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COMPANY REGISTRATION NUMBER: SC099911
Andrew Shepherd Construction Limited
Filleted Financial Statements
31 March 2024
Andrew Shepherd Construction Limited
Directors' Responsibilities Statement
Year ended 31 March 2024
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Andrew Shepherd Construction Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
7
323,525
249,483
Investments
8
71,000
71,000
---------
---------
394,525
320,483
Current assets
Stocks
69,673
26,654
Debtors
9
1,795,882
2,009,920
Cash at bank and in hand
181,049
14,599
------------
------------
2,046,604
2,051,173
Creditors: amounts falling due within one year
10
1,622,607
1,683,111
------------
------------
Net current assets
423,997
368,062
---------
---------
Total assets less current liabilities
818,522
688,545
Creditors: amounts falling due after more than one year
11
107,186
11,833
Provisions for liabilities
Deferred tax
48,465
24,825
---------
---------
Net assets
662,871
651,887
---------
---------
Capital and reserves
Called up share capital
13
90,000
90,000
Profit and loss account
572,871
561,887
---------
---------
Shareholder funds
662,871
651,887
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Andrew Shepherd Construction Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 2 December 2024 , and are signed on behalf of the board by:
Darren H. Leith
Director
Company registration number: SC099911
Andrew Shepherd Construction Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Restenneth House, Old Brechin Road, Forfar, Angus, DD8 3DX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Going Concern The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.
Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised.
Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue
The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents the certified value of work done, exclusive of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenants improvements
-
12.5% straight line
Plant & equipment
-
12.5% - 25% straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Hire purchase contracts
Assets held under hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Revenue grants are recognised in the Statement of Income and Retained Earnings in the period to which they relate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Basic financial instruments
A financial asset held as an equity instrument is recognised initially at the transaction price (including transaction costs). At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date. Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 30 (2023: 35 ).
5. Tax on profit
Major components of tax (income)/expense
2024
2023
£
£
Current tax:
UK current tax expense
25,497
Adjustments in respect of prior periods
( 25,497)
--------
--------
Total current tax
( 25,497)
25,497
--------
--------
Deferred tax:
Origination and reversal of timing differences
23,640
( 13,415)
--------
--------
Tax on profit
( 1,857)
12,082
--------
--------
6. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Equity dividends on ordinary shares
285,000
50,000
---------
--------
7. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
291,403
167,820
372,198
831,421
Additions
143,329
143,329
Disposals
( 134,988)
( 134,988)
---------
---------
---------
---------
At 31 March 2024
291,403
167,820
380,539
839,762
---------
---------
---------
---------
Depreciation
At 1 April 2023
109,276
146,543
326,119
581,938
Charge for the year
36,426
6,719
26,142
69,287
Disposals
( 134,988)
( 134,988)
---------
---------
---------
---------
At 31 March 2024
145,702
153,262
217,273
516,237
---------
---------
---------
---------
Carrying amount
At 31 March 2024
145,701
14,558
163,266
323,525
---------
---------
---------
---------
At 31 March 2023
182,127
21,277
46,079
249,483
---------
---------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2024
163,286
---------
At 31 March 2023
39,901
---------
8. Investments
Equity investments
£
Cost
At 1 April 2023 and 31 March 2024
71,000
--------
Impairment
At 1 April 2023 and 31 March 2024
--------
Carrying amount
At 31 March 2024
71,000
--------
At 31 March 2023
71,000
--------
9. Debtors
2024
2023
£
£
Trade debtors
805,584
631,859
Amounts owed by group undertakings and undertakings in which the company has a participating interest
958,360
1,362,160
Other debtors
31,938
15,901
------------
------------
1,795,882
2,009,920
------------
------------
10. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
995,485
1,217,657
Accruals and deferred income
40,156
51,766
Corporation tax
25,497
Social security and other taxes
205,486
227,295
Obligations under finance leases and hire purchase contracts
44,109
20,146
Other creditors
337,371
140,750
------------
------------
1,622,607
1,683,111
------------
------------
11. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
107,186
11,833
---------
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions for liabilities
48,465
24,825
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
48,465
24,825
--------
--------
13. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
90,000
90,000
90,000
90,000
--------
--------
--------
--------
14. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
43,336
43,336
Later than 1 year and not later than 5 years
146,113
166,115
Later than 5 years
23,333
---------
---------
189,449
232,784
---------
---------
15. Summary audit opinion
The auditor's report dated 2 December 2024 was unqualified .
The senior statutory auditor was Karen Henderson MCIBS, BA(Hons), CA , for and on behalf of FourM Limited .
16. Related party transactions
The company and its holding company have a group treasury arrangement with the group's bankers. All cash within the group is held in a bank deposit account in the name of Andrew Shepherd (Holdings) Limited. At the year-end, the company was due to receive a balance of £956,360 (2023 - £1,349,360) from Andrew Shepherd (Holdings) Limited in relation to these arrangements. During the year the company made sales to one of the directors, for housebuilding work undertaken on their behalf, to the value of £nil (2023: £250,000) and also accrued another £nil of income in relation to the same project (2023: £60,000). This work was done on normal commercial terms and the invoiced amounts were fully paid off prior to the year end.
17. Controlling party
The company's ultimate parent company is Kinburn (208) Limited, a company registered in Scotland. The ultimate parent's accounts are available from the registrar of Companies, Companies House, 4th Floor, Edinburgh Quay, 139 Fountainbridge, Edinburgh, EH3 9FF.