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REGISTERED NUMBER: SC418018 (Scotland)











Financial Statements for the Year Ended 30th June 2024

for

A.q.f. Contractors Limited

A.q.f. Contractors Limited (Registered number: SC418018)






Contents of the Financial Statements
for the Year Ended 30th June 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


A.q.f. Contractors Limited

Company Information
for the Year Ended 30th June 2024







DIRECTORS: Ms L A McKay
C W McIntyre





REGISTERED OFFICE: Almagill Farm
Dalton
Lockerbie
DUMFRIESSHIRE
DG11 1DZ





REGISTERED NUMBER: SC418018 (Scotland)





ACCOUNTANTS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

A.q.f. Contractors Limited (Registered number: SC418018)

Statement of Financial Position
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 309,959 368,649

CURRENT ASSETS
Debtors 5 137,380 186,735
Cash at bank 23,175 28,348
160,555 215,083
CREDITORS
Amounts falling due within one year 6 129,942 173,650
NET CURRENT ASSETS 30,613 41,433
TOTAL ASSETS LESS CURRENT
LIABILITIES

340,572

410,082

CREDITORS
Amounts falling due after more than one year 7 (86,730 ) (149,209 )

PROVISIONS FOR LIABILITIES (58,892 ) (70,043 )
NET ASSETS 194,950 190,830

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 194,850 190,730
SHAREHOLDERS' FUNDS 194,950 190,830

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7th February 2025 and were signed on its behalf by:




Ms L A McKay - Director


A.q.f. Contractors Limited (Registered number: SC418018)

Notes to the Financial Statements
for the Year Ended 30th June 2024

1. STATUTORY INFORMATION

A.q.f. Contractors Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Tractors - 20% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

A.q.f. Contractors Limited (Registered number: SC418018)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of he business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of the 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.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between proceeds, net of transactions costs, and the amount due on redemption recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery Tractors Totals
£    £    £   
COST
At 1st July 2023 286,582 285,331 571,913
Additions 12,300 - 12,300
Disposals (12,500 ) - (12,500 )
At 30th June 2024 286,382 285,331 571,713
DEPRECIATION
At 1st July 2023 146,125 57,139 203,264
Charge for year 20,214 40,284 60,498
Eliminated on disposal (2,008 ) - (2,008 )
At 30th June 2024 164,331 97,423 261,754
NET BOOK VALUE
At 30th June 2024 122,051 187,908 309,959
At 30th June 2023 140,457 228,192 368,649

A.q.f. Contractors Limited (Registered number: SC418018)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 125,423 174,778
AQF Partnership Loan 11,957 11,957
137,380 186,735

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 63,312 65,012
Trade creditors 65,229 107,732
Directors' current accounts 901 406
Accrued expenses 500 500
129,942 173,650

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 86,730 149,209