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COMPANY REGISTRATION NUMBER: SC140150
Angus Homes Limited
Filleted Unaudited Financial Statements
30 September 2024
Angus Homes Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
159,735
169,685
Current assets
Stocks
118,389
276,731
Debtors
6
611,744
581,304
Cash at bank and in hand
118,411
118,108
---------
---------
848,544
976,143
Creditors: amounts falling due within one year
7
752,452
889,002
---------
---------
Net current assets
96,092
87,141
---------
---------
Total assets less current liabilities
255,827
256,826
Creditors: amounts falling due after more than one year
8
47,616
76,305
Provisions
Taxation including deferred tax
29,505
31,210
---------
---------
Net assets
178,706
149,311
---------
---------
Capital and reserves
Called up share capital
30,000
30,000
Capital redemption reserve
40,000
40,000
Profit and loss account
108,706
79,311
---------
---------
Shareholders funds
178,706
149,311
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Angus Homes Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 11 June 2025 , and are signed on behalf of the board by:
Mr A N Angus
Director
Company registration number: SC140150
Angus Homes Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 12 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
351,190
173,858
69,900
594,948
Disposals
( 20,000)
( 20,000)
---------
---------
--------
---------
At 30 September 2024
331,190
173,858
69,900
574,948
---------
---------
--------
---------
Depreciation
At 1 October 2023
292,424
93,189
39,650
425,263
Charge for the year
3,099
6,140
710
9,949
Disposals
( 19,999)
( 19,999)
---------
---------
--------
---------
At 30 September 2024
275,524
99,329
40,360
415,213
---------
---------
--------
---------
Carrying amount
At 30 September 2024
55,666
74,529
29,540
159,735
---------
---------
--------
---------
At 30 September 2023
58,766
80,669
30,250
169,685
---------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
343,633
328,336
Other debtors
268,111
252,968
---------
---------
611,744
581,304
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
152,314
10,064
Trade creditors
279,263
400,007
Corporation tax
3,681
Social security and other taxes
36,718
67,635
Payments received on account
173,042
304,174
Other creditors
107,434
107,122
---------
---------
752,452
889,002
---------
---------
Royal Bank of Scotland Plc holds a bond and floating charge over the assets of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,907
18,226
Other creditors
39,709
58,079
--------
--------
47,616
76,305
--------
--------
Royal Bank of Scotland Plc holds a bond and floating charge over the assets of the company.
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A N Angus
69,333
49,543
( 36,472)
82,404
Mr S A Angus
77,875
47,845
( 37,450)
88,270
---------
--------
--------
---------
147,208
97,388
( 73,922)
170,674
---------
--------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A N Angus
45,630
51,224
( 27,521)
69,333
Mr S A Angus
54,897
50,246
( 27,268)
77,875
---------
---------
--------
---------
100,527
101,470
( 54,789)
147,208
---------
---------
--------
---------
These loans are interest free and have no definite terms of repayment.
10. Related party transactions
During the year the company rented premises from the director's private pension fund . Included in the accounts is rent of £75,345 (2023 - £72,050) to the pension fund . During the year the company rented premises from the director's private pension fund. Included in the accounts is rent of £75,345 (2023 - £72,050) to the pension fund.