2023-01-012023-12-312023-12-31falseSC187082Custombuilt Joinery 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Custombuilt Joinery Limited

Registered Number
SC187082
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

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

Directors

Mr A E Milne
Mr E C Milne (resigned 9 August 2024)

Company Secretary

MILNE, Eric Chisholm (resigned 9 August 2024)

Registered Address

Unit 18, 211 Cambuslang Road
Cambuslang
Glasgow
G72 7TS

Registered Number

SC187082 (Scotland)
Custombuilt Joinery Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets36,0358,159
6,0358,159
Current assets
Stocks464,56063,880
Debtors5195,091158,377
Cash at bank and on hand14,35525,520
274,006247,777
Creditors amounts falling due within one year6(252,328)(188,171)
Net current assets (liabilities)21,67859,606
Total assets less current liabilities27,71367,765
Provisions for liabilities7-(1,000)
Net assets27,71366,765
Capital and reserves
Called up share capital66,50066,500
Profit and loss account(38,787)265
Shareholders' funds27,71366,765
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 E Milne
Director
Registered Company No. SC187082
Custombuilt Joinery 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.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Interest income
Interest income is recognised using the effective interest rate method.
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery15-
Fixtures and fittings15-
Vehicles-3
Office Equipment25-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
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 year1314
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 January 2377,36230,7102,71010,679121,461
Additions---997997
At 31 December 2377,36230,7102,71011,676122,458
Depreciation and impairment
At 01 January 2372,04828,6452,52010,089113,302
Charge for year7972,065292303,121
At 31 December 2372,84530,7102,54910,319116,423
Net book value
At 31 December 234,517-1611,3576,035
At 31 December 225,3142,0651905908,159
4.Stocks

2023

2022

££
Raw materials and consumables64,56063,880
Total64,56063,880
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables3,72039,200
Amounts owed by group undertakings44,74343,780
Other debtors144,45973,365
Prepayments and accrued income2,1692,032
Total195,091158,377
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables79,02548,510
Taxation and social security162,861131,299
Finance lease and HP contracts-2,064
Other creditors5,2452,144
Accrued liabilities and deferred income5,1974,154
Total252,328188,171
7.Provisions for liabilities
The provision for deferred tax is £9,096 (2022 - £1,000) and is in respect of enhanced capital allowances.

2023

2022

££
Net deferred tax liability (asset)-1,000
Total-1,000
8.Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,162 (2022: £5,395). Contributions totalling £5,245 (2022: £2,144) were payable to the fund at the reporting date and are included in creditors.
9.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Mr A E Milne33,86759,27032,13761,000
Mr E C Milne (resigned 9 August 2024)27,18824,695051,883
61,05583,96532,137112,883
Interest has been charged using the official HMRC rate for beneficial loan arrangements.
10.Share capital
66,500 (2022 - 66,500) Ordinary shares of £1.00 each.
11.Related party transactions
As at 31 December 2023, the parent company owed £44,743 (2022: £43,780) to Custombuilt Joinery Limited. The amounts are unsecured, interest-free and repayable on demand.
12.Parent-subsidiary relationships
Custombuilt Joinery Limited is the subsidiary company of Custombuilt Scotland Limited, which holds 100% control.