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REGISTERED NUMBER: SC407400 (Scotland)


















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PROCAST BUILDING CONTRACTORS LTD.

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


PROCAST BUILDING CONTRACTORS LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: D D Innes





REGISTERED OFFICE: 4 Alness Street
Hamilton
ML3 6RU





REGISTERED NUMBER: SC407400 (Scotland)





AUDITORS: Stewart Gilmour & Co.
Chartered Accountants
24 Beresford Terrace
Ayr
KA7 2EG

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Director presents his strategic report of the Company for the year ended 31st March 2024.

OBJECTIVES
The principal activity of the Company is in the multi trades facilities management sector specifically including:

- Internal and external building refurbishments.
- New build projects and extensions.
- Multi trade works.
- Energy efficiency services.
- Renewables.

The Company has built up a reliable workforce and supply chain in recent years and strives to make continual improvements to the business while delivering value to its customers.

The Company prides itself on delivering service excellence and outstanding commercial performance to both public and private sectors while responding to the changing needs of clients and the markets in which they are active. Its impressive customer base continues to be developed through the approach of "Partnership built on trust".

REVIEW OF BUSINESS
The Company is particularly pleased to report that profit before taxation has increased to £1.5m. This is a 16% improvement from the prior year. This improvement is mainly due to the significant changes in management structure combined with increased focus on cost control and project delivery.

Of particular note, are the industry successes with which the Company has been recently honoured:

2024

Regional Energy Efficiency Awards
o Insulation & Fabric Installer/Contractor of the Year - Winner
o Large Scale Project of the Year - Highly Commended

2023

Regional Energy Efficiency Awards
o Insulation & Fabric Installer/Contractor of the Year - Winner
o Large Scale Project of the Year - Winner

National Energy Efficiency Awards
o National Project Management Company of the Year

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the business are varied and include the following:

- Material price increases: The Company has continued with its robust process of materials sourcing to ensure that the best available prices are secured along with any available incentives.

- Labour supply shortages: Recent experience has identified labour shortages across the industry together with inflated costs. The Company believes that its own employees are treated fairly at all times with the result that it retains and develops a strong, dedicated and loyal workforce.

- Cashflow risk: As with most entities, the Company is exposed to cashflow risk where expenditure can exceed cash receipts. This is compensated for by regular payment schedules being agreed with customers together with a 13 week rolling cash forecast which can identify potential problems before they crystalise and therefore allow remedial action to be taken ahead of time.


PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL KEY PERFORMANCE INDICATORS
The key performance indicators include the monitoring of working capital and contract profit margins which are review each month against budget and forecast.

Key performance
indicators
Year Ended 31st
March 2024
Year Ended 31st
March 2023

Increase/(decrease)
£m £m £m
Turnover 34.4 28.4 6.0
Gross profit 4.7 4.4 0.3
Gross profit % 13.6% 15.5% (1.9%)
EBITDA 1.8 1.5 0.3
EBITDA % 5.3% 5.3% -
Profit (loss) before
taxation

1.5

1.3

0.2

Cash balance 3.8 2.4 1.4
Net assets 5.3 3.9 1.4

OUTLOOK
Procast continues to develop as a brand and, through its continued growth, is in a position to secure and deliver larger and more profitable contracts. With the main focus being on direct awards rather than the more conventional tender process. The director believes that the company retains the professional expertise and financial stability to deliver these contracts and continue with its growth plans.

ON BEHALF OF THE BOARD:





D D Innes - Director


16 August 2024

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
During the year to 31 March 2024 each shareholder received a weekly dividend of £800. The director recommends a final dividend payment of £74,829 for the year to 31 March 2024.

The total distribution of dividends for the period ended 31 March 2024 will be £158,029 (2023: £139,757).

DIRECTOR
D D Innes held office during the whole of the period from 1 April 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
During the year donations of £36,597 (2023: £13,132) were given to local community charities. None of the donations were of a political nature.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The previous auditors, Xeinadin Audit Limited, resigned as auditors during the year and were replaced with Stewart Gilmour & Co.. The auditors, Stewart Gilmour & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D D Innes - Director


16 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROCAST BUILDING CONTRACTORS LTD.

Opinion
We have audited the financial statements of Procast Building Contractors Ltd. (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROCAST BUILDING CONTRACTORS LTD.


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROCAST BUILDING CONTRACTORS LTD.


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures in response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing the risks or material misstatements in respect of irregularities, including fraud and non-compliance we considered the following:
- The nature of the company and the industry, the control environment including any performance targets from the parent company; and
- Our enquiries of management about their identification and assessment of the risks of irregularities.

Based on our understanding of the company and the sector we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to:
- Regulations and legislation pertinent to the company's operations; and
- UK tax legislation

We considered the extent to which non-compliance might have a material impact on the financial statement. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements, such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls), and determined that the principal risks were related to:
- Posting inappropriate journal entries; and
- Management bias in accounting estimates.

Audit response to the risks identified;

Our procedures to respond to the risks identified included the following:
- Gaining an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- Enquiring of management, trustees and legal advisors concerning actual and potential litigation and claims;
- Reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;
- In addressing the risk of fraud as a result of management override of controls, testing the appropriateness of journal entries and other adjustments; evaluating rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more the compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusions, omissions or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROCAST BUILDING CONTRACTORS LTD.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sheila Tannock (Senior Statutory Auditor)
for and on behalf of Stewart Gilmour & Co.
Chartered Accountants
24 Beresford Terrace
Ayr
KA7 2EG

16 August 2024

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 4 34,413,265 28,367,080

Cost of sales 29,733,108 23,978,981
GROSS PROFIT 4,680,157 4,388,099

Administrative expenses 3,346,661 3,141,020
1,333,496 1,247,079

Other operating income 275,779 141,261
OPERATING PROFIT 6 1,609,275 1,388,340

Interest receivable and similar income 14,021 5,220
1,623,296 1,393,560

Interest payable and similar expenses 7 74,147 67,882
PROFIT BEFORE TAXATION 1,549,149 1,325,678

Tax on profit 8 (29,924 ) 251,822
PROFIT FOR THE FINANCIAL YEAR 1,579,073 1,073,856

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,579,073 1,073,856


OTHER COMPREHENSIVE INCOME
Revaluation 113,161 (180,000 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

113,161

(180,000

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,692,234

893,856

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,193,535 1,781,817
2,193,535 1,781,817

CURRENT ASSETS
Stocks 12 1,866,598 72,742
Debtors 13 5,735,693 7,326,499
Cash at bank and in hand 3,833,113 2,431,989
11,435,404 9,831,230
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR

14

7,465,511

7,207,034
NET CURRENT ASSETS 3,969,893 2,624,196
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,163,428

4,406,013

CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR

15

(520,246

)

(391,295

)

PROVISIONS FOR LIABILITIES 19 (245,807 ) (151,548 )
NET ASSETS 5,397,375 3,863,170

CAPITAL AND RESERVES
Called up share capital 20 100 100
Revaluation reserve 21 482,161 369,000
Retained earnings 21 4,915,114 3,494,070
SHAREHOLDERS' FUNDS 5,397,375 3,863,170

The financial statements were approved by the director and authorised for issue on 16 August 2024 and were signed by:





D D Innes - Director


PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 100 2,559,971 549,000 3,109,071

Changes in equity
Dividends - (139,757 ) - (139,757 )
Total comprehensive income - 1,073,856 (180,000 ) 893,856
Balance at 31 March 2023 100 3,494,070 369,000 3,863,170

Changes in equity
Dividends - (158,029 ) - (158,029 )
Total comprehensive income - 1,579,073 113,161 1,692,234
Balance at 31 March 2024 100 4,915,114 482,161 5,397,375

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,384,856 (655,393 )
Interest paid (35,562 ) (49,121 )
Interest element of hire purchase and finance
lease rental payments paid

(38,585

)

(18,761

)
Tax paid (151,634 ) 2,644
Net cash from operating activities 2,159,075 (720,631 )

Cash flows from investing activities
Purchase of tangible fixed assets (615,613 ) (212,450 )
Sale of tangible fixed assets 93,286 270,983
Interest received 14,021 5,220
Net cash from investing activities (508,306 ) 63,753

Cash flows from financing activities
Loan repayments in year (348,532 ) (348,426 )
Capital repayments in year 256,916 (175,276 )
Equity dividends paid (158,029 ) (139,757 )
Net cash from financing activities (249,645 ) (663,459 )

Increase/(decrease) in cash and cash equivalents 1,401,124 (1,320,337 )
Cash and cash equivalents at beginning of
year

2

2,431,989

3,752,326

Cash and cash equivalents at end of year 2 3,833,113 2,431,989

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 1,549,149 1,325,678
Depreciation charges 222,661 121,866
Loss/(profit) on disposal of fixed assets 885 (40,213 )
Finance costs 74,147 67,882
Finance income (14,021 ) (5,220 )
1,832,821 1,469,993
(Increase)/decrease in stocks (1,793,856 ) 522,437
Decrease/(increase) in trade and other debtors 2,082,992 (2,937,659 )
Increase in trade and other creditors 262,899 289,836
Cash generated from operations 2,384,856 (655,393 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 3,833,113 2,431,989
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,431,989 3,752,326


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 2,431,989 1,401,124 3,833,113
2,431,989 1,401,124 3,833,113
Debt
Hire purchase and finance leases (335,457 ) (256,916 ) (592,373 )
Debts falling due within 1 year (353,248 ) 276,602 (76,646 )
Debts falling due after 1 year (111,914 ) 71,930 (39,984 )
(800,619 ) 91,616 (709,003 )
Total 1,631,370 1,492,740 3,124,110

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Procast Building Contractors Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These accounts have been prepared in sterling which is the functional currency and are rounded to the nearest £1.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its expected useful life or, if held under a finance lease, over the lease of the term, whichever is the shorter.

Freehold property- 2% on reducing balance
Plant and machinery- 25% on reducing balance
Fixtures and fittings- 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment- 33% on reducing balance


The capitalisation policy limit is £1,000.

In accordance with FR102 the freehold property has been revalued. No depreciation is provided in respect of these assets.

The Companies Act 2006 required all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS102. The director considers that to depreciate them would not give a true and fair view, and that it is necessary to apply FRS102 in order to give a true and fair view.

If this departure from the Act had not been made, the reported net profit for the financial year would have been reduced by additional depreciation charges of £27,930.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only has basic financial instruments.

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transactions price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The following judgements have had the most significant effect on amounts recognised in the financial statements:

Depreciation - Fixed assets are depreciated over the useful life of the asset. The useful lives of fixed assets are based on the knowledge of senior management, with reference to assets expected useful life cycles.

Property Valuation - The property is valued on a regular basis by a professional quantity surveyor however there is inevitably a degree of judgement involved in that the property is unique and value can only ultimately be tested reliably in the market itself.

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,481,268 1,894,027
Social security costs 301,841 200,577
Other pension costs 66,165 43,131
2,849,274 2,137,735

The average number of employees during the year was as follows:
2024 2023

Average staff numbers 79 58

2024 2023
£    £   
Director's remuneration 11,857 12,078

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 352,314 392,582
Depreciation - owned assets 222,661 121,866
Loss/(profit) on disposal of fixed assets 885 (40,213 )
Auditors' remuneration 14,910 13,474
Taxation compliance services 10,705 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 35,562 49,121
Hire purchase 38,585 18,761
74,147 67,882

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (124,183 ) 152,137

Deferred tax 94,259 99,685
Tax on profit (29,924 ) 251,822

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation 113,161 - 113,161

2023
Gross Tax Net
£    £    £   
Revaluation (180,000 ) - (180,000 )

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 74,829 56,557
Interim 83,200 83,200
158,029 139,757

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 21,288
AMORTISATION
At 1 April 2023
and 31 March 2024 21,288
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 April 2023 1,271,915 215,985 40,966
Additions 97,785 - 59,572
Disposals - - -
Revaluations 26,800 - -
At 31 March 2024 1,396,500 215,985 100,538
DEPRECIATION
At 1 April 2023 86,137 70,660 25,526
Charge for year - 43,050 10,756
Eliminated on disposal - - -
Revaluation adjustments (86,137 ) - -
At 31 March 2024 - 113,710 36,282
NET BOOK VALUE
At 31 March 2024 1,396,500 102,275 64,256
At 31 March 2023 1,185,778 145,325 15,440

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 638,254 106,745 2,273,865
Additions 391,416 66,840 615,613
Disposals (130,192 ) - (130,192 )
Revaluations - - 26,800
At 31 March 2024 899,478 173,585 2,786,086
DEPRECIATION
At 1 April 2023 220,989 88,736 492,048
Charge for year 152,202 16,653 222,661
Eliminated on disposal (36,021 ) - (36,021 )
Revaluation adjustments - - (86,137 )
At 31 March 2024 337,170 105,389 592,551
NET BOOK VALUE
At 31 March 2024 562,308 68,196 2,193,535
At 31 March 2023 417,265 18,009 1,781,817

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2024 482,161 - -
Cost 914,339 215,985 100,538
1,396,500 215,985 100,538

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2024 - - 482,161
Cost 899,478 173,585 2,303,925
899,478 173,585 2,786,086

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 405,285 334,504
Aggregate depreciation 38,840 31,362

Value of land in freehold land and buildings 509,054 509,054

Freehold property was valued on an open market basis on 31 March 2024 by Shepherd Chartered Surveyors .

12. STOCKS
2024 2023
£    £   
Stocks 43,574 72,742
Work-in-progress 1,823,024 -
1,866,598 72,742

13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 3,227,888 4,297,299
Amounts owed by associates 165,350 1,569,384
Other debtors 1,221,589 1,294,473
R&D Tax claim 494,605 -
Prepayments and accrued income 278,461 165,343
5,387,893 7,326,499

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Amounts owed by associates 347,800 -

Aggregate amounts 5,735,693 7,326,499

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 76,646 353,248
Hire purchase contracts and finance leases (see note 17)
112,111

56,076
Trade creditors 4,483,764 3,848,649
Tax 368,305 152,160
Social security and other taxes 385,273 167,754
VAT 900,977 501,680
Other creditors 506,641 452,858
Work in progress - 275,085
Accrued expenses 631,794 1,399,524
7,465,511 7,207,034

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) 39,984 111,914
Hire purchase contracts and finance leases (see note 17)
480,262

279,381
520,246 391,295

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 76,646 353,248

Amounts falling due between one and two years:
Bank loans - 1-2 years 21,090 75,471

Amounts falling due between two and five years:
Bank loans - 2-5 years 18,894 36,443

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2024 2023 2024 2023
£    £    £    £   
Net obligations repayable:
Within one year 102,111 56,076 10,000 -
Between one and five years 422,741 279,381 57,521 -
524,852 335,457 67,521 -

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
RBS Property Loan 61,075 76,273

The bank holds security over the company premises at 31 Green Street, Strathaven, ML10 6LT. The director has also granted a personal guarantee for £20,000.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 245,807 151,548

Deferred
tax
£   
Balance at 1 April 2023 151,548
Provided during year 94,259
Balance at 31 March 2024 245,807

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

21. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 3,494,070 369,000 3,863,070
Profit for the year 1,579,073 1,579,073
Dividends (158,029 ) (158,029 )
Revaluation reserve - 113,161 113,161
At 31 March 2024 4,915,114 482,161 5,397,275

22. RELATED PARTY DISCLOSURES

The company made sales of £1,127,283 (2023: £610,503) to Procast Property Services Ltd, a company in which Derek Innes is a director. Purchases in the period amounted to £6,842,930 (2023: £4,741,473). At 31 March 2024, there was a net balance of £252,432 due to Procast Property Services Ltd (2023: £412,884).

The company made sales of £295,694 (2023: £169,532) to Procast Energy Services Ltd, a company in which Derek Innes is a director. Purchases in the period amounted to £1,508,378 (2023: £3,188,269) from Procast Energy Services Ltd. At 31 March 2024, there was a balance of £353,950 due from Procast Energy Services Ltd (2023: £71,068 due from Procast Energy Services Ltd).

The company made sales of £66,755 (2023: £nil) to Brimar Electrical Solutions, a company in which Derek Innes is a director. Purchases in the period amounted to £583,840 (2023: £nil). At 31 March 2024, there was a net balance of £82,758 (2023: £nil) due to Brimar Electrical Solutions.

The company made sales of £10,831 (2023: £nil) to Thermsaver Holdings, a company in which Derek Innes is a director. Purchases in the period amounted to £336,637 (2023: £nil). At 31 March 2024, there was a net balance of £173,715 (2023: £nil) due to Thermsaver Holdings.

23. ULTIMATE CONTROLLING PARTY

The controlling party is D D Innes.

The ultimate controlling party is D D Innes.