Company registration number SC228077 (Scotland)
Ian Duncan Developments Limited
Unaudited financial statements
for the year ended 28 February 2024
Pages for filing with registrar
Ian Duncan Developments Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Ian Duncan Developments Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ian Duncan Developments Limited for the year ended 28 February 2024 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Ian Duncan Developments Limited, as a body, in accordance with the terms of our engagement letter dated 21 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Ian Duncan Developments Limited and state those matters that we have agreed to state to the Board of Directors of Ian Duncan Developments Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ian Duncan Developments Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Ian Duncan Developments 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 loss of Ian Duncan Developments Limited. You consider that Ian Duncan Developments 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 Ian Duncan Developments 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.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
13 August 2024
Ian Duncan Developments Limited
Statement of financial position
as at 28 February 2024
28 February 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29
36
Investments
4
100
29
136
Current assets
Stocks
322,168
304,663
Debtors
860
2,726
Cash at bank and in hand
239
7
323,267
307,396
Creditors: amounts falling due within one year
(756,900)
(654,329)
Net current liabilities
(433,633)
(346,933)
Net liabilities
(433,604)
(346,797)
Capital and reserves
Called up share capital
100
100
Other reserves
(405,056)
(345,235)
Profit and loss reserves
(28,648)
(1,662)
Total equity
(433,604)
(346,797)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Ian Duncan Developments Limited
Statement of financial position (continued)
as at 28 February 2024
28 February 2024
3
The financial statements were approved by the board of directors and authorised for issue on 11 August 2024 and are signed on its behalf by:
Ian Duncan
Director
Company registration number SC228077 (Scotland)
Ian Duncan Developments Limited
Notes to the financial statements
for the year ended 28 February 2024
4
1
Accounting policies
Company information
Ian Duncan Developments Limited is a private company limited by shares incorporated in Scotland. The registered office is 25 Market Place, Inverurie, Aberdeenshire, AB51 3PU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
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 profit or loss.
1.4
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Ian Duncan Developments Limited
Notes to the financial statements (continued)
for the year ended 28 February 2024
1
Accounting policies (continued)
5
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Total
£
Cost
At 1 March 2023 and 28 February 2024
417
Depreciation and impairment
At 1 March 2023
381
Depreciation charged in the year
7
At 28 February 2024
388
Carrying amount
At 28 February 2024
29
At 28 February 2023
36
Ian Duncan Developments Limited
Notes to the financial statements (continued)
for the year ended 28 February 2024
6
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
100
Movements in fixed asset investments
Other
£
Cost or valuation
At 1 March 2023
100
Disposals
(100)
At 28 February 2024
-
Carrying amount
At 28 February 2024
-
At 28 February 2023
100
5
Related party transactions
During the year, loan interest of £1,077 (2023 - £1,173) was paid to Ian Duncan Architects Ltd, £14,500 (2023 - £10,000) was transferred to Ian Duncan Architects Ltd and £12,384 (2023 - £14,685) was paid to Ian Duncan Architects Ltd. At the year end the company was due £139,526 (2023 - £152,949) to Ian Duncan Architects Ltd. Interest is charged at Bank of England base rate on the outstanding balance. Ian Duncan is a director of Ian Duncan Architects Ltd.
Ian Duncan Developments Ltd is a partner in Maverston LLP. At the year end, Ian Duncan Developments Limited was due Maverston LLP £405,056 (2023 - £345,235). This is due to the cumulative share of losses in the partnership being greater than the initial investment.
6
Going concern
The statement of financial position shows that liabilities exceed assets by £433,604 including liabilities of £139,526 due to Ian Duncan Architects Ltd and £209,960 due to the directors. The directors have confirmed that they will maintain their financial support for the foreseeable future to enable the company to continue normal trading operations. The financial statements are therefore drawn up on a going concern basis.