Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Mrs Leoni Duncan 18/01/2022 Mr George Duncan 18/01/2022 Mrs George Duncan 18 August 2024 The company commenced trading on 27 March 2023. The principal activity of the company during the year was that of groundworks and contracting services.

The company had been dormant from incorporation up until trading commenced.
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Company No: SC720178 (Scotland)

GEORGE DUNCAN CONTRACTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

GEORGE DUNCAN CONTRACTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

GEORGE DUNCAN CONTRACTORS LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
GEORGE DUNCAN CONTRACTORS LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 538,487 0
538,487 0
Current assets
Debtors 4 261,131 0
Cash at bank and in hand 5 297,721 2
558,852 2
Creditors: amounts falling due within one year 6 ( 352,530) 0
Net current assets 206,322 2
Total assets less current liabilities 744,809 2
Creditors: amounts falling due after more than one year 7 ( 398,188) 0
Provision for liabilities 8 ( 24,607) 0
Net assets 322,014 2
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 322,012 0
Total shareholders' funds 322,014 2

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of George Duncan Contractors Limited (registered number: SC720178) were approved and authorised for issue by the Board of Directors on 18 August 2024. They were signed on its behalf by:

Mrs Leoni Duncan
Director
Mrs George Duncan
Director
GEORGE DUNCAN CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
GEORGE DUNCAN CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

George Duncan Contractors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Hampshire House, Fochabers, Fochabers, IV32 7PQ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for groundworks and civil engineering services provided, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 10 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 2

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 February 2023 0 0 0
Additions 2,717 47,395 50,112
Transfers from partnership 61,298 754,580 815,878
At 31 January 2024 64,015 801,975 865,990
Accumulated depreciation
At 01 February 2023 0 0 0
Charge for the financial year 1,450 27,398 28,848
Transfers from partnership 40,967 257,688 298,655
At 31 January 2024 42,417 285,086 327,503
Net book value
At 31 January 2024 21,598 516,889 538,487
At 31 January 2023 0 0 0

4. Debtors

2024 2023
£ £
Trade debtors 68,967 0
Other debtors 192,164 0
261,131 0

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 297,721 2

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 14,140 0
Trade creditors 65,029 0
Taxation and social security 71,425 0
Obligations under finance leases and hire purchase contracts 71,888 0
Other creditors 130,048 0
352,530 0

Obligations under hire purchase contracts are secured over the asset(s) to which the contract relates.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 148,188 0
Other creditors 250,000 0
398,188 0

Obligations under hire purchase contracts are secured over the asset(s) to which the contract relates.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 24,607 0

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key management personnel 305,167 0

This balance is unsecured, interest free and has no fixed terms of repayment.