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REGISTERED NUMBER: SC419443 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

BUCHAN DEVELOPMENT INITIATIVE LTD

BUCHAN DEVELOPMENT INITIATIVE LTD (REGISTERED NUMBER: SC419443)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 6

BUCHAN DEVELOPMENT INITIATIVE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mrs L Smith
Mrs M Stephen
Mrs S Dargie
D Jennings
Mrs D Y Tait





SECRETARY: Mrs M Stephen





REGISTERED OFFICE: Grieves House Aden Country Park
Mintlaw
Peterhead
Aberdeenshire
AB42 5FQ





REGISTERED NUMBER: SC419443 (Scotland)





ACCOUNTANTS: Goldwells Ltd
Goldwells House
Grange Road
Peterhead
Aberdeenshire
AB42 1WN

BUCHAN DEVELOPMENT INITIATIVE LTD (REGISTERED NUMBER: SC419443)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 128,147 97,442

CURRENT ASSETS
Stocks 850 850
Debtors 5 3,301 2,185
Cash at bank 105,901 90,271
110,052 93,306
CREDITORS
Amounts falling due within one year 6 162,485 110,765
NET CURRENT LIABILITIES (52,433 ) (17,459 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

75,714

79,983

PROVISIONS FOR LIABILITIES 10,181 11,014
NET ASSETS 65,533 68,969

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 65,433 68,869
65,533 68,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

BUCHAN DEVELOPMENT INITIATIVE LTD (REGISTERED NUMBER: SC419443)

BALANCE SHEET - continued
31ST DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th September 2024 and were signed on its behalf by:





Mrs M Stephen - Director


BUCHAN DEVELOPMENT INITIATIVE LTD (REGISTERED NUMBER: SC419443)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Buchan Development Initiative Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - Straight line over 25 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Capital grants
Grants received for capital items are recognised within other creditors at the fair value received and released to the profit and loss account in line with the depreciation rate of the assets purchased.

BUCHAN DEVELOPMENT INITIATIVE LTD (REGISTERED NUMBER: SC419443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
Property machinery fittings Totals
£    £    £    £   
COST
At 1st January 2023 39,475 53,286 48,480 141,241
Additions 35,090 2,222 - 37,312
At 31st December 2023 74,565 55,508 48,480 178,553
DEPRECIATION
At 1st January 2023 - 32,166 11,633 43,799
Charge for year - 4,668 1,939 6,607
At 31st December 2023 - 36,834 13,572 50,406
NET BOOK VALUE
At 31st December 2023 74,565 18,674 34,908 128,147
At 31st December 2022 39,475 21,120 36,847 97,442

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 3,301 2,185

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 14,377 9,410
Taxation and social security 1,600 1,943
Other creditors 146,508 99,412
162,485 110,765

Included in other creditors is £80,000 (2022: £65,000) which relates to grants received for the extension of the caravan stances. This work is not yet complete and the full amount has been deferred and will be released in line with the depreciation rate once the work has been completed and the total cost spent has been capitalised.

7. RELATED PARTY DISCLOSURES

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.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
BUCHAN DEVELOPMENT INITIATIVE LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Buchan Development Initiative Ltd for the year ended 31st December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Buchan Development Initiative Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Buchan Development Initiative Ltd and state those matters that we have agreed to state to the Board of Directors of Buchan Development Initiative Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Buchan Development Initiative 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 loss of Buchan Development Initiative Ltd. You consider that Buchan Development Initiative 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 Buchan Development Initiative 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.






Goldwells Ltd
Goldwells House
Grange Road
Peterhead
Aberdeenshire
AB42 1WN


25th September 2024