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SCOTT HOMES (BUILDERS) LIMITED

Registered Number
SC551649
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

SCOTT HOMES (BUILDERS) LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

SCOTT, Colin

Registered Address

4d Auchingramont Road
Hamilton
ML3 6JT

Place of Business

4 Middleton Avenue

Strutherhill Industrial Estate

Larkhall

ML9 2TL


Registered Number

SC551649 (Scotland)
SCOTT HOMES (BUILDERS) LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Current assets
Stocks362,000136,000
Debtors494,59913,971
Cash at bank and on hand57,25059,241
213,849209,212
Creditors amounts falling due within one year5(1,527)(12,572)
Net current assets (liabilities)212,322196,640
Total assets less current liabilities212,322196,640
Net assets212,322196,640
Capital and reserves
Called up share capital22
Profit and loss account212,320196,638
Shareholders' funds212,322196,640
The financial statements were approved and authorised for issue by the Director on 23 December 2024, and are signed on its behalf by:
SCOTT, Colin
Director
Registered Company No. SC551649
SCOTT HOMES (BUILDERS) LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Stocks and work in progress
Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year00
3.Stocks

2024

2023

££
Work in progress62,000136,000
Total62,000136,000
4.Debtors: amounts due within one year

2024

2023

££
Other debtors94,09913,529
Prepayments and accrued income500442
Total94,59913,971
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-11,061
Accrued liabilities and deferred income1,5271,511
Total1,52712,572