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Registration number: SC258448

Lindsay Construction (Scotland) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Lindsay Construction (Scotland) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

Accountants' Report

10

 

Lindsay Construction (Scotland) Limited

Company Information

Directors

Mrs Sandra Margaret Lindsay

Mr Colin Stuart Lindsay

Company secretary

Mrs Sandra Margaret Lindsay

Registered office

65 Pitfairn Road
Fishcross
Clackmannan
Clackmannanshire
FK10 3HU

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Lindsay Construction (Scotland) Limited

(Registration number: SC258448)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,634

2,961

Investment property

6

85,000

85,000

 

87,634

87,961

Current assets

 

Debtors

7

23,219

45,314

Cash at bank and in hand

 

31,610

39,261

 

54,829

84,575

Creditors: Amounts falling due within one year

8

(30,031)

(39,186)

Net current assets

 

24,798

45,389

Total assets less current liabilities

 

112,432

133,350

Provisions for liabilities

(18,246)

(15,820)

Net assets

 

94,186

117,530

Capital and reserves

 

Called up share capital

1

1

Other reserves

80,301

80,301

Retained earnings

13,884

37,228

Shareholders' funds

 

94,186

117,530

For the financial year ending 31 December 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 March 2024 and signed on its behalf by:
 

 

Lindsay Construction (Scotland) Limited

(Registration number: SC258448)
Balance Sheet as at 31 December 2023

.........................................
Mr Colin Stuart Lindsay
Director

 

Lindsay Construction (Scotland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

2

Accounting policies

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.

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 income 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.

 

Lindsay Construction (Scotland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Office Equipment

33% straight line

Plant and machinery

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years Straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Lindsay Construction (Scotland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Lindsay Construction (Scotland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

50,000

50,000

At 31 December 2023

50,000

50,000

Amortisation

At 1 January 2023

50,000

50,000

At 31 December 2023

50,000

50,000

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,100

2,332

17,592

21,024

Additions

-

583

-

583

At 31 December 2023

1,100

2,915

17,592

21,607

Depreciation

At 1 January 2023

1,067

1,908

15,088

18,063

Charge for the year

8

401

501

910

At 31 December 2023

1,075

2,309

15,589

18,973

Carrying amount

At 31 December 2023

25

606

2,003

2,634

At 31 December 2022

33

424

2,504

2,961

 

Lindsay Construction (Scotland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Investment properties

2023
£

At 1 January

85,000

At 31 December

85,000

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current

2023
£

2022
£

Trade debtors

20,945

44,937

Prepayments

582

377

Other debtors

1,692

-

 

23,219

45,314

 

Lindsay Construction (Scotland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

70

-

Taxation and social security

19,240

25,000

Other creditors

10,721

14,186

30,031

39,186

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2023
 £

2022
 £

Mr Colin Stuart Lindsay

4,545

1,793

Mrs Sandra Margaret Lindsay

4,546

1,793

 

9,091

3,586

The maximum balance outstanding during the year amounted to £9,091.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lindsay Construction (Scotland) Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lindsay Construction (Scotland) Limited for the year ended 31 December 2023 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Lindsay Construction (Scotland) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lindsay Construction (Scotland) Limited and state those matters that we have agreed to state to the Board of Directors of Lindsay Construction (Scotland) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lindsay Construction (Scotland) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lindsay Construction (Scotland) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lindsay Construction (Scotland) Limited. You consider that Lindsay Construction (Scotland) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lindsay Construction (Scotland) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

14 March 2024