Registered number
SC516790
Borg Contractors Ltd
Filleted Accounts
30 September 2024
Borg Contractors Ltd
Registered number: SC516790
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,795 1,727
Current assets
Stock of Cars 212,623 231,681
Debtors 4 12,345 -
Cash at bank and in hand 40,580 477
265,548 232,158
Creditors: amounts falling due within one year 5 (46,722) (42,606)
Net current assets 218,826 189,552
Total assets less current liabilities 221,621 191,279
Creditors: amounts falling due after more than one year 6 (186,880) (182,769)
Net assets 34,741 8,510
Capital and reserves
Called up share capital 2 2
Profit and loss account 34,739 8,508
Shareholders' funds 34,741 8,510
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.
D Bain
Director
Approved by the board on 16 May 2025
Borg Contractors Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
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 is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on at the following annual rates on all tangible fixed assets, other than freehold land, as follows:
Plant and machinery 25% on a Reducing Balance basis
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 1,392 2,975 4,367
Additions - 1,500 1,500
At 30 September 2024 1,392 4,475 5,867
Depreciation
At 1 October 2023 920 1,720 2,640
Charge for the year 118 314 432
At 30 September 2024 1,038 2,034 3,072
Net book value
At 30 September 2024 354 2,441 2,795
At 30 September 2023 472 1,255 1,727
4 Debtors 2024 2023
£ £
Trade debtors 12,330 -
Other debtors 15 -
12,345 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,760 6,131
Trade creditors 10,161 25,897
Corporation tax 19,141 6,661
Other taxes and social security costs 10,660 3,317
Accruals - 600
46,722 42,606
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 33,333 38,333
Director's account 35,204 64,276
Close Motor Financing Account 78,343 80,160
Other creditors 40,000 -
186,880 182,769
7 Other information
Borg Contractors Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
29F Osprey Crescent
Dunfermline
Fife
KY11 8JP
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