Company registration number SC406944 (Scotland)
A W CAMERON JOINERY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
A W CAMERON JOINERY LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
5 - 9
A W CAMERON JOINERY LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF A W CAMERON JOINERY LTD
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A W Cameron Joinery Ltd for the year ended 31 December 2023 set out on pages 2 to 9 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of A W Cameron Joinery Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of A W Cameron Joinery Ltd and state those matters that we have agreed to state to the Board of Directors of A W Cameron Joinery Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A W Cameron Joinery Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that A W Cameron Joinery Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A W Cameron Joinery Ltd. You consider that A W Cameron Joinery Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of A W Cameron Joinery Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MMG Chartered Accountants
9 September 2024
27 St David Street
Brechin
Angus
DD9 6EG
A W CAMERON JOINERY LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33,398
50,295
Current assets
Debtors
4
20,258
31,704
Cash at bank and in hand
37,477
44,632
57,735
76,336
Creditors: amounts falling due within one year
5
(76,369)
(41,924)
Net current (liabilities)/assets
(18,634)
34,412
Total assets less current liabilities
14,764
84,707
Creditors: amounts falling due after more than one year
6
(280)
(22,450)
Provisions for liabilities
(6,345)
(9,556)
Net assets
8,139
52,701
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
8,129
52,691
Total equity
8,139
52,701

The notes on pages 5 to 9 form part of these financial statements.

A W CAMERON JOINERY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
Mr A W Cameron
Director
Company registration number SC406944 (Scotland)
A W CAMERON JOINERY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
10
36,587
36,597
Year ended 31 December 2022:
Profit and total comprehensive income
-
26,104
26,104
Dividends
-
(10,000)
(10,000)
Balance at 31 December 2022
10
52,691
52,701
Year ended 31 December 2023:
Profit and total comprehensive income
-
5,438
5,438
Dividends
-
(50,000)
(50,000)
Balance at 31 December 2023
10
8,129
8,139

The notes on pages 5 to 9 form part of these financial statements.

A W CAMERON JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information

A W Cameron Joinery Ltd is a private company limited by shares incorporated in Scotland. The registered office is The Cotter House, Marykirk, Laurencekirk, Aberdeenshire, United Kingdom, AB30 1XJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
33% on cost
Motor vehicles
25% reducing balance

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.

A W CAMERON JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

A W CAMERON JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

A W CAMERON JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

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 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
25,608
1,606
4,643
95,157
127,014
Additions
559
-
0
-
0
-
0
559
Disposals
(1,746)
-
0
-
0
-
0
(1,746)
At 31 December 2023
24,421
1,606
4,643
95,157
125,827
Depreciation and impairment
At 1 January 2023
17,153
1,248
3,081
55,237
76,719
Depreciation charged in the year
5,750
357
711
10,227
17,045
Eliminated in respect of disposals
(1,335)
-
0
-
0
-
0
(1,335)
At 31 December 2023
21,568
1,606
3,792
65,463
92,429
Carrying amount
At 31 December 2023
2,853
-
0
851
29,694
33,398
At 31 December 2022
8,455
358
1,562
39,920
50,295
A W CAMERON JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,545
-
0
Other debtors
3,713
31,704
20,258
31,704
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
28,555
9,976
Corporation tax
4,687
9,721
Other taxation and social security
15,018
13,899
Other creditors
28,109
8,328
76,369
41,924
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
280
22,450
7
Related party transactions
2023
2022
Amounts due to related parties
£
£
Key management personnel
3,416
-
8
Directors' transactions

 

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Overdrawn current account
-
7,604
(7,604)
-
Overdrawn current account
-
276
(276)
-
7,880
(7,880)
-
2023-12-312023-01-01false09 September 2024CCH SoftwareCCH Accounts Production 2024.200joinery installation and repair.

Mr A W CameronMrs A M Cameronfalsefalse
SC4069442023-01-012023-12-31SC4069442023-12-31SC4069442022-12-31SC406944core:PlantMachinery2023-12-31SC406944core:FurnitureFittings2023-12-31SC406944core:ComputerEquipment2023-12-31SC406944core:MotorVehicles2023-12-31SC406944core:PlantMachinery2022-12-31SC406944core:FurnitureFittings2022-12-31SC406944core:ComputerEquipment2022-12-31SC406944core:MotorVehicles2022-12-31SC406944core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC406944core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC406944core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-31SC406944core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-31SC406944core:CurrentFinancialInstruments2023-12-31SC406944core:CurrentFinancialInstruments2022-12-31SC406944core:ShareCapital2023-12-31SC406944core:ShareCapital2022-12-31SC406944core:RetainedEarningsAccumulatedLosses2023-12-31SC406944core:RetainedEarningsAccumulatedLosses2022-12-31SC406944core:ShareCapital2021-12-31SC406944core:RetainedEarningsAccumulatedLosses2021-12-31SC406944bus:Director12023-01-012023-12-31SC406944core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31SC4069442022-01-012022-12-31SC406944core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31SC406944core:PlantMachinery2023-01-012023-12-31SC406944core:FurnitureFittings2023-01-012023-12-31SC406944core:ComputerEquipment2023-01-012023-12-31SC406944core:MotorVehicles2023-01-012023-12-31SC406944core:PlantMachinery2022-12-31SC406944core:FurnitureFittings2022-12-31SC406944core:ComputerEquipment2022-12-31SC406944core:MotorVehicles2022-12-31SC4069442022-12-31SC406944core:WithinOneYear2023-12-31SC406944core:WithinOneYear2022-12-31SC406944core:Non-currentFinancialInstruments2023-12-31SC406944core:Non-currentFinancialInstruments2022-12-31SC406944bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC406944bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC406944bus:FRS1022023-01-012023-12-31SC406944bus:AuditExemptWithAccountantsReport2023-01-012023-12-31SC406944bus:Director22023-01-012023-12-31SC406944bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP