North East Contracts Ltd SC246537 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is The principal activity of the company during the year was cladding and roofing. Digita Accounts Production Advanced 6.30.9574.0 true true SC246537 2023-04-01 2024-03-31 SC246537 2024-03-31 SC246537 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC246537 core:ShareCapital 2024-03-31 SC246537 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 SC246537 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 SC246537 core:CurrentFinancialInstruments 2024-03-31 SC246537 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC246537 core:Non-currentFinancialInstruments 2024-03-31 SC246537 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC246537 core:Goodwill 2024-03-31 SC246537 core:FurnitureFittings 2024-03-31 SC246537 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 SC246537 core:MotorVehicles 2024-03-31 SC246537 core:OfficeEquipment 2024-03-31 SC246537 core:PlantMachinery 2024-03-31 SC246537 bus:SmallEntities 2023-04-01 2024-03-31 SC246537 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC246537 bus:FilletedAccounts 2023-04-01 2024-03-31 SC246537 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC246537 bus:RegisteredOffice 2023-04-01 2024-03-31 SC246537 bus:Director1 2023-04-01 2024-03-31 SC246537 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC246537 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC246537 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 SC246537 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC246537 core:Goodwill 2023-04-01 2024-03-31 SC246537 core:FurnitureFittings 2023-04-01 2024-03-31 SC246537 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC246537 core:MotorVehicles 2023-04-01 2024-03-31 SC246537 core:OfficeEquipment 2023-04-01 2024-03-31 SC246537 core:PlantMachinery 2023-04-01 2024-03-31 SC246537 countries:Scotland 2023-04-01 2024-03-31 SC246537 2023-03-31 SC246537 core:Goodwill 2023-03-31 SC246537 core:FurnitureFittings 2023-03-31 SC246537 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 SC246537 core:MotorVehicles 2023-03-31 SC246537 core:OfficeEquipment 2023-03-31 SC246537 core:PlantMachinery 2023-03-31 SC246537 2022-04-01 2023-03-31 SC246537 2023-03-31 SC246537 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC246537 core:ShareCapital 2023-03-31 SC246537 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 SC246537 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 SC246537 core:CurrentFinancialInstruments 2023-03-31 SC246537 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC246537 core:Non-currentFinancialInstruments 2023-03-31 SC246537 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC246537 core:Goodwill 2023-03-31 SC246537 core:FurnitureFittings 2023-03-31 SC246537 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 SC246537 core:MotorVehicles 2023-03-31 SC246537 core:OfficeEquipment 2023-03-31 SC246537 core:PlantMachinery 2023-03-31 SC246537 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC246537 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC246537 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: SC246537

North East Contracts Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

North East Contracts Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

North East Contracts Ltd

(Registration number: SC246537)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

341

Tangible assets

5

250,148

196,889

 

250,148

197,230

Current assets

 

Stocks

19,865

21,542

Debtors

6

119,929

132,339

Cash at bank and in hand

 

150,551

178,680

 

290,345

332,561

Creditors: Amounts falling due within one year

7

(271,942)

(337,621)

Net current assets/(liabilities)

 

18,403

(5,060)

Total assets less current liabilities

 

268,551

192,170

Creditors: Amounts falling due after more than one year

7

(53,837)

(23,274)

Provisions for liabilities

(13,292)

(5,243)

Net assets

 

201,422

163,653

Capital and reserves

 

Called up share capital

100

100

Retained earnings

201,322

163,553

Shareholders' funds

 

201,422

163,653

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Income Statement.

 

North East Contracts Ltd

(Registration number: SC246537)
Statement of Financial Position as at 31 March 2024

Approved and authorised by the director on 31 October 2024
 

.........................................
Mrs Jacqueline Hacking
Director

 

North East Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
DD1 3DG
United Kingdom

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

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

The current income 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 taxable income.

 

North East Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

15% reducing balance

Fixtures & Fittings

25% reducing balance

Motor Vehicles

25% reducing balance

Equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

 

North East Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

North East Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 9 (2023 - 9).

 

North East Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 April 2023

6,933

At 31 March 2024

6,933

Amortisation

At 1 April 2023

6,592

Amortisation charge

341

At 31 March 2024

6,933

Carrying amount

At 31 March 2024

-

At 31 March 2023

341

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

169,294

1,650

32,639

14,804

68,785

287,172

Additions

23,181

-

-

-

47,894

71,075

Disposals

-

(1,650)

(7,419)

(14,396)

(52,535)

(76,000)

At 31 March 2024

192,475

-

25,220

408

64,144

282,247

Depreciation

At 1 April 2023

-

1,614

22,202

12,297

54,170

90,283

Charge for the year

1,159

9

1,565

376

9,640

12,749

Eliminated on disposal

-

(1,622)

(6,851)

(12,423)

(50,037)

(70,933)

At 31 March 2024

1,159

1

16,916

250

13,773

32,099

Carrying amount

At 31 March 2024

191,316

(1)

8,304

158

50,371

250,148

At 31 March 2023

169,294

36

10,437

2,507

14,615

196,889

 

North East Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

101,900

120,962

Prepayments

7,142

2,105

Other debtors

10,887

9,272

 

119,929

132,339

 

North East Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

27,380

9,932

Trade creditors

 

9,682

53,981

Taxation and social security

 

7,572

18,749

Accruals and deferred income

 

3,485

3,467

Other creditors

 

223,823

251,492

 

271,942

337,621

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

53,837

23,274

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,091

23,274

Hire purchase contracts

22,641

-

Other borrowings

18,105

-

53,837

23,274

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,183

9,932

Hire purchase contracts

14,300

-

Other borrowings

2,897

-

27,380

9,932

 

North East Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £Nil per each Ordinary A

-

-

Final dividend of £Nil per each Ordinary C

-

-

Final dividend of £147.00 (2023 - £154.00) per each Ordinary D

7,200

7,255

7,200

7,255