:OtherReservesSubtotal 2022-10-31 SC034501 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC034501 core:RevaluationReserve 2022-10-31 SC034501 core:ShareCapital 2022-10-31 SC034501 core:CurrentFinancialInstruments 2022-10-31 SC034501 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 SC034501 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 SC034501 core:ConstructionInProgressAssetsUnderConstruction 2022-10-31 SC034501 core:FurnitureFittingsToolsEquipment 2022-10-31 SC034501 core:LandBuildings 2022-10-31 SC034501 core:MotorVehicles 2022-10-31 SC034501 core:OtherPropertyPlantEquipment 2022-10-31 iso4217:GBP xbrli:pure

Company Registration number: SC034501

J. & J. Currie Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 October 2023

 

J. & J. Currie Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

J. & J. Currie Limited

Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,454,603

1,247,568

Current assets

 

Stocks

5

805,208

646,671

Debtors

6

506,677

1,763,582

Cash at bank and in hand

 

164,664

525

 

1,476,549

2,410,778

Creditors: Amounts falling due within one year

7

(265,970)

(959,970)

Net current assets

 

1,210,579

1,450,808

Total assets less current liabilities

 

2,665,182

2,698,376

Creditors: Amounts falling due after more than one year

7

(237,550)

(261,285)

Provisions for liabilities

(146,288)

(133,785)

Net assets

 

2,281,344

2,303,306

Capital and reserves

 

Called up share capital

100,000

100,000

Revaluation reserve

166,000

166,000

Other reserves

3,176

3,176

Retained earnings

2,012,168

2,034,130

Shareholders' funds

 

2,281,344

2,303,306

 

J. & J. Currie Limited

Balance Sheet as at 31 October 2023 (continued)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 25 March 2024 and signed on its behalf by:
 

.........................................
Mr D I Currie
Director

Company registration number: SC034501

 

J. & J. Currie Limited

Notes to the financial statements for the Year Ended 31 October 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Dargavel Stores
Lockerbie Road
Dumfries
DG1 3PG

These financial statements were authorised for issue by the Board on 25 March 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

 

J. & J. Currie Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

J. & J. Currie Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Land and buildings

2% straight line

Fixtures and fittings

15% reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

J. & J. Currie Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 15).

 

J. & J. Currie Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

4

TANGIBLE ASSETS

Land and buildings
£

Office
equipment
 £

Motor vehicles
 £

Fixtures
and
fittings
£

Plant and
machinery
£

Total
£

Cost or valuation

At 1 November 2022

786,864

46,475

334,474

15,479

997,787

2,181,079

Additions

-

5,374

426,076

-

78,840

510,290

Disposals

-

-

(139,995)

-

(97,385)

(237,380)

At 31 October 2023

786,864

51,849

620,555

15,479

979,242

2,453,989

Depreciation

At 1 November 2022

249,249

37,634

180,895

5,381

460,352

933,511

Charge for the year

11,637

2,730

45,566

1,515

128,766

190,214

Eliminated on disposal

-

-

(88,068)

-

(36,271)

(124,339)

At 31 October 2023

260,886

40,364

138,393

6,896

552,847

999,386

Carrying amount

At 31 October 2023

525,978

11,485

482,162

8,583

426,395

1,454,603

At 31 October 2022

537,615

8,841

153,579

10,098

537,435

1,247,568

 

J. & J. Currie Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

5

STOCKS

2023
£

2022
£

Stock

805,208

646,671

6

DEBTORS

Current

2023
£

2022
£

Trade debtors

488,466

231,713

Prepayments

2,305

1,481

Other debtors

15,906

1,530,388

 

506,677

1,763,582

7

CREDITORS

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

104,662

388,948

Trade creditors

151,425

249,291

Taxation and social security

-

307,928

Accruals and deferred income

4,554

11,918

Other creditors

5,329

1,885

265,970

959,970


Creditors include bank loans and overdrafts of £10,000 (2022 - £269,030) and net obligations under hire purchase contracts which are secured of £94,662 (2022 - £119,917).

 

J. & J. Currie Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

7

CREDITORS (continued)

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

237,550

261,285


Creditors include bank loans and overdrafts of £19,299 (2022 - £29,166) and net obligations under hire purchase contracts which are secured of £218,251 (2022 - £232,119).