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Company No: SC241674 (Scotland)

BUCHAN + ASSOCIATES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

BUCHAN + ASSOCIATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

BUCHAN + ASSOCIATES LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
BUCHAN + ASSOCIATES LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,205 2,902
Investments 4 248,987 0
251,192 2,902
Current assets
Debtors 5 776,157 389,774
Cash at bank and in hand 1,930,755 1,762,548
2,706,912 2,152,322
Creditors: amounts falling due within one year 6 ( 806,355) ( 226,884)
Net current assets 1,900,557 1,925,438
Total assets less current liabilities 2,151,749 1,928,340
Net assets 2,151,749 1,928,340
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 2,151,747 1,928,338
Total shareholder's funds 2,151,749 1,928,340

For the financial 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.

Director's responsibilities:

The financial statements of Buchan + Associates Limited (registered number: SC241674) were approved and authorised for issue by the Director on 29 August 2024. They were signed on its behalf by:

Iain Buchan
Director
BUCHAN + ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BUCHAN + ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
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

Buchan + Associates 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 Johnston Carmichael Llp First Floor, 227 West George Street, Glasgow, G2 2ND, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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 represents amounts receivable for goods and services net of VAT and trade discounts.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

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:

Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

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.

Impairment of 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.

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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 6

3. Tangible assets

Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 26,125 9,192 10,846 46,163
At 31 December 2023 26,125 9,192 10,846 46,163
Accumulated depreciation
At 01 January 2023 23,509 8,906 10,846 43,261
Charge for the financial year 654 43 0 697
At 31 December 2023 24,163 8,949 10,846 43,958
Net book value
At 31 December 2023 1,962 243 0 2,205
At 31 December 2022 2,616 286 0 2,902

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 0 0
Additions 250,000 250,000
Movement in fair value ( 1,013) ( 1,013)
At 31 December 2023 248,987 248,987
Carrying value at 31 December 2023 248,987 248,987
Carrying value at 31 December 2022 0 0

5. Debtors

2023 2022
£ £
Trade debtors 434,157 301,774
Other debtors 342,000 88,000
776,157 389,774

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 4,118 841
Amounts owed to connected companies 302,000 0
Taxation and social security 283,801 196,546
Other creditors 216,436 29,497
806,355 226,884

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts due to key management personnel 10,706 27,131