Company registration number SC033012 (Scotland)
HODDAM CONTRACTING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HODDAM CONTRACTING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HODDAM CONTRACTING COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,384,364
7,838,475
Investments
5
99,532
396,660
9,483,896
8,235,135
Current assets
Stocks
328,789
214,649
Debtors
6
1,812,572
1,652,120
Cash at bank and in hand
263,626
324,587
2,404,987
2,191,356
Creditors: amounts falling due within one year
7
(1,943,239)
(1,683,623)
Net current assets
461,748
507,733
Total assets less current liabilities
9,945,644
8,742,868
Creditors: amounts falling due after more than one year
8
(1,621,958)
(968,992)
Provisions for liabilities
9
(1,662,055)
(1,375,909)
Net assets
6,661,631
6,397,967
Capital and reserves
Called up share capital
10
4,800
4,800
Profit and loss reserves
6,656,831
6,393,167
Total equity
6,661,631
6,397,967

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

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 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.

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.

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

HODDAM CONTRACTING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
L Gilfillan
Director
Company Registration No. SC033012
HODDAM CONTRACTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Hoddam Contracting Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Hoddam Road, Ecclefechan, Lockerbie, DG11 3BY.

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 unless otherwise specified within these accounting policies. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Hoddam Contracting Company Limited is a wholly owned subsidiary of Hoddam Group Limited who acquired the shares on the 10th December 2019.

1.2
Turnover

Turnover represents the amounts (excluding value added tax and aggregate levy) derived from the provision of goods and services to customers during the year.

1.3
Tangible fixed assets

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

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

Buildings freehold
25-50 years
Plant and machinery
3-10 years
Quarries
4-25 years

Freehold land is not depreciated. 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 the Statement of Income and Retained Earnings.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the Statement of Income and Retained Earnings.

Other investments are recognised initially at fair value which is normally the transaction price. Subsequently, they are measured at fair value through the Statement of Income and Retained Earnings.

HODDAM CONTRACTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash at bank and in hand

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

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
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

Full provision is made for deferred tax assets and liabilities arising from all timing differences

between the recognition of gains and losses in the financial statements and recognition in the tax

computation.

 

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will

be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted.

 

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time

the timing differences are expected to reverse.

 

Deferred tax assets and liabilities are not discounted.

 

HODDAM CONTRACTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The company is engaged in the quarrying of sand and gravel at various sites. A condition of granting the necessary licences and planning permission is that the company will reinstate the land. Provision is made over the working life of the quarries to cover the costs of site restoration to the extent that such costs are not covered by separately identifiable income.

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.

1.11
Retirement benefits

Contributions are paid to personal pension plans on behalf of certain employees. The assets of these plans are held separately from those of the company. Contributions payable are included in the profit and loss account.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

HODDAM CONTRACTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Employees

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

2023
2022
Number
Number
Total
48
50
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
5,043,770
11,211,439
16,255,209
Additions
427,060
2,066,022
2,493,082
Disposals
-
0
(138,500)
(138,500)
At 31 December 2023
5,470,830
13,138,961
18,609,791
Depreciation and impairment
At 1 January 2023
994,198
7,422,536
8,416,734
Depreciation charged in the year
143,113
796,807
939,920
Eliminated in respect of disposals
-
0
(131,227)
(131,227)
At 31 December 2023
1,137,311
8,088,116
9,225,427
Carrying amount
At 31 December 2023
4,333,519
5,050,845
9,384,364
At 31 December 2022
4,049,572
3,788,903
7,838,475
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
Other investments other than loans
99,432
396,560
99,532
396,660
HODDAM CONTRACTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
100
396,560
396,660
Valuation changes
-
2,872
2,872
Disposals
-
(300,000)
(300,000)
At 31 December 2023
100
99,432
99,532
Carrying amount
At 31 December 2023
100
99,432
99,532
At 31 December 2022
100
396,560
396,660
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,306,775
1,336,059
Other debtors
505,797
316,061
1,812,572
1,652,120
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
347,278
456,257
Amounts owed to group undertakings
10,100
10,100
Taxation and social security
409,613
305,303
Other creditors
1,176,248
911,963
1,943,239
1,683,623
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,621,958
968,992
HODDAM CONTRACTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Provisions for liabilities
2023
2022
£
£
Remedial provision
1,005,655
1,005,655
Deferred tax liabilities
656,400
370,254
1,662,055
1,375,909

The remedial provision represents the liability to restore the quarries owned by the company to their original state at the end of their useful lives.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,800
4,800
4,800
4,800
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