REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 27 October 2022 to 31 October 2023 |
for |
Ettrickhaugh Development Company Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
47-49 The Square |
Kelso |
Roxburghshire |
TD5 7HW |
Ettrickhaugh Development Company Limited (Registered number: SC748506) |
Balance Sheet |
31 October 2023 |
Notes | £ |
CURRENT ASSETS |
Inventories |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to associates | 64,787 |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans |
Amounts owed to joint ventures | 1,705,115 |
7. | SECURED DEBTS |
Cynergy Bank holds a floating charge against all property and undertakings of the Company. |