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REGISTERED NUMBER: SC468094 (Scotland)















LOCHLIE CONSTRUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023






LOCHLIE CONSTRUCTION LIMITED (REGISTERED NUMBER: SC468094)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

LOCHLIE CONSTRUCTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D J Aitken
D Aitken
Mrs C E Aitken
Mrs A H Aitken
T M Tracy





REGISTERED OFFICE: 41 Johnstone Avenue
Hillington Park
Glasgow
G52 4NZ





REGISTERED NUMBER: SC468094 (Scotland)





ACCOUNTANTS: Colin Emery and Co. , Chartered Accountants
2 Comorach House,
Pollok Castle Estate,
Newton Mearns,
Glasgow
G77 6NT

LOCHLIE CONSTRUCTION LIMITED (REGISTERED NUMBER: SC468094)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,262,858 1,161,600

CURRENT ASSETS
Debtors 5 966,146 535,855
Cash at bank 422,067 269,567
1,388,213 805,422
CREDITORS
Amounts falling due within one year 6 1,124,342 624,918
NET CURRENT ASSETS 263,871 180,504
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,526,729

1,342,104

CREDITORS
Amounts falling due after more than one year 7 (902,640 ) (845,735 )

PROVISIONS FOR LIABILITIES - (151,721 )
NET ASSETS 624,089 344,648

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 623,989 344,548
624,089 344,648

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

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

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.

LOCHLIE CONSTRUCTION LIMITED (REGISTERED NUMBER: SC468094)

BALANCE SHEET - continued
31 DECEMBER 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 Board of Directors and authorised for issue on 11 July 2024 and were signed on its behalf by:




D Aitken - Director



D J Aitken - Director


LOCHLIE CONSTRUCTION LIMITED (REGISTERED NUMBER: SC468094)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Lochlie Construction Ltd is a private company, limited by shares, registered in Scotland. The company's registered office is 41 Johnstone Avenue, Hillington Park, Glasgow, Scotland, G52 4NZ.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable attributable to the one principle activity of the company being that of building and construction.

Turnover is recognised when the service is delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost and 2% on cost
Improvements to property - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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 the profit and loss account.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

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 from the asset's carrying amount.

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.

LOCHLIE CONSTRUCTION LIMITED (REGISTERED NUMBER: SC468094)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable further. The directors continue to believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and 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 comprehensive income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2022 - 61 ) .

LOCHLIE CONSTRUCTION LIMITED (REGISTERED NUMBER: SC468094)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 542,745 310,455 62,489
Additions - - 17,314
At 31 December 2023 542,745 310,455 79,803
DEPRECIATION
At 1 January 2023 1,692 12,936 11,313
Charge for year 10,155 74,380 15,298
At 31 December 2023 11,847 87,316 26,611
NET BOOK VALUE
At 31 December 2023 530,898 223,139 53,192
At 31 December 2022 541,053 297,519 51,176

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 318,553 68,940 1,303,182
Additions 228,318 35,661 281,293
At 31 December 2023 546,871 104,601 1,584,475
DEPRECIATION
At 1 January 2023 95,893 19,748 141,582
Charge for year 53,629 26,573 180,035
At 31 December 2023 149,522 46,321 321,617
NET BOOK VALUE
At 31 December 2023 397,349 58,280 1,262,858
At 31 December 2022 222,660 49,192 1,161,600

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 339,196 308,465
Other debtors 626,950 227,390
966,146 535,855

LOCHLIE CONSTRUCTION LIMITED (REGISTERED NUMBER: SC468094)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 14,680 14,680
Hire purchase contracts (see note 8) 16,955 8,063
Trade creditors 391,647 304,127
Taxation and social security 132,368 137,154
Other creditors 568,692 160,894
1,124,342 624,918

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 258,565 273,390
Hire purchase contracts (see note 8) 85,639 38,081
Other creditors 558,436 534,264
902,640 845,735

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 224,845 231,600
Other loans 16,488 -
241,333 231,600

Included in other creditors are amounts relating to deferred grants received of £228,735 (2022 £240,500). The deferred grants will be released when costs are incurred for revenue grants and in line with amortisation for capital grants.

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 16,955 8,063
Between one and five years 85,639 38,081
102,594 46,144

LOCHLIE CONSTRUCTION LIMITED (REGISTERED NUMBER: SC468094)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 14,621 8,850
Between one and five years 14,561 -
29,182 8,850

9. CALLED UP SHARE CAPITAL

2023 2022 2023 2022
Ordinary share capital Number Number £ £

Issued and fully paid

Ordinary A of £1 each 35 35 35 35
Ordinary B of £1 each 5 5 5 5
Ordinary C of £1 each 35 35 35 35
Ordinary D of £1 each 5 5 5 5
Ordinary E of £1 each 5 5 5 5
Ordinary F of £1 each 5 5 5 5
Ordinary G of £1 each 10 10 10 10
100 100 100 100

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
LOCHLIE CONSTRUCTION LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lochlie Construction Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes 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 Lochlie Construction Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lochlie Construction Limited and state those matters that we have agreed to state to the Board of Directors of Lochlie Construction 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 the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lochlie Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lochlie Construction Limited. You consider that Lochlie Construction 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 financial statements of Lochlie Construction 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 financial statements.






Colin Emery and Co. , Chartered Accountants
2 Comorach House,
Pollok Castle Estate,
Newton Mearns,
Glasgow
G77 6NT


11 July 2024