Registered number
SC660201
CAS Duncan Ltd
Filleted Accounts
31 July 2024
CAS Duncan Ltd
Registered number: SC660201
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 450,000 475,000
Tangible assets 4 642,562 503,816
1,092,562 978,816
Current assets
Stocks 189,185 231,410
Debtors 5 311,714 454,246
Cash at bank and in hand 416,982 364,545
917,881 1,050,201
Creditors: amounts falling due within one year 6 (688,679) (977,961)
Net current assets 229,202 72,240
Net assets 1,321,764 1,051,056
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 675,130 675,130
Profit and loss account 646,534 375,826
Shareholders' funds 1,321,764 1,051,056
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sandra Harkness
Director
Approved by the board on 4 February 2025
CAS Duncan Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not depreciated
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Motor Vehicles over 6 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 38 37
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 500,000
At 31 July 2024 500,000
Amortisation
At 1 August 2023 25,000
Provided during the year 25,000
At 31 July 2024 50,000
Net book value
At 31 July 2024 450,000
At 31 July 2023 475,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 360,000 82,695 76,247 518,942
Additions - 103,626 73,810 177,436
At 31 July 2024 360,000 186,321 150,057 696,378
Depreciation
At 1 August 2023 - 8,410 6,716 15,126
Charge for the year - 18,392 20,298 38,690
At 31 July 2024 - 26,802 27,014 53,816
Net book value
At 31 July 2024 360,000 159,519 123,043 642,562
At 31 July 2023 360,000 74,285 69,531 503,816
5 Debtors 2024 2023
£ £
Trade debtors 260,481 403,195
Other debtors 51,233 51,051
311,714 454,246
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 140,057 219,374
Taxation and social security costs 154,890 172,433
Other creditors 393,732 586,154
688,679 977,961
7 Revaluation reserve 2024 2023
£ £
At 1 August 2023 675,130 -
Gain on revaluation of land and buildings - 675,130
At 31 July 2024 675,130 675,130
8 Loans from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
CA Duncan
Loan 192,539 - (60,030) 132,509
M Duncan
Loan 411,629 - (260,030) 151,599
A Duncan
Loan (16,153) 100,000 (40,020) 43,827
S Harkness
Loan (4,740) 100,000 (40,020) 55,240
583,275 200,000 (400,100) 383,175
No interest is charged and there are no fixed payment terms.
9 Other information
CAS Duncan Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
222 Hardgate
Aberdeen
Scotland
AB10 6AA
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