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Custombuilt Scotland Limited

Registered Number
SC438396
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

Custombuilt Scotland Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

Mr A Milne

Registered Address

211 Cambuslang Road
Cambuslang
Glasgow
G72 7TS

Registered Number

SC438396 (Scotland)
Custombuilt Scotland Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investments466,50066,500
Investment property3165,00070,000
231,500136,500
Current assets
Debtors511
11
Creditors amounts falling due within one year6(45,993)(44,770)
Net current assets (liabilities)(45,992)(44,769)
Total assets less current liabilities185,50891,731
Provisions for liabilities7(16,361)-
Net assets169,14791,731
Capital and reserves
Called up share capital66,50166,501
Revaluation reserve-17,331
Other reserves95,970-
Profit and loss account6,6767,899
Shareholders' funds169,14791,731
The financial statements were approved and authorised for issue by the Board of Directors on 22 October 2024, and are signed on its behalf by:
Mr A Milne
Director
Registered Company No. SC438396
Custombuilt Scotland Limited
Notes to the Financial Statements
for the year ended 31 December 2023

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.
Going concern
The directors have concluded that it continues to be appropriate to present the accounts on a Going Concern basis.
Dividend income
Dividend income is recognised when the right to receive payment is established.
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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Investment property
Investment property is carried at fair value determined annually by external valuers 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.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
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.
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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20232022
Average number of employees during the year22
3.Investment property
On 11 December 2012 J & E Shepherd, Chartered Surveyors, valued the investment property at Unit 18, 211 Cambuslang Road, Rutherglen, G72 7TS on an open market value for existing use basis. J & E Shepherd undertook a further revaluation on 11 December 2023 on the same basis, which has been recognised accordingly. Had the investment property been measured at historical cost the amount would have been £52,669.

£
Fair value at 01 January 2370,000
Fair value adjustments95,000
At 31 December 23165,000
4.Fixed asset investments
Investments in group undertakings and participating interests

Investments in groups1

Total

££
Cost or valuation
At 01 January 2366,50066,500
At 31 December 2366,50066,500
Net book value
At 31 December 2366,50066,500
At 31 December 2266,50066,500

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2023

2022

££
Other debtors11
Total11
6.Creditors: amounts due within one year

2023

2022

££
Amounts owed to related parties44,74343,780
Accrued liabilities and deferred income1,250990
Total45,99344,770
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)16,361-
Total16,361-
8.Related party transactions
As at 31 December 2023, the subsidiary company was owed £44,743 (2022: £43,780) by Custombuilt Scotland Limited. The amounts are unsecured, interest-free and repayable on demand.
9.Parent-subsidiary relationships
Custombuilt Scotland Limited is parent company to Custombuilt Joinery Limited and holds 100% control.