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REGISTERED NUMBER: SC066337 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Pat Munro (Contractors) Limited

Pat Munro (Contractors) Limited (Registered number: SC066337)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Pat Munro (Contractors) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: P Munro
S J Munro





REGISTERED OFFICE: 23 Obsdale Park
Alness
Ross-Shire
IV17 0TP





REGISTERED NUMBER: SC066337 (Scotland)





ACCOUNTANTS: Stewart & Stewart Ltd
Chartered Accountants
Achorn House
34 Millbank Road
Munlochy
Ross-Shire
IV8 8ND

Pat Munro (Contractors) Limited (Registered number: SC066337)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,042,307 3,554,662
Investment property 5 1,272,107 2,606,810
3,314,414 6,161,472

CURRENT ASSETS
Stocks 48,120 182,490
Debtors 6 362,786 298,773
Cash at bank 1,156,912 1,341,509
1,567,818 1,822,772
CREDITORS
Amounts falling due within one year 7 506,339 361,280
NET CURRENT ASSETS 1,061,479 1,461,492
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,375,893

7,622,964

CREDITORS
Amounts falling due after more than one
year

8

(17,316

)

(25,308

)

PROVISIONS FOR LIABILITIES (17,936 ) (156,615 )
NET ASSETS 4,340,641 7,441,041

CAPITAL AND RESERVES
Called up share capital 9 328,025 756,050
Fair value reserve 10 41,826 489,198
Capital redemption reserve 10 628,025 200,000
Retained earnings 10 3,342,765 5,995,793
SHAREHOLDERS' FUNDS 4,340,641 7,441,041

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Pat Munro (Contractors) Limited (Registered number: SC066337)

Balance Sheet - continued
31 March 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 25 March 2025 and were signed on its behalf by:





S J Munro - Director


Pat Munro (Contractors) Limited (Registered number: SC066337)

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

1. STATUTORY INFORMATION

Pat Munro (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 for goods supplied and services rendered, net of discounts and Value Added Tax.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. Turnover is recognised when the amount of turnover can be measured reliably, it is probable that the Company will receive the consideration due under the contract, the stage of completion of the contract at the end of the reporting period can be measured reliably and when the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost and not provided
Plant and machinery etc - 20% on reducing balance and 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently is if measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Pat Munro (Contractors) Limited (Registered number: SC066337)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non convertible preference shares and non puttable ordinary or preference shares are publicly traded or their fair value can otherwise be measured reliably , the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss immediately.

All equity investments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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.

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.

3. EMPLOYEES AND DIRECTORS

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

Pat Munro (Contractors) Limited (Registered number: SC066337)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 3,716,891 433,197 4,150,088
Additions 110,855 52,345 163,200
Disposals (1,733,792 ) (432,197 ) (2,165,989 )
At 31 March 2024 2,093,954 53,345 2,147,299
DEPRECIATION
At 1 April 2023 224,901 370,525 595,426
Charge for year 6,635 18,753 25,388
Eliminated on disposal (137,213 ) (378,609 ) (515,822 )
At 31 March 2024 94,323 10,669 104,992
NET BOOK VALUE
At 31 March 2024 1,999,631 42,676 2,042,307
At 31 March 2023 3,491,990 62,672 3,554,662

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,606,810
Disposals (1,334,703 )
At 31 March 2024 1,272,107
NET BOOK VALUE
At 31 March 2024 1,272,107
At 31 March 2023 2,606,810

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 23,374 21,360
Other debtors 339,412 277,413
362,786 298,773

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 33,733 17,936
Taxation and social security 195,110 115,138
Other creditors 277,496 228,206
506,339 361,280

Pat Munro (Contractors) Limited (Registered number: SC066337)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other creditors 17,316 25,308

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
5,000 Ordinary £1 5,000 10,000
323,025 Preference £1 323,025 746,050
328,025 756,050

10. RESERVES
Fair Capital
Retained value redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2023 5,995,793 489,198 200,000 6,684,991
Profit for the year 3,059,973 3,059,973
Dividends (5,732,348 ) (5,732,348 )
Purchase of own shares (428,025 ) - 428,025 -
Revaluation reversed on disposal 447,372 (447,372 ) - -
At 31 March 2024 3,342,765 41,826 628,025 4,012,616

11. RELATED PARTY DISCLOSURES

At 31 March 2024 a total of £27,734 was due to related parties (2023 - nil) and a total of £324,506 was due from related parties (2023 - £257,364). All loans are unsecured, interest free and have no fixed repayment terms, The related parties were all companies with common directors.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Pat Munro (Contractors) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pat Munro (Contractors) Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Pat Munro (Contractors) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pat Munro (Contractors) Limited and state those matters that we have agreed to state to the Board of Directors of Pat Munro (Contractors) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pat Munro (Contractors) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pat Munro (Contractors) Limited. You consider that Pat Munro (Contractors) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pat Munro (Contractors) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Stewart & Stewart Ltd
Chartered Accountants
Achorn House
34 Millbank Road
Munlochy
Ross-Shire
IV8 8ND


25 March 2025