Registered number: SC580139
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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ALPHA PROJECTS (SCOTLAND) LTD
COMPANY INFORMATION
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ALPHA PROJECTS (SCOTLAND) LTD
CONTENTS
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ALPHA PROJECTS (SCOTLAND) LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors present the strategic report for the year ended 31 October 2024.
The principal activity of the Group is that of principal contractor, specialising in construction, fit out and refurbishment projects within the commercial and residential sectors.
Our financial year to Oct 2024 was successful in so far as turnover increased by over £2m from 2023 and importantly, our operating profit remained very strong, recording a high net percentage relative to the sector we operate within. Our strong performance is reflective of business strategy in recent years, in terms of focus towards project deliverability and profitability, and ensuring our workload is suitable for the business. The Group has had to target particular sectors to achieve this balance, and the outcome is notable. The Group retained many existing client relationships throughout the year, consolidated with efficient performance and honest communications. In addition, we added to our client base and forged new positive working relationships. Retention of key staff has contributed to the Group’s success and remains crucial for the business moving forward. Another notable high in the year, Alpha Services achieved MCS accreditation and are now qualified to install air source heat pumps. This is the first step in our plans to grow the renewables side of the business. That aside, the Group strategy and plans remain consistent for the months ahead.
The slowing of market conditions in the north east of Scotland, particularly Aberdeen City is a concern moving forward. Recent government policy and tax changes towards energy companies have undoubtedly contributed to a downturn in business activity across the city.
Financial cuts and budget shortfalls with certain universities is also likely to effect what has historically been a strong flow of business for the Group. Market / competitor pressure is expected in 2025, with more companies pursuing the available work, which often lends itself to a race to the bottom tender situation. Notwithstanding the above, the Group remains well insulated for the challenges ahead. A very good reputation, geographical flexibility, a talented workforce and a healthy cash position provides the company a very solid base to continue progressing forward.
Turnover - £16.2m, up over £2m from financial year 2023. Whilst revenue isn’t necessarily a particular focus point for the Group, it is pleasing to see a record turnover year for the Group.
Gross Profit - £1.85m. A very pleasing return for the Group, and this represents a high market percentage relative to the sector we operate within.
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ALPHA PROJECTS (SCOTLAND) LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The key points are generally covered within the business review however, to summarise the Group’s achievements in 2024;
• Excellent financial performance • Retention and development of key staff • Enhancement and building on new client relationships and customer satisfaction • MCS accreditation achieved and plans set for the renewables market • Significant investment in purchased plant and vehicles
This report was approved by the board on 20 June 2025 and signed on its behalf.
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ALPHA PROJECTS (SCOTLAND) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors present their report and the financial statements for the year ended 31 October 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group will continue in business.
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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £679,647 (2023 - £620,024).
During the year dividends of £480,000 were declared and paid to the Group shareholders.
The directors who served during the year were:
There are no material changes planned or expected in the Group for the foreseeable future.
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ALPHA PROJECTS (SCOTLAND) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
There have been no significant events affecting the Group since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ALPHA PROJECTS (SCOTLAND) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPHA PROJECTS (SCOTLAND) LTD
We have audited the financial statements of Alpha Projects (Scotland) Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent 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.
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ALPHA PROJECTS (SCOTLAND) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPHA PROJECTS (SCOTLAND) LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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ALPHA PROJECTS (SCOTLAND) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPHA PROJECTS (SCOTLAND) LTD (CONTINUED)
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 an Auditors' report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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 Auditors' report.
The prior year financial statements were not audited.
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ALPHA PROJECTS (SCOTLAND) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPHA PROJECTS (SCOTLAND) LTD (CONTINUED)
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 an Auditors' report 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
14 City Quay
DD1 3JA
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ALPHA PROJECTS (SCOTLAND) LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
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ALPHA PROJECTS (SCOTLAND) LTD
REGISTERED NUMBER: SC580139
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 June 2025.
The notes on pages 17 to 36 form part of these financial statements.
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ALPHA PROJECTS (SCOTLAND) LTD
REGISTERED NUMBER: SC580139
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024
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ALPHA PROJECTS (SCOTLAND) LTD
REGISTERED NUMBER: SC580139
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 36 form part of these financial statements.
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ALPHA PROJECTS (SCOTLAND) LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
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ALPHA PROJECTS (SCOTLAND) LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
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ALPHA PROJECTS (SCOTLAND) LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
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ALPHA PROJECTS (SCOTLAND) LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Alpha Projects (Scotland) Ltd is a limited company registered in Scotland, with the registered office being
situated at 4 Garden Mill Place, Dundee, DD3 9UF.
The financial statements are presented in Sterling which is the functional currency of the company and
rounded to the nearest £.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
GOODWILL
OTHER INTANGIBLE ASSETS
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Amounts recoverable on long term contracts The most significant estimation within the Group's financial statements relates to work in progress. The directors review work in progress levels on a monthly basis to ensure that all work carried out on ongoing contracts is reflected in the Group's financial statements. Tangible fixed assets Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate. The actual lives of the assets and the residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as regularity of repairs and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The only other factors expected to affect tax charges are those imposed by HMRC.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 28
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
14.TANGIBLE FIXED ASSETS (CONTINUED)
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 30
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The 2023 valuations were made by Graham & Sibbald LLP , on an open market value for existing use basis.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 32
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 33
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Revaluation reserve
Profit and loss account
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
This is the first year of consolidation for the group and consequently the comparative figures have all been adjusted to reflect the group position for the 2023 year end as opposed to the company position for Alpha Projects (Scotland) Limited as was disclosed in the financial statements prepared to 31 October 2023.
The following reallocations were made in the notes to the Statement of Financial Position to more accurately reflect balances held - Within Debtors, £467,833 has been reallocated from Trade debtors to Amounts recoverable on long-term contracts. Within Creditors: amounts falling due within one year, Trade creditors and Other creditors were reduced by £459,278 and £618,095 respectively, while Corporation tax increased by £62,955, Other taxation and social security by £537,136 and Accruals and deferred income by £477,282.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £126,073 (2023 - £114,218) .Contributions totalling £11,528 (2023 - £10,656) were payable to the fund at the reporting date and are included in creditors.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The following loans are repayable on demand and interest is charged on the outstanding balance at the HMRC official rate, on a monthly basis.
The subsidiary company Alpha Services (Scotland) Ltd (Company number SC711665) is exempt from the requirements of the Companies Act 2006 related to the audit of its individual accounts by virtue of s479A of the Companies Act 2006.
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