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COMPANY REGISTRATION NUMBER: SC309466
Craig Nicoll Timber Limited
Filleted Unaudited Financial Statements
31 October 2023
Craig Nicoll Timber Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Craig Nicoll Timber Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Craig Nicoll Timber Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Craig Nicoll Timber Limited for the year ended 31 October 2023, which comprise the statement of financial position 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Craig Nicoll Timber Limited, as a body, in accordance with the terms of our engagement letter dated 14 October 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Craig Nicoll Timber Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Craig Nicoll Timber Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Craig Nicoll Timber 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 Craig Nicoll Timber Limited. You consider that Craig Nicoll Timber 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 Craig Nicoll Timber 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.
GARDNER & PARTNERS LTD Chartered Certified Accountants
19 Commerce Street Insch Aberdeenshire AB52 6HX
29 May 2024
Craig Nicoll Timber Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,682,469
1,701,230
Current assets
Debtors
6
91,125
695,829
Cash at bank and in hand
989,632
542,291
------------
------------
1,080,757
1,238,120
Creditors: amounts falling due within one year
7
552,359
1,039,615
------------
------------
Net current assets
528,398
198,505
------------
------------
Total assets less current liabilities
2,210,867
1,899,735
Creditors: amounts falling due after more than one year
8
422,444
510,026
------------
------------
Net assets
1,788,423
1,389,709
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
1,787,423
1,388,709
------------
------------
Shareholders funds
1,788,423
1,389,709
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Craig Nicoll Timber Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 May 2024 , and are signed on behalf of the board by:
Mr C Nicoll
Director
Company registration number: SC309466
Craig Nicoll Timber Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Kildonan, Golf Road, Aboyne, AB34 5HP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover shown in the profit and loss account represents the value of goods and services supplied during the year exclusive of value added tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 7 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
26,852
2,336,528
114,958
5,704
2,484,042
Additions
556,084
30,974
587,058
Disposals
( 460,555)
( 35,983)
( 496,538)
--------
------------
---------
-------
------------
At 31 October 2023
26,852
2,432,057
109,949
5,704
2,574,562
--------
------------
---------
-------
------------
Depreciation
At 1 November 2022
707,427
70,859
4,526
782,812
Charge for the year
283,584
15,924
294
299,802
Disposals
( 165,923)
( 24,598)
( 190,521)
--------
------------
---------
-------
------------
At 31 October 2023
825,088
62,185
4,820
892,093
--------
------------
---------
-------
------------
Carrying amount
At 31 October 2023
26,852
1,606,969
47,764
884
1,682,469
--------
------------
---------
-------
------------
At 31 October 2022
26,852
1,629,101
44,099
1,178
1,701,230
--------
------------
---------
-------
------------
6. Debtors
2023
2022
£
£
Trade debtors
90,125
695,829
Other debtors
1,000
--------
---------
91,125
695,829
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
35,892
663,388
Corporation tax
114,370
Social security and other taxes
22,681
52,072
Other creditors
379,416
324,155
---------
------------
552,359
1,039,615
---------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
422,444
510,026
---------
---------
9. Related party transactions
The company was under the control of Mr and Mrs Nicoll throughout the current and previous year. Mr and Mrs Nicoll are both directors and equal shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for smaller entities.