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Registration number: SC157112

Falconer Building Projects Ltd.

Unaudited Financial Statements

for the Year Ended 10 April 2024

 

Falconer Building Projects Ltd.

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Falconer Building Projects Ltd.

(Registration number: SC157112)
Statement of Financial Position as at 10 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

8,636

10,704

Current assets

 

Stocks

5

1,327

25,769

Debtors

6

3,392

2,675

Cash at bank and in hand

 

15,874

146,108

 

20,593

174,552

Creditors: Amounts falling due within one year

7

(76,422)

(128,700)

Net current (liabilities)/assets

 

(55,829)

45,852

Total assets less current liabilities

 

(47,193)

56,556

Creditors: Amounts falling due after more than one year

7

(11,667)

(22,566)

Provisions for liabilities

(1,387)

(1,724)

Net (liabilities)/assets

 

(60,247)

32,266

Capital and reserves

 

Called up share capital

8

12

12

Retained earnings

(60,259)

32,254

Shareholders' (deficit)/funds

 

(60,247)

32,266

For the financial year ending 10 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

 

Falconer Building Projects Ltd.

(Registration number: SC157112)
Statement of Financial Position as at 10 April 2024

Approved and authorised by the Board on 9 January 2025 and signed on its behalf by:
 

.........................................
Mr Michael Falconer
Director

.........................................
Mr Gordon Falconer
Director

 

Falconer Building Projects Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 10 April 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 21
Matthew Kerr Place
Arbroath
Angus
DD11 3AX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Falconer Building Projects Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 10 April 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Office Equipment

15% reducing balance

Plant & Equipment

15% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Falconer Building Projects Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 10 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 3 (2023 - 5).

 

Falconer Building Projects Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 10 April 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 11 April 2023

24,135

12,676

14,236

51,047

At 10 April 2024

24,135

12,676

14,236

51,047

Depreciation

At 11 April 2023

21,730

9,017

9,596

40,343

Charge for the year

360

548

1,160

2,068

At 10 April 2024

22,090

9,565

10,756

42,411

Carrying amount

At 10 April 2024

2,045

3,111

3,480

8,636

At 10 April 2023

2,405

3,659

4,640

10,704

5

Stocks

2024
£

2023
£

Work in progress

1,327

25,769

6

Debtors

Current

2024
£

2023
£

Other debtors

3,392

2,675

 

3,392

2,675

 

Falconer Building Projects Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 10 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

212

1,638

Taxation and social security

 

-

16,427

Accruals and deferred income

 

29,884

67,096

Other creditors

 

36,326

33,539

 

76,422

128,700

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

11,667

22,566

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

12

12

12

12

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,667

22,566

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000