IRIS Accounts Production v24.3.2.46 SC193698 Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors 1.6.23 31.5.24 31.5.24 Medium entities true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: SC193698 (Scotland)













Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 May 2024

for

ADVANCED BUILDING CONTRACTORS LTD

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


ADVANCED BUILDING CONTRACTORS LTD

Company Information
for the Year Ended 31 May 2024







DIRECTORS: G W Cattanach
E T Heron
F J Cattanach





REGISTERED OFFICE: Unit 1
Possilpark Trading Centre
Lomond Street
Glasgow
G22 6JJ





REGISTERED NUMBER: SC193698 (Scotland)





AUDITORS: WDM
Registered Auditors
Chartered Accountants
378 Brandon Street
Motherwell
ML1 1XA

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

Strategic Report
for the Year Ended 31 May 2024

The directors present their strategic report for the year ended 31 May 2024.

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements. The company's principal activity in the financial year was the operating of a commercial construction business.

The directors deem the success of the business and turnover to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk and uncertainties affecting the business, together with the company's approach to these are summarised below:-

Market conditions - the director is satisfied that the strong branding and efficient operation of the company means it occupies a prominent position in the marketplace.

Material risks; the directors deem that the material and labour shortages are industry wide. Supply chains are constantly monitored, and clients kept updated to minimise the risk to projects.

IT risk - the company is dependent on reliable IT systems for operating and managing the business. Policies are in place to protect software, hardware and data to protect unauthorised access to systems and to prevent and mitigate the risk of system failure. The business has achieved cyber security accreditations and ensures a high level of security and policies to minimise the risk.

Fraud risk - the company operates detailed internal control procedures to ensure that the risk of fraud is minimised. All business transactions are digital and monitored weekly by a director.

KEY FINANCIAL PERFORMANCE INDICATORS
These include the monitoring of turnover, gross profit, net profitability, health and safety and return on capital employed.

FUTURE DEVELOPMENTS
The company will continue to invest in ensuring the safety of its staff and customers. Demand is expected to remain strong and the director sees the upcoming year as a period of consolidation.

ON BEHALF OF THE BOARD:





F J Cattanach - Director


25 February 2025

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

Report of the Directors
for the Year Ended 31 May 2024

The directors present their report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the development and refurbishment of property.

DIVIDENDS
Interim dividends per share were paid as follows:
150000 - 9 August 2023
50000 - 17 November 2023
55000 - 29 February 2024
255000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2024 will be £ 2,306,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

G W Cattanach
E T Heron
F J Cattanach

POLITICAL DONATIONS AND EXPENDITURE
No donations were made to any political party or organisation during the current of preceding period.

DONATIONS
The company made donations to various registered charities during the year totalling £14,538 (2023 - £4,672).

DIRECTOR APPOINTMENTS
On 25 November 2024, post year end, the company appointed the following directors:

- Mr S Cattanach
- Mr F Campbell
- Mr A Mason
- Mr I Kay

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

Report of the Directors
for the Year Ended 31 May 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, WDM, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





F J Cattanach - Director


25 February 2025

Report of the Independent Auditors to the Members of
Advanced Building Contractors Ltd

Opinion
We have audited the financial statements of Advanced Building Contractors Ltd (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Advanced Building Contractors Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Advanced Building Contractors Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the construction sector;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

To address the risk of fraud through management bias and override of controls, we:

Performed analytical procedures to identify any unusual or unexpected relationships;

Tested journal entries to identify unusual transactions;

Investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Agreeing financial statement disclosures to underlying supporting documentation;

Reading the minutes of meetings of those charged with governance;

Enquiring of management as to actual and potential litigation and claims;

Reviewing correspondence with HMRC, relevant regulators and the company's legal advisors; and

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Report of the Independent Auditors to the Members of
Advanced Building Contractors Ltd


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Graham Bonomy (Senior Statutory Auditor)
for and on behalf of WDM
Registered Auditors
Chartered Accountants
378 Brandon Street
Motherwell
ML1 1XA

25 February 2025

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

Income Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   

TURNOVER 17,810,461 14,741,795

Cost of sales 13,121,622 11,740,616
GROSS PROFIT 4,688,839 3,001,179

Administrative expenses 2,569,451 2,111,553
2,119,388 889,626

Other operating income - 454
OPERATING PROFIT 4 2,119,388 890,080

Interest receivable and similar income 5,586 1,815
2,124,974 891,895

Interest payable and similar expenses 5 9,399 7,218
PROFIT BEFORE TAXATION 2,115,575 884,677

Tax on profit 6 544,097 212,930
PROFIT FOR THE FINANCIAL YEAR 1,571,478 671,747

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

Other Comprehensive Income
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   

PROFIT FOR THE YEAR 1,571,478 671,747


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,571,478

671,747

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 12,000 14,400
Tangible assets 9 470,355 242,387
482,355 256,787

CURRENT ASSETS
Debtors 10 6,024,068 6,691,686
Cash at bank and in hand 581,919 471,309
6,605,987 7,162,995
CREDITORS
Amounts falling due within one year 11 2,635,067 2,391,035
NET CURRENT ASSETS 3,970,920 4,771,960
TOTAL ASSETS LESS CURRENT LIABILITIES 4,453,275 5,028,747

CREDITORS
Amounts falling due after more than one
year

12

(217,830

)

(115,773

)

PROVISIONS FOR LIABILITIES 15 (117,590 ) (60,597 )
NET ASSETS 4,117,855 4,852,377

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 4,117,755 4,852,277
SHAREHOLDERS' FUNDS 4,117,855 4,852,377

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:




G W Cattanach - Director F J Cattanach - Director




E T Heron - Director S Cattanach - Director




F Campbell - Director A Mason - Director




I Kay - Director


ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 100 4,230,505 4,230,605

Changes in equity
Dividends - (49,975 ) (49,975 )
Total comprehensive income - 671,747 671,747
Balance at 31 May 2023 100 4,852,277 4,852,377

Changes in equity
Dividends - (2,306,000 ) (2,306,000 )
Total comprehensive income - 1,571,478 1,571,478
Balance at 31 May 2024 100 4,117,755 4,117,855

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

Cash Flow Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,809,767 (611,318 )
Interest paid (783 ) (1,029 )
Interest element of hire purchase
payments paid

(8,616

)

(6,189

)
Tax paid (187,877 ) (168,875 )
Net cash from operating activities 2,612,491 (787,411 )

Cash flows from investing activities
Purchase of tangible fixed assets (390,040 ) (66,889 )
Sale of tangible fixed assets 9,401 2,572
Interest received 5,586 1,815
Net cash from investing activities (375,053 ) (62,502 )

Cash flows from financing activities
Capital repayments in year 179,958 4,624
Amount introduced by directors 9,080 -
Amount withdrawn by directors - (5,182 )
Equity dividends paid (2,306,000 ) (49,975 )
Bank Loans (9,866 ) (9,619 )
Net cash from financing activities (2,126,828 ) (60,152 )

Increase/(decrease) in cash and cash equivalents 110,610 (910,065 )
Cash and cash equivalents at beginning
of year

2

471,309

1,381,374

Cash and cash equivalents at end of
year

2

581,919

471,309

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

Notes to the Cash Flow Statement
for the Year Ended 31 May 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.5.24 31.5.23
£    £   
Profit before taxation 2,115,575 884,677
Depreciation charges 161,664 90,808
Profit on disposal of fixed assets (6,594 ) (1,104 )
Finance costs 9,399 7,218
Finance income (5,586 ) (1,815 )
2,274,458 979,784
Decrease/(increase) in trade and other debtors 658,189 (1,180,525 )
Decrease in trade and other creditors (122,880 ) (410,577 )
Cash generated from operations 2,809,767 (611,318 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 581,919 471,309
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 471,309 1,381,374


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 471,309 110,610 581,919
471,309 110,610 581,919
Debt
Finance leases (146,758 ) (179,958 ) (326,716 )
Debts falling due within 1 year (10,000 ) - (10,000 )
Debts falling due after 1 year (23,833 ) 9,866 (13,967 )
(180,591 ) (170,092 ) (350,683 )
Total 290,718 (59,482 ) 231,236

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

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

1. STATUTORY INFORMATION

Advanced Building Contractors Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
£    £   
Wages and salaries 2,226,189 1,985,447
Social security costs 18,405 25,826
Other pension costs 366,547 130,148
2,611,141 2,141,421

The average number of employees during the year was as follows:
31.5.24 31.5.23

CM & QS 10 6
Wages Regular 31 23
Estimating 6 5
Accounts, H & S and Admin 10 6
57 40

31.5.24 31.5.23
£    £   
Directors' remuneration 146,145 181,940

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.5.24 31.5.23
£    £   
Hire of plant and machinery 520,502 427,604
Depreciation - owned assets 51,635 45,278
Depreciation - assets on hire purchase contracts 107,630 43,131
Profit on disposal of fixed assets (6,594 ) (1,104 )
Computer software amortisation 2,400 2,400
Auditors' remuneration 7,700 7,500

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

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

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
£    £   
Bank interest 783 1,029
Hire purchase 8,616 6,189
9,399 7,218

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax 487,104 202,754

Deferred tax 56,993 10,176
Tax on profit 544,097 212,930

7. DIVIDENDS
31.5.24 31.5.23
£    £   
Ordinary shares of 1 each
Interim 2,306,000 49,975

8. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 June 2023
and 31 May 2024 24,000
AMORTISATION
At 1 June 2023 9,600
Amortisation for year 2,400
At 31 May 2024 12,000
NET BOOK VALUE
At 31 May 2024 12,000
At 31 May 2023 14,400

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

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

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 16,647 54,471 403,307 140,323 614,748
Additions - - 390,040 - 390,040
Disposals - - (21,030 ) - (21,030 )
At 31 May 2024 16,647 54,471 772,317 140,323 983,758
DEPRECIATION
At 1 June 2023 12,896 51,688 189,669 118,108 372,361
Charge for year 938 696 150,219 7,412 159,265
Eliminated on disposal - - (18,223 ) - (18,223 )
At 31 May 2024 13,834 52,384 321,665 125,520 513,403
NET BOOK VALUE
At 31 May 2024 2,813 2,087 450,652 14,803 470,355
At 31 May 2023 3,751 2,783 213,638 22,215 242,387

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023
and 31 May 2024 188,725
DEPRECIATION
At 1 June 2023 74,869
Charge for year 107,630
At 31 May 2024 182,499
NET BOOK VALUE
At 31 May 2024 6,226
At 31 May 2023 113,856

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 3,087,197 2,780,559
Advanced Asset Holdings loan 586,410 586,410
Advance Interior Ltd Loan 24,894 2,016,815
Amounts recoverable on contract 2,210,617 1,233,568
Other debtors 2,428 3,833
Directors' current accounts - 9,080
Tax debtor 1,268 1,618
Prepayments 54,164 2,713
Accrued Income 57,090 57,090
6,024,068 6,691,686

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

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

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts (see note 13) 10,000 10,000
Hire purchase contracts (see note 14) 122,853 54,818
Trade creditors 860,034 1,012,169
Credit card 10,717 9,604
Tax 486,705 187,828
Social security and other taxes 176,380 146,722
VAT 432,910 449,858
Other creditors 14,856 -
Accrued expenses 520,612 520,036
2,635,067 2,391,035

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans (see note 13) 13,967 23,833
Hire purchase contracts (see note 14) 203,863 91,940
217,830 115,773

13. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,967 13,833

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 122,853 54,818
Between one and five years 203,863 91,940
326,716 146,758

15. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 117,590 60,597

ADVANCED BUILDING CONTRACTORS LTD (REGISTERED NUMBER: SC193698)

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

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2023 60,597
Timing difference 56,993
Balance at 31 May 2024 117,590

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary 1 100 100

17. RESERVES
Retained
earnings
£   

At 1 June 2023 4,852,277
Profit for the year 1,571,478
Dividends (2,306,000 )
At 31 May 2024 4,117,755

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
G W Cattanach
Balance outstanding at start of year 9,081 3,899
Amounts advanced - 9,080
Amounts repaid (9,081 ) (3,898 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 9,081

No interest was charged on director's loan.

19. RELATED PARTY DISCLOSURES

During the year the company had intercompany transactions with Advanced Interior Contracts Ltd, a company controlled by one of the directors. At the year-end £2,075,894 (2023: £2,016,815) was outstanding.

The company also had an outstanding loan with Advanced Asset Holdings, a company controlled by one of the directors of £586,410 (2023: £586,410).