Company Registration No. SC074528 (Scotland)
GEORGE LAING (FENCING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
GEORGE LAING (FENCING) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
376,083
273,883
Investment properties
4
280,000
280,000
656,083
553,883
Current assets
Stocks
155,235
172,238
Debtors
5
48,507
46,153
Cash at bank and in hand
300,296
314,327
504,038
532,718
Creditors: amounts falling due within one year
6
(192,602)
(205,354)
Net current assets
311,436
327,364
Total assets less current liabilities
967,519
881,247
Provisions for liabilities
7
(50,531)
(29,901)
Net assets
916,988
851,346
Capital and reserves
Called up share capital
8
5,000
5,000
Revaluation reserve
31,904
32,738
Profit and loss reserves
880,084
813,608
Total equity
916,988
851,346

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GEORGE LAING (FENCING) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Mr George Laing
Director
Company Registration No. SC074528
GEORGE LAING (FENCING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

George Laing (Fencing) Limited is a private company limited by shares incorporated in Scotland. The registered office is Railway Place, Cupar, Fife, KY15 5HZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the invoiced value of the sale and erection of fencing, wooden sheds, summer houses, stables and other similar items and contract fencing work supplied by the company, net of Value Added Tax and trade discounts.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
50 years
Leasehold property improvements
8 years
Plant and machinery
6-7 years
Motor vehicles
5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred taxation is provided on these gains and losses at the rate expected to apply when the property is sold.

1.5
Stocks

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

GEORGE LAING (FENCING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

1.7
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.

1.9
Leases

Rentals applicable to operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
18
21
GEORGE LAING (FENCING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Leasehold property improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
70,000
180,276
206,566
357,531
814,373
Additions
-
0
77,527
37,890
61,874
177,291
Disposals
-
0
-
0
-
0
(43,175)
(43,175)
At 31 March 2024
70,000
257,803
244,456
376,230
948,489
Depreciation and impairment
At 1 April 2023
25,216
150,878
143,630
220,766
540,490
Depreciation charged in the year
1,425
9,309
15,505
48,852
75,091
Eliminated in respect of disposals
-
0
-
0
-
0
(43,175)
(43,175)
At 31 March 2024
26,641
160,187
159,135
226,443
572,406
Carrying amount
At 31 March 2024
43,359
97,616
85,321
149,787
376,083
At 31 March 2023
44,784
29,398
62,936
136,765
273,883
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
280,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
43,667
43,545
Other debtors
2,000
-
0
Prepayments and accrued income
2,840
2,608
48,507
46,153
GEORGE LAING (FENCING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
152,703
125,258
Corporation tax
628
23,821
Other taxation and social security
10,995
25,046
Other creditors
5,642
8,009
Directors current accounts
5,989
3,869
Accruals and deferred income
16,645
19,351
192,602
205,354
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
50,531
29,901
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
5,000 Ordinary shares of £1 each
5,000
5,000
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
0
-
0
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