E.A. Construction (Scotland) Limited
Registered number
SC372835
Filleted Accounts
29 February 2024
E.A. Construction (Scotland) Limited
Registered number: SC372835
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 686,696 511,431
Current assets
Stocks 89,395 91,737
Debtors 4 509,369 686,261
Cash at bank and in hand 225,553 131,965
824,317 909,963
Creditors: amounts falling due within one year 5 (166,406) (158,186)
Net current assets 657,911 751,777
Total assets less current liabilities 1,344,607 1,263,208
Creditors: amounts falling due after more than one year 6 (1,004,787) (938,786)
Provisions for liabilities (83,731) (83,731)
Net assets 256,089 240,691
Capital and reserves
Called up share capital 2 2
Profit and loss account 256,087 240,689
Shareholder's funds 256,089 240,691
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Callaghan
Director
Approved by the board on 21 November 2024
E.A. Construction (Scotland) Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% Reducing Balance
Fixtures, fittings, tools and equipment 20% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 1,055,770 54,185 1,109,955
Additions 399,352 24,000 423,352
Disposals (76,413) - (76,413)
At 29 February 2024 1,378,709 78,185 1,456,894
Depreciation
At 1 March 2023 550,481 48,043 598,524
Charge for the year 165,646 6,028 171,674
At 29 February 2024 716,127 54,071 770,198
Net book value
At 29 February 2024 662,582 24,114 686,696
At 28 February 2023 505,289 6,142 511,431
4 Debtors 2024 2023
£ £
Trade debtors 449,249 403,874
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 183,768
Other debtors 60,120 98,619
509,369 686,261
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 65,753 65,753
Trade creditors 68,001 40,950
Taxes and social security costs 32,652 51,483
166,406 158,186
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 22,500 32,500
Obligations under finance lease and hire purchase contracts 137,854 276,839
Amounts owed to group undertakings and undertakings in which the company has a participating interest 844,433 629,447
1,004,787 938,786
7 Controlling party
Letham Holdings Limited, a company registered in Scotland with company number SC532600, is the controlling party by way of its owning 100% of the issued share capital.
8 Other information
E.A. Construction (Scotland) Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
North Letham Farm
Airth
FK2 8QU
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