Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalse2023-04-01No description of principal activity1012false SC445629 2023-04-01 2024-03-31 SC445629 2022-04-01 2023-03-31 SC445629 2024-03-31 SC445629 2023-03-31 SC445629 c:Director1 2023-04-01 2024-03-31 SC445629 c:RegisteredOffice 2023-04-01 2024-03-31 SC445629 d:Buildings 2023-04-01 2024-03-31 SC445629 d:Buildings 2024-03-31 SC445629 d:Buildings 2023-03-31 SC445629 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC445629 d:PlantMachinery 2023-04-01 2024-03-31 SC445629 d:PlantMachinery 2024-03-31 SC445629 d:PlantMachinery 2023-03-31 SC445629 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC445629 d:MotorVehicles 2023-04-01 2024-03-31 SC445629 d:MotorVehicles 2024-03-31 SC445629 d:MotorVehicles 2023-03-31 SC445629 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC445629 d:FurnitureFittings 2023-04-01 2024-03-31 SC445629 d:FurnitureFittings 2024-03-31 SC445629 d:FurnitureFittings 2023-03-31 SC445629 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC445629 d:OfficeEquipment 2023-04-01 2024-03-31 SC445629 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC445629 d:CurrentFinancialInstruments 2024-03-31 SC445629 d:CurrentFinancialInstruments 2023-03-31 SC445629 d:Non-currentFinancialInstruments 2024-03-31 SC445629 d:Non-currentFinancialInstruments 2023-03-31 SC445629 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC445629 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC445629 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 SC445629 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC445629 d:ShareCapital 2024-03-31 SC445629 d:ShareCapital 2023-03-31 SC445629 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC445629 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC445629 c:OrdinaryShareClass1 2023-04-01 2024-03-31 SC445629 c:OrdinaryShareClass1 2024-03-31 SC445629 c:OrdinaryShareClass1 2023-03-31 SC445629 c:FRS102 2023-04-01 2024-03-31 SC445629 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC445629 c:FullAccounts 2023-04-01 2024-03-31 SC445629 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC445629 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC445629










LADYBANK COMMERCIAL REFURB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
LADYBANK COMMERCIAL REFURB LIMITED
 

COMPANY INFORMATION


Director
Mr M Riddell 




Registered number
SC445629



Registered office
Broomfield Farm
Ladybank

Fife

KY15 7RD




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
LADYBANK COMMERCIAL REFURB LIMITED
REGISTERED NUMBER: SC445629

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Tangible fixed assets
  
709,771
140,562

  
709,771
140,562

Current assets
  

Stocks
  
3,000
3,000

Debtors: amounts falling due within one year
 5 
290,099
245,843

Bank and cash balances
  
43,918
205,353

  
337,017
454,196

Creditors: amounts falling due within one year
 6 
(324,745)
(248,776)

Net current assets
  
 
 
12,272
 
 
205,420

Total assets less current liabilities
  
722,043
345,982

Creditors: amounts falling due after more than one year
 7 
(256,660)
(21,667)

Provisions for liabilities
  

Deferred tax
  
(57,809)
(32,284)

  
 
 
(57,809)
 
 
(32,284)

Accruals and deferred income
  
(80,000)
-

Net assets
  
327,574
292,031


Capital and reserves
  

Called up share capital 
 9 
2
2

Profit and loss account
  
327,572
292,029

  
327,574
292,031


Page 1

 
LADYBANK COMMERCIAL REFURB LIMITED
REGISTERED NUMBER: SC445629

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2024.




Mr M Riddell
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
LADYBANK COMMERCIAL REFURB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Ladybank Commercial Refurb Limited is a private company, limited by shares, incorporated in Scotland with registration number SC445629. The registered office is Broomfield Farm, Ladybank, Fife, KY15 7RD.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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.
The following principal accounting policies have been applied:

 
2.2

Turnover

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

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 3

 
LADYBANK COMMERCIAL REFURB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
LADYBANK COMMERCIAL REFURB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Assets under construction
-
Not depreciated
Plant and machinery
-
20%
Reducing Balance
Motor vehicles
-
25%
Reducing Balance
Fixtures and fittings
-
20%
Reducing Balance
Office equipment
-
20%
Reducing Balance

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, 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 profit or loss.

Page 5

 
LADYBANK COMMERCIAL REFURB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 12).

Page 6

 
LADYBANK COMMERCIAL REFURB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Assets under construction
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
10,855
208,548
73,130
7,549
300,082


Additions
445,303
175,985
10,290
-
631,578


Disposals
-
-
(27,302)
-
(27,302)



At 31 March 2024

456,158
384,533
56,118
7,549
904,358



Depreciation


At 1 April 2023
-
115,775
39,054
4,691
159,520


Charge for the year on owned assets
-
32,153
10,448
571
43,172


Disposals
-
-
(8,105)
-
(8,105)



At 31 March 2024

-
147,928
41,397
5,262
194,587



Net book value



At 31 March 2024
456,158
236,605
14,721
2,287
709,771



At 31 March 2023
10,855
92,773
34,076
2,858
140,562

Page 7

 
LADYBANK COMMERCIAL REFURB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
285,201
214,680

Other debtors
4,104
30,000

Prepayments and accrued income
794
1,163

290,099
245,843



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
112,757
50,444

Other taxation and social security
36,279
53,346

Obligations under finance lease and hire purchase contracts
47,996
1,894

Other creditors
105,026
125,201

Accruals and deferred income
12,687
7,891

324,745
248,776


The obligations under finance lease and hire purchase contracts balance of £47,996 (2023 - £1,894) is secured over the assets to which they relate.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,667
21,667

Net obligations under finance leases and hire purchase contracts
74,993
-

Other creditors
170,000
-

256,660
21,667


The obligations under finance lease and hire purchase contracts balance of £74,993 (2023 - £nil) is secured over the assets to which they relate.

Page 8

 
LADYBANK COMMERCIAL REFURB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Accruals and deferred income

2024
2023
£
£

Grants
80,000
-

80,000
-


Page 9

 
LADYBANK COMMERCIAL REFURB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



Page 10