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Unaudited Financial Statements for the Year Ended 31 December 2023

for

Edinmore Contracts Ltd.

Edinmore Contracts Ltd. (Registered number: SC293771)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Edinmore Contracts Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C Faichnie
Mrs D A Smith





REGISTERED OFFICE: 2 Melville Street
Falkirk
FK1 1HZ





REGISTERED NUMBER: SC293771 (Scotland)





ACCOUNTANTS: Ian Macfarlane Limited
Chartered Accountants
2 Melville Street
Falkirk
FK1 1HZ

Edinmore Contracts Ltd. (Registered number: SC293771)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 774,563 805,893

CURRENT ASSETS
Stocks 797,984 718,240
Debtors 5 1,356,773 1,014,293
Cash in hand 177 198
2,154,934 1,732,731
CREDITORS
Amounts falling due within one year 6 2,153,532 1,729,910
NET CURRENT ASSETS 1,402 2,821
TOTAL ASSETS LESS CURRENT
LIABILITIES

775,965

808,714

CREDITORS
Amounts falling due after more than one
year

7

(226,076

)

(308,680

)

PROVISIONS FOR LIABILITIES (55,951 ) (53,074 )
NET ASSETS 493,938 446,960

CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 107,062 107,062
Retained earnings 386,776 339,798
SHAREHOLDERS' FUNDS 493,938 446,960

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Edinmore Contracts Ltd. (Registered number: SC293771)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2024 and were signed on its behalf by:




C Faichnie - Director



Mrs D A Smith - Director


Edinmore Contracts Ltd. (Registered number: SC293771)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Edinmore Contracts 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

The directors have decided not to depreciate the freehold property in contravention of standard accounting policies. The directors believe this will not materially affect the financial statements.

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.

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.

Edinmore Contracts Ltd. (Registered number: SC293771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 92 (2022 - 87 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 484,420 842,267 1,326,687
Additions - 56,375 56,375
Disposals - (23,719 ) (23,719 )
At 31 December 2023 484,420 874,923 1,359,343
DEPRECIATION
At 1 January 2023 - 520,794 520,794
Charge for year - 80,930 80,930
Eliminated on disposal - (16,944 ) (16,944 )
At 31 December 2023 - 584,780 584,780
NET BOOK VALUE
At 31 December 2023 484,420 290,143 774,563
At 31 December 2022 484,420 321,473 805,893

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2013 7,763 - 7,763
Valuation in 2016 99,299 - 99,299
Cost 377,358 874,923 1,252,281
484,420 874,923 1,359,343

Edinmore Contracts Ltd. (Registered number: SC293771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 377,358 172,938

Freehold land and buildings were valued on an open market basis on 8 February 2016 by DM Hall Chartered Surveyors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 January 2023 254,602
Additions 56,375
Transfer to ownership (84,207 )
At 31 December 2023 226,770
DEPRECIATION
At 1 January 2023 99,056
Charge for year 36,169
Transfer to ownership (42,003 )
At 31 December 2023 93,222
NET BOOK VALUE
At 31 December 2023 133,548
At 31 December 2022 155,546

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,191,095 865,801
Other debtors 165,678 148,492
1,356,773 1,014,293

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 104,808 88,978
Hire purchase contracts 36,584 62,532
Trade creditors 482,717 453,871
Taxation and social security 492,226 365,005
Other creditors 1,037,197 759,524
2,153,532 1,729,910

Edinmore Contracts Ltd. (Registered number: SC293771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 180,744 261,647
Hire purchase contracts 45,332 47,033
226,076 308,680

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 261,647 341,430

Clydesdale Bank plc holds a floating charge over the company assets and a standard security over land & buildings at 2 Dundas Street, Grangemouth, FK3 8BX and Unit 4, Block 7, Chapelhall Industrial Estate, Airdrie, ML6 8QH.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
51 Ordinary "A" £1 51 51
49 Ordinary "B" £1 49 49
100 100

10. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 107,062

11. RELATED PARTY DISCLOSURES

The company was under the control of its two directors and shareholders during the year. Mr C. Faichnie is also a director and majority shareholder in Denovan Motor Co Ltd.

Denovan Motor Co. Ltd owed the company £117,560 (2022 - £110,060) at year end disclosed under Other Debtors The company sold goods to Denovan Motor Co. Ltd totalling £2,700 (2022 - £Nil) during the year, and purchased goods totalling £34,500 (2022-£Nil).