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REGISTERED NUMBER: SC199488 (Scotland)










Report of the Directors and

Financial Statements

For The Year Ended 31 December 2023

for

Ashwood Scotland Limited

Ashwood Scotland Limited (Registered number: SC199488)

Contents of the Financial Statements
For The Year Ended 31 December 2023










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Ashwood Scotland Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: David Scott Charman
Graeme Hadden





REGISTERED OFFICE: Unit 3
Tailend Court
Livingston
West Lothian
EH54 8TE





REGISTERED NUMBER: SC199488 (Scotland)





AUDITORS: Cahill Jack Associates Limited
Chartered Accountants and Statutory Auditors
91 Alexander Street
Airdrie
North Lanarkshire
ML6 0BD

Ashwood Scotland Limited (Registered number: SC199488)

Report of the Directors
For The Year Ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of public, commercial and industrial construction work.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

David Scott Charman
Graeme Hadden

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Cahill Jack Associates Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Ashwood Scotland Limited (Registered number: SC199488)

Report of the Directors
For The Year Ended 31 December 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:



David Scott Charman - Director


3 September 2024

Report of the Independent Auditors to the Members of
Ashwood Scotland Limited


Opinion
We have audited the financial statements of Ashwood Scotland Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Ashwood Scotland Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Ashwood Scotland Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the construction sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery, employment, environmental, and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- inspecting legal documentation for indications of non-compliance with laws and regulations; and
- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Ashwood Scotland Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Antony Fraser (Senior Statutory Auditor)
for and on behalf of Cahill Jack Associates Limited
Chartered Accountants and Statutory Auditors
91 Alexander Street
Airdrie
North Lanarkshire
ML6 0BD

3 September 2024

Ashwood Scotland Limited (Registered number: SC199488)

Income Statement
For The Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 10,384,511 10,179,148

Cost of sales 9,399,101 9,070,904
GROSS PROFIT 985,410 1,108,244

Administrative expenses 758,766 826,593
226,644 281,651

Other operating income 48,088 54,307
OPERATING PROFIT 4 274,732 335,958

Interest receivable and similar income 310 3,794
275,042 339,752
Gain/loss on revaluation of investment
property

-

25,000
275,042 364,752

Interest payable and similar expenses 1,636 958
PROFIT BEFORE TAXATION 273,406 363,794

Tax on profit 78,001 73,956
PROFIT FOR THE FINANCIAL YEAR 195,405 289,838

Ashwood Scotland Limited (Registered number: SC199488)

Other Comprehensive Income
For The Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 195,405 289,838


OTHER COMPREHENSIVE INCOME
Purchase of own shares - (1,700,000 )
Capital redemption reserve - 150
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(1,699,850

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

195,405

(1,410,012

)

Ashwood Scotland Limited (Registered number: SC199488)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 67,472 41,559
Investments 6 3 3
Investment property 7 370,000 370,000
437,475 411,562

CURRENT ASSETS
Debtors 8 1,803,647 2,240,301
Cash at bank and in hand 1,061,229 778,587
2,864,876 3,018,888
CREDITORS
Amounts falling due within one year 9 2,913,972 3,224,941
NET CURRENT LIABILITIES (49,096 ) (206,053 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

388,379

205,509

CREDITORS
Amounts falling due after more than one
year

10

(30,544

)

-

PROVISIONS FOR LIABILITIES (15,750 ) (9,200 )
NET ASSETS 342,085 196,309

CAPITAL AND RESERVES
Called up share capital 41 40
Share premium 21,231 10,861
Capital redemption reserve 160 160
Retained earnings 320,653 185,248
SHAREHOLDERS' FUNDS 342,085 196,309

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

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by:





David Scott Charman - Director


Ashwood Scotland Limited (Registered number: SC199488)

Statement of Changes in Equity
For The Year Ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 190 1,780,410 490 10 1,781,100

Changes in equity
Profit for the year - 289,838 - - 289,838
Other comprehensive income - (1,700,000 ) - 150 (1,699,850 )
Total comprehensive income - (1,410,162 ) - 150 (1,410,012 )
Issue of share capital (150 ) - 10,371 - 10,221
Dividends - (185,000 ) - - (185,000 )
Balance at 31 December 2022 40 185,248 10,861 160 196,309

Changes in equity
Profit for the year - 195,405 - - 195,405
Total comprehensive income - 195,405 - - 195,405
Issue of share capital 1 - 10,370 - 10,371
Dividends - (60,000 ) - - (60,000 )
Balance at 31 December 2023 41 320,653 21,231 160 342,085

Ashwood Scotland Limited (Registered number: SC199488)

Notes to the Financial Statements
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

Ashwood Scotland Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The directors are required to prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. Having examined forecasts and projections for a period of at least twelve months from the date of approval of these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Ashwood Scotland Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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:

Estimated useful lives and residual values of fixed assets
As described under the Tangible Fixed Asset heading of this accounting policies note, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as applicable. The reviews take into account estimated useful lives used by other companies operating within the same sector and actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Revaluation of investment property
Investment property is included at fair value which is determined by the directors. Various assumptions and estimates are used in making the assessment of fair value.

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.

Ashwood Scotland Limited (Registered number: SC199488)

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


2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and any other sales taxes The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the revenue value of the costs incurred on the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract; and
- the value of the costs incurred at the end of the reporting period can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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 - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 33% on cost
Computer equipment - 25% on reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The following assets and liabilities are classified as basic financial instruments - trade debtors, trade creditors and loans to subsidiaries.

Loans to subsidiaries, being repayable on demand, trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.


Ashwood Scotland Limited (Registered number: SC199488)

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


2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 payable under operating leases are charged to the profit and loss account 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.

Long-term contracts and work in progress
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 less costs from each contract less appropriate payments received to date and is included within debtors under the heading amounts recoverable on contracts or, within creditors under the heading payments on account.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Ashwood Scotland Limited (Registered number: SC199488)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2022 - 62 ) .

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 8,171 12,539
Depreciation - assets on hire purchase contracts 21,125 19,477
Profit on disposal of fixed assets (8,754 ) -
Auditors' remuneration 12,000 11,000
Auditors' remuneration for non audit work 7,200 7,200
Pension costs 130,421 136,542

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 50,425 5,105 116,933 47,579 220,042
Additions - - 56,355 - 56,355
Disposals - - (16,500 ) - (16,500 )
At 31 December 2023 50,425 5,105 156,788 47,579 259,897
DEPRECIATION
At 1 January 2023 26,473 3,633 103,726 44,651 178,483
Charge for year 5,043 1,021 22,500 732 29,296
Eliminated on disposal - - (15,354 ) - (15,354 )
At 31 December 2023 31,516 4,654 110,872 45,383 192,425
NET BOOK VALUE
At 31 December 2023 18,909 451 45,916 2,196 67,472
At 31 December 2022 23,952 1,472 13,207 2,928 41,559

Ashwood Scotland Limited (Registered number: SC199488)

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


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 65,626
Additions 56,355
Transfer to ownership (65,626 )
At 31 December 2023 56,355
DEPRECIATION
At 1 January 2023 54,940
Charge for year 21,125
Transfer to ownership (65,626 )
At 31 December 2023 10,439
NET BOOK VALUE
At 31 December 2023 45,916
At 31 December 2022 10,686

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 3
NET BOOK VALUE
At 31 December 2023 3
At 31 December 2022 3

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 370,000
NET BOOK VALUE
At 31 December 2023 370,000
At 31 December 2022 370,000

Ashwood Scotland Limited (Registered number: SC199488)

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


7. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2005 20,262
Valuation in 2020 18,300
Valuation in 2022 25,000
Cost 306,438
370,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 306,438 306,438

Investment properties were valued on a fair value basis on 31 December 2023 by the directors .

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 16,939 22,589
Amounts owed by group undertakings 834,321 1,215,253
Amounts recoverable on contract 934,395 970,969
Other debtors 8,994 5,877
Tax - 17,078
Prepayments 8,998 8,535
1,803,647 2,240,301

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 11) 16,697 13,243
Payments on account 276,020 314,153
Trade creditors 1,680,841 1,624,462
Tax 71,429 77,773
Social security and other taxes 84,153 87,438
VAT 468,919 397,985
Other creditors 88,600 87,533
Directors' loan accounts 163,300 600,000
Accrued expenses 64,013 22,354
2,913,972 3,224,941

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 11) 30,544 -

Ashwood Scotland Limited (Registered number: SC199488)

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


11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 16,697 13,243
Between one and five years 30,544 -
47,241 13,243

Non-cancellable operating leases
2023 2022
£    £   
Within one year 69,482 63,005
Between one and five years 151,552 137,940
In more than five years 18,750 43,750
239,784 244,695

12. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 47,241 13,243

Hire purchase and finance lease creditors hold security over the assets which are the subject of the relevant agreements.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to/(from) directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
David Scott Charman
Balance outstanding at start of year (600,000 ) -
Amounts advanced 436,700 (600,000 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (163,300 ) (600,000 )

Ashwood Scotland Limited (Registered number: SC199488)

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


13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Archibald Grant Meikle
Balance outstanding at start of year - -
Amounts advanced - 290,000
Amounts repaid - (290,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The loan from D. Charman is non-interest bearing and is repayable on demand.The company received interest at a rate of 2% on the loan to A. Meikle.

14. ULTIMATE CONTROLLING PARTY

The controlling party is David Scott Charman.

The ultimate controlling party is David Scott Charman.