Acorah Software Products - Accounts Production 16.1.200 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 SC061834 Mrs Jean Munro Mr William Munro Mrs Jean Munro iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC061834 2023-03-31 SC061834 2024-03-31 SC061834 2023-04-01 2024-03-31 SC061834 frs-core:CurrentFinancialInstruments 2024-03-31 SC061834 frs-core:Non-currentFinancialInstruments 2024-03-31 SC061834 frs-core:BetweenOneFiveYears 2024-03-31 SC061834 frs-core:FurnitureFittings 2024-03-31 SC061834 frs-core:FurnitureFittings 2023-04-01 2024-03-31 SC061834 frs-core:FurnitureFittings 2023-03-31 SC061834 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 SC061834 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 SC061834 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 SC061834 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 SC061834 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC061834 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 SC061834 frs-core:MotorVehicles 2024-03-31 SC061834 frs-core:MotorVehicles 2023-04-01 2024-03-31 SC061834 frs-core:MotorVehicles 2023-03-31 SC061834 frs-core:PlantMachinery 2024-03-31 SC061834 frs-core:PlantMachinery 2023-04-01 2024-03-31 SC061834 frs-core:PlantMachinery 2023-03-31 SC061834 frs-core:WithinOneYear 2024-03-31 SC061834 frs-core:RevaluationReserve 2023-04-01 2024-03-31 SC061834 frs-core:RevaluationReserve 2023-03-31 SC061834 frs-core:RevaluationReserve 2024-03-31 SC061834 frs-core:ShareCapital 2024-03-31 SC061834 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 SC061834 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC061834 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 SC061834 frs-bus:SmallEntities 2023-04-01 2024-03-31 SC061834 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC061834 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC061834 frs-core:CostValuation 2023-03-31 SC061834 frs-core:CostValuation 2024-03-31 SC061834 frs-core:ProvisionsForImpairmentInvestments 2023-03-31 SC061834 frs-core:ProvisionsForImpairmentInvestments 2024-03-31 SC061834 frs-bus:Director1 2023-04-01 2024-03-31 SC061834 frs-bus:Director2 2023-04-01 2024-03-31 SC061834 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 SC061834 frs-countries:Scotland 2023-04-01 2024-03-31 SC061834 2022-03-31 SC061834 2023-03-31 SC061834 2022-04-01 2023-03-31 SC061834 frs-core:CurrentFinancialInstruments 2023-03-31 SC061834 frs-core:Non-currentFinancialInstruments 2023-03-31 SC061834 frs-core:BetweenOneFiveYears 2023-03-31 SC061834 frs-core:WithinOneYear 2023-03-31 SC061834 frs-core:RevaluationReserve 2023-03-31 SC061834 frs-core:ShareCapital 2023-03-31 SC061834 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: SC061834
William Munro Construction (Highland) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Leitch Accountancy Services Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: SC061834
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,114,078 2,740,831
Investments 5 57,002 57,002
2,171,080 2,797,833
CURRENT ASSETS
Stocks 6 2,647,012 2,259,269
Debtors 7 2,157,770 1,581,889
Cash at bank and in hand 546 36,403
4,805,328 3,877,561
Creditors: Amounts Falling Due Within One Year 8 (2,977,701 ) (2,012,284 )
NET CURRENT ASSETS (LIABILITIES) 1,827,627 1,865,277
TOTAL ASSETS LESS CURRENT LIABILITIES 3,998,707 4,663,110
Creditors: Amounts Falling Due After More Than One Year 9 (163,894 ) (872,730 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (414,224 ) (404,534 )
NET ASSETS 3,420,589 3,385,846
CAPITAL AND RESERVES
Called up share capital 11 20,002 20,002
Revaluation reserve 12 630,699 1,166,299
Profit and Loss Account 2,769,888 2,199,545
SHAREHOLDERS' FUNDS 3,420,589 3,385,846
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Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr William Munro
Director
23/12/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
William Munro Construction (Highland) Limited is a private company, limited by shares, incorporated in Scotland, registered number SC061834 . The registered office is Teaninich Industrial Estate, Alness, IV17 0PG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors are confident that the company will continue to generate profits in forthcoming financial periods and increase business with local authorities and commercial clients, whilst simultaneously focusing on development of its owned commercial landbank and properties. The company continues to make use of its overdraft facility however enjoys a constructive relationship with its bankers, with the directors fully anticipating this facility will remain in place for the foreseeable future.
The directors are confident that on balance the company has adequate resources to continue in operational existence for at least 12 months and it is therefore appropriate to continue to adopt the going concern basis of accounting in prearing the financial statements.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Leasehold 2% straight line
Plant & Machinery 10% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 33% straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Financial Instruments
Financial Instuments
Financial assets and financial liabilities are recognised when the Company becomes a party to the
contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a
legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and preference shares that are classified as debt,
are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.9. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with
banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due
within one year.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 20)
20 20
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 April 2023 585,858 930,000 3,583,049 709,444
Additions 1,000 - 142,261 44,195
Disposals - (675,000 ) - -
As at 31 March 2024 586,858 255,000 3,725,310 753,639
Depreciation
As at 1 April 2023 - 18,600 2,519,883 534,106
Provided during the period - 5,100 108,797 35,804
Disposals - (13,500 ) - -
As at 31 March 2024 - 10,200 2,628,680 569,910
Net Book Value
As at 31 March 2024 586,858 244,800 1,096,630 183,729
As at 1 April 2023 585,858 911,400 1,063,166 175,338
Fixtures & Fittings Total
£ £
Cost
As at 1 April 2023 65,936 5,874,287
Additions - 187,456
Disposals - (675,000 )
As at 31 March 2024 65,936 5,386,743
Depreciation
As at 1 April 2023 60,867 3,133,456
Provided during the period 3,008 152,709
Disposals - (13,500 )
As at 31 March 2024 63,875 3,272,665
Net Book Value
As at 31 March 2024 2,061 2,114,078
As at 1 April 2023 5,069 2,740,831
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5. Investments
Subsidiaries
£
Cost
As at 1 April 2023 57,002
As at 31 March 2024 57,002
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 57,002
As at 1 April 2023 57,002
6. Stocks
2024 2023
£ £
Stock 855,140 845,982
Work in progress 1,791,872 1,413,287
2,647,012 2,259,269
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 543,891 294,921
Amounts owed by group undertakings 1,381,007 950,751
Other debtors 232,872 336,217
2,157,770 1,581,889
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 40,516 7,991
Trade creditors 682,551 463,885
Bank loans and overdrafts 170,633 227,562
Other loans 984,000 240,000
Amounts owed to group undertakings 429,859 403,312
Other creditors 627,343 444,789
Taxation and social security 42,799 224,745
2,977,701 2,012,284
The bank overdraft is secured by a bond and floating charge over the assets of the company.
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 153,894 52,050
Bank loans 10,000 20,680
Other loans - 800,000
163,894 872,730
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 40,516 7,991
Later than one year and not later than five years 153,894 52,050
194,410 60,041
194,410 60,041
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 20,002 20,002
12. Reserves
Revaluation Reserve
£
As at 1 April 2023 1,166,299
Transfer to profit and loss (535,600 )
As at 31 March 2024 630,699
13. Related Party Transactions
As at the year end, amounts due to the company from related parties totalled £1,381,007 (2023 - £1,174,513). These amounts are unsecured, interest free and have no fixed terms of repayment.
As at the year end, amounts owed by the company to related parties totalled £429,859 (2023 - £78,885). These amounts are unsecured, interest free and have no fixed terms of repayment.
14. Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
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Name of Undertaking
Registered office
Nature of business
Class of shares held
% Held direct
Avonfield Limited
5 River Drive, Teaninich, Industrial Estate, Alness, Ross-shire, IV19 0PG
Hotelier
Ordinary
100
Avonmanse Limited
As above
Dormant
Ordinary
100
Calrichie Land Management Limited
As above
Sale of waste composite products
Ordinary
100
Munro (Highland) Limited
As above
Haulage and waste disposal contracting
Ordinary
100
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