REGISTERED NUMBER: |
Financial Statements |
For The Year Ended 31 December 2023 |
for |
Ashwood Scotland Starlaw Limited |
REGISTERED NUMBER: |
Financial Statements |
For The Year Ended 31 December 2023 |
for |
Ashwood Scotland Starlaw Limited |
Ashwood Scotland Starlaw Limited (Registered number: SC316518) |
Contents of the Financial Statements |
For The Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Ashwood Scotland Starlaw Limited |
Company Information |
For The Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
91 Alexander Street |
Airdrie |
North Lanarkshire |
ML6 0BD |
Ashwood Scotland Starlaw Limited (Registered number: SC316518) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Ashwood Scotland Starlaw Limited (Registered number: SC316518) |
Notes to the Financial Statements |
For The Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Ashwood Scotland Starlaw Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At the balance sheet date the company had an overall net liability position on its balance sheet. These financial statements have been prepared on the going concern basis as Ashwood Scotland Limited, the parent company, has pledged to maintain the inter company account included within creditors. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made are described below: |
Accounting for revenue from long term contracts |
The directors base their judgements of contract profits on the latest available information, which includes detailed contract valuations prepared by quantity surveyors. Cost incurred on contracts are valued on a regular basis and the value attributed to the costs is included as revenue. |
Financial instruments |
The following assets and liabilities are classified as basic financial instruments - bank loans and loans from group undertakings. |
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Loans from group undertakings, being repayable on demand, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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. |
Ashwood Scotland Starlaw Limited (Registered number: SC316518) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Long term contracts and work in progress |
A significant amount of the company's activities are undertaken via long-term contracts. These contracts are accounted for in accordance with Amendment to FRS 5 "Reporting the substance of transactions: revenue recognition" which requires estimates to be made for contract costs and revenues. |
The directors base their judgements of contract costs and revenues on the latest available information, which includes detailed contract valuations. In many cases the results reflect the expected outcome of long-term contractual obligations which span more than one reporting period. Contract costs and revenues are affected by a variety of uncertainties that depend on the outcome of future events and often need to be revised as events unfold and uncertainties are resolved. The estimates are updated regularly and significant changes are highlighted through established internal review procedures which ensure that there is no significant over or under statement of profits earned in any period. |
Long-term work in progress is therefore calculated based on the excess of expected revenue from each contract less appropriate payments received to date and is included within debtors in the balance sheet under the heading of amounts recoverable on contracts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts recoverable on contract |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
6. | RELATED PARTY DISCLOSURES |
Included within creditors due within one year is an amount of £838,599 (2022 - £1,158,090) due to Ashwood Scotland Limited, the parent company. During the year ended 31 December 2023, £319,841 (2022 - £nil) was written off this loan. |
7. | ULTIMATE CONTROLLING PARTY |
The company is under the control of Ashwood Scotland Limited who owns 100% of the share capital. The ultimate controlling party of Ashwood Scotland Limited is considered to be Mr David Charman, director. |