2023-04-012024-03-312024-03-31falseSC415727Sheriff Homes 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Sheriff Homes Limited

Registered Number
SC415727
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

Sheriff Homes Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

TURKINGTON, Mervyn Winston

Registered Address

51 Rae Street
Dumfries
DG1 1JD

Registered Number

SC415727 (Scotland)
Sheriff Homes Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets396,59257,355
Investment property41,351,000-
1,447,59257,355
Current assets
Stocks510,853,2699,661,546
Debtors6807,609714,031
Cash at bank and on hand238,1181,361,342
11,898,99611,736,919
Creditors amounts falling due within one year7(9,965,933)(8,741,432)
Net current assets (liabilities)1,933,0632,995,487
Total assets less current liabilities3,380,6553,052,842
Provisions for liabilities8(40,000)(8,200)
Net assets3,340,6553,044,642
Capital and reserves
Called up share capital100100
Profit and loss account3,340,5553,044,542
Shareholders' funds3,340,6553,044,642
The financial statements were approved and authorised for issue by the Director on 2 September 2024, and are signed on its behalf by:
TURKINGTON, Mervyn Winston
Director
Registered Company No. SC415727
Sheriff Homes Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings20
Plant and machinery4
Vehicles4
Office Equipment4
Investment property
Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year910
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 April 2339,570113,706105,7284,089263,093
Additions-3,90065,576-69,476
Disposals--(34,000)-(34,000)
At 31 March 2439,570117,606137,3044,089298,569
Depreciation and impairment
At 01 April 2313,846104,63883,5243,730205,738
Charge for year1,9784,34923,79411730,238
On disposals--(33,999)-(33,999)
At 31 March 2415,824108,98773,3193,847201,977
Net book value
At 31 March 2423,7468,61963,98524296,592
At 31 March 2325,7249,06822,20435957,355
4.Investment property

£
Additions1,351,000
At 31 March 241,351,000
5.Stocks
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.

2024

2023

££
Raw materials and consumables5,577,2096,195,863
Work in progress5,276,0603,465,683
Total10,853,2699,661,546
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables726,326579,340
Other debtors19,63166,503
Prepayments and accrued income61,65268,188
Total807,609714,031
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables40,0226,458
Taxation and social security114,52647,920
Other creditors9,621,0128,570,790
Accrued liabilities and deferred income190,373116,264
Total9,965,9338,741,432
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made.

2024

2023

££
Net deferred tax liability (asset)40,0008,200
Total40,0008,200
9.Other commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £1,842 (2023 - £1,804).
10.Related party transactions
On 1 April 2023 the company owed the Director £598,986. At 31 March 2024 the company owed the Director £765,486. No interest was charged on this loan and the loan is repayable on demand.