IRIS Accounts Production v24.3.0.553 SC748506 Board of Directors 27.10.22 31.10.23 31.10.23 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC7485062022-10-26SC7485062023-10-31SC7485062022-10-272023-10-31SC7485062022-10-26SC748506ns15:Scotland2022-10-272023-10-31SC748506ns14:PoundSterling2022-10-272023-10-31SC748506ns10:Director12022-10-272023-10-31SC748506ns10:PrivateLimitedCompanyLtd2022-10-272023-10-31SC748506ns10:SmallEntities2022-10-272023-10-31SC748506ns10:AuditExempt-NoAccountantsReport2022-10-272023-10-31SC748506ns10:SmallCompaniesRegimeForDirectorsReport2022-10-272023-10-31SC748506ns10:SmallCompaniesRegimeForAccounts2022-10-272023-10-31SC748506ns10:FullAccounts2022-10-272023-10-31SC748506ns10:Director22022-10-272023-10-31SC748506ns10:RegisteredOffice2022-10-272023-10-31SC748506ns5:CurrentFinancialInstruments2023-10-31SC748506ns5:Non-currentFinancialInstruments2023-10-31SC748506ns5:ShareCapital2023-10-31SC748506ns5:RetainedEarningsAccumulatedLosses2023-10-31SC748506ns5:WithinOneYearns5:CurrentFinancialInstruments2023-10-31
REGISTERED NUMBER: SC748506 (Scotland)















Unaudited Financial Statements

for the Period 27 October 2022 to 31 October 2023

for

Ettrickhaugh Development Company Limited

Ettrickhaugh Development Company Limited (Registered number: SC748506)






Contents of the Financial Statements
for the Period 27 October 2022 to 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ettrickhaugh Development Company Limited

Company Information
for the Period 27 October 2022 to 31 October 2023







DIRECTORS: Michael Crawford
D J Crawford





REGISTERED OFFICE: Priorwood House
High Road
Melrose
Scottish Borders
TD6 9EF





REGISTERED NUMBER: SC748506 (Scotland)





ACCOUNTANTS: EQ Accountants Ltd
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Ettrickhaugh Development Company Limited (Registered number: SC748506)

Balance Sheet
31 October 2023

Notes £   
CURRENT ASSETS
Inventories 1,745,541
Debtors 4 1,261,668
Cash at bank 1,871
3,009,080
CREDITORS
Amounts falling due within one year 5 348,402
NET CURRENT ASSETS 2,660,678
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,660,678

CREDITORS
Amounts falling due after more than one
year

6

2,666,435
NET LIABILITIES (5,757 )

CAPITAL AND RESERVES
Called up share capital 50
Retained earnings (5,807 )
(5,757 )

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 October 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by:




D J Crawford - Director


Ettrickhaugh Development Company Limited (Registered number: SC748506)

Notes to the Financial Statements
for the Period 27 October 2022 to 31 October 2023

1. STATUTORY INFORMATION

Ettrickhaugh Development Company Limited 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.

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 arising from the sale of private housing is recognised as contract activity progresses, once a deposit has been received from a customer. Any excess of turnover above amounts received is included within debtors as amounts recoverable on contracts.

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

Stocks are stated at the lower of cost and estimated selling price, less costs to complete and sell. Cost comprises of 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.

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion and the contract activity at the reporting date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably, and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

The percentage completion method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending upon their nature, and providing it is probable they will be recovered.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Ettrickhaugh Development Company Limited (Registered number: SC748506)

Notes to the Financial Statements - continued
for the Period 27 October 2022 to 31 October 2023

2. ACCOUNTING POLICIES - continued
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 period 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.

Going concern
The continued trading of the company is dependent on the future support of the members of the joint venture, through their loan accounts. The directors have confirmed that the members of the joint venture will continue to support the company throughout the coming year. The accounts have therefore been prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Amounts owed by joint ventures 282,427
Other debtors 979,241
1,261,668

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 36,148
Amounts owed to associates 64,787
Other creditors 247,467
348,402

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Bank loans 961,320
Amounts owed to joint ventures 1,705,115
2,666,435

7. SECURED DEBTS

Cynergy Bank holds a floating charge against all property and undertakings of the Company.