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REGISTERED NUMBER: SC423644 (Scotland)












Financial Statements

for the Year Ended 31 May 2024

for

Duffy & McCann
Plastering & Roughcasting Ltd

Duffy & McCann
Plastering & Roughcasting Ltd (Registered number: SC423644)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Duffy & McCann
Plastering & Roughcasting Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: N M Duffy
S A McColgan
Mrs E A Duffy





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC423644 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Duffy & McCann
Plastering & Roughcasting Ltd (Registered number: SC423644)

Statement of Financial Position
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 3 260,496 306,513

CURRENT ASSETS
Inventories 100,000 -
Debtors 4 122,643 425,802
Cash at bank 300,931 256,285
523,574 682,087
CREDITORS
Amounts falling due within one year 5 451,187 468,589
NET CURRENT ASSETS 72,387 213,498
TOTAL ASSETS LESS CURRENT
LIABILITIES

332,883

520,011

PROVISIONS FOR LIABILITIES 35,583 45,602
NET ASSETS 297,300 474,409

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 297,298 474,407
SHAREHOLDERS' FUNDS 297,300 474,409

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Duffy & McCann
Plastering & Roughcasting Ltd (Registered number: SC423644)

Statement of Financial Position - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by:




N M Duffy - Director



S A McColgan - Director


Duffy & McCann
Plastering & Roughcasting Ltd (Registered number: SC423644)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 4% on cost
Plant & equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Inventories
The stage of completion of work which was ongoing at the balance sheet date is an estimate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Duffy & McCann
Plastering & Roughcasting Ltd (Registered number: SC423644)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

1. ACCOUNTING POLICIES - continued

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

3. PROPERTY, PLANT AND EQUIPMENT
Freehold Plant & Motor Computer
property equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 148,531 27,305 193,531 9,850 379,217
Additions - 849 - 2,085 2,934
At 31 May 2024 148,531 28,154 193,531 11,935 382,151
DEPRECIATION
At 1 June 2023 10,661 13,307 44,012 4,724 72,704
Charge for year 5,942 2,928 37,380 2,701 48,951
At 31 May 2024 16,603 16,235 81,392 7,425 121,655
NET BOOK VALUE
At 31 May 2024 131,928 11,919 112,139 4,510 260,496
At 31 May 2023 137,870 13,998 149,519 5,126 306,513

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 63,120 340,241
Other debtors 59,523 85,561
122,643 425,802

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 1,753 4,034
Trade creditors 180,795 321,468
Taxation and social security 114,589 136,338
Other creditors 154,050 6,749
451,187 468,589

6. ULTIMATE CONTROLLING PARTY

Since 2 July 2021 the company has been owned 50% by Duffy Property Holdings Scotland Ltd (controlled by N.M. Duffy) and 50% by McCann Property Holdings Scotland Ltd (controlled by S.A.McColgan).