Company Registration No. SC058204 (Scotland)
R.E. Campbell (Joinery) Limited
Unaudited accounts
for the year ended 31 December 2023
R.E. Campbell (Joinery) Limited
Unaudited accounts
Contents
R.E. Campbell (Joinery) Limited
Company Information
for the year ended 31 December 2023
Directors
Mary Campbell
Paul Campbell
Roderick Campbell
Company Number
SC058204 (Scotland)
Registered Office
Station Road
Spean Bridge
Inverness Shire
PH34 4EP
Accountants
Leitch Accountancy Services Limited
3 Beech Avenue
Inverness
Highland
IV2 4NN
R.E. Campbell (Joinery) Limited
Statement of financial position
as at 31 December 2023
Tangible assets
56,373
73,392
Inventories
654,442
560,017
Cash at bank and in hand
59,856
192,644
Creditors: amounts falling due within one year
(474,271)
(281,708)
Net current assets
264,194
574,094
Total assets less current liabilities
320,567
647,486
Creditors: amounts falling due after more than one year
(15,372)
(25,169)
Net assets
305,195
622,317
Called up share capital
2,000
2,000
Profit and loss account
303,195
620,317
Shareholders' funds
305,195
622,317
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by
Roderick Campbell
Director
Company Registration No. SC058204
R.E. Campbell (Joinery) Limited
Notes to the Accounts
for the year ended 31 December 2023
R.E. Campbell (Joinery) Limited is a private company, limited by shares, registered in Scotland, registration number SC058204. The registered office is Station Road, Spean Bridge, Inverness Shire, PH34 4EP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
R.E. Campbell (Joinery) Limited
Notes to the Accounts
for the year ended 31 December 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
4 years straights line
Plant & machinery
10 years straight line
Motor vehicles
5 years straight line
Fixtures & fittings
3 - 10 years straight line
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Despite in year loss of £317,122, the directors are working to reduce overheads, improve work flow and margin, together with additional funding , if required, from directors to meet day to day liabilities as fall due. On this basis the directors are preparing the accounts on a going concern basis.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
98,637
362,499
216,929
24,458
702,523
At 31 December 2023
98,637
362,499
216,929
24,458
702,523
At 1 January 2023
81,827
306,080
216,929
24,295
629,131
Charge for the year
261
16,702
-
56
17,019
At 31 December 2023
82,088
322,782
216,929
24,351
646,150
At 31 December 2023
16,549
39,717
-
107
56,373
At 31 December 2022
16,810
56,419
-
163
73,392
R.E. Campbell (Joinery) Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
6,867
90,129
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,461
10,461
Trade creditors
154,307
120,967
Taxes and social security
18,999
12,883
Other creditors
1,684
2,867
Loans from directors
285,820
129,670
Bank loans include a Coronavirus Bounce Bank loan which is guaranteed by the UK Government.
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans include a Coronavirus Bounce Bank loan which is guaranteed by the UK Government.
8
Transactions with related parties
Amounts due to key management personnel at the year end was £285,820 (2022 - £129,670). This balance is unsecured, interest free and has no fixed terms of repayment.
9
Average number of employees
During the year the average number of employees was 17 (2022: 16).