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Registered number: SC580139










ALPHA PROJECTS (SCOTLAND) LTD
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

 
ALPHA PROJECTS (SCOTLAND) LTD
 

COMPANY INFORMATION


DIRECTORS
K Brown 
P Cortese 




REGISTERED NUMBER
SC580139



REGISTERED OFFICE
4 Garden Mill Place

Dundee

Tayside

DD3 9UF




INDEPENDENT AUDITORS
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
ALPHA PROJECTS (SCOTLAND) LTD
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11 - 12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 36


 
ALPHA PROJECTS (SCOTLAND) LTD
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

INTRODUCTION
 
The directors present the strategic report for the year ended 31 October 2024. 
 

BUSINESS REVIEW
 
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.

PRINCIPAL RISKS AND UNCERTAINTIES
 
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.

FINANCIAL KEY PERFORMANCE INDICATORS
 
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.

Page 1

 
ALPHA PROJECTS (SCOTLAND) LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

OTHER KEY PERFORMANCE INDICATORS
 
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.



P Cortese
Director

Page 2

 
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.

DIRECTORS' RESPONSIBILITIES STATEMENT

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.
 
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 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 2006They 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.

RESULTS AND DIVIDENDS

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.

DIRECTORS

The directors who served during the year were:

K Brown 
P Cortese 

FUTURE DEVELOPMENTS

There are no material changes planned or expected in the Group for the foreseeable future.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Group since the year end.

AUDITORS

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 June 2025 and signed on its behalf.
 





P Cortese
Director

Page 4

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPHA PROJECTS (SCOTLAND) LTD
 

OPINION


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 policiesThe 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 Group's and of the parent Company's affairs as at 31 October 2024 and of the Group's 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 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.


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 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.


Page 5

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPHA PROJECTS (SCOTLAND) LTD (CONTINUED)


OTHER INFORMATION


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 ReportOur 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.


OPINION 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 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.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' responsibilities statement set out on page 3, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPHA PROJECTS (SCOTLAND) LTD (CONTINUED)


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 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.


OTHER MATTERS
 

The prior year financial statements were not audited.


Page 7

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPHA PROJECTS (SCOTLAND) LTD (CONTINUED)


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 2006Our 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.





Douglas Rae (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants
Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

23 June 2025
Page 8

 
ALPHA PROJECTS (SCOTLAND) LTD
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
as restated 2023
Note
£
£

  

Turnover
 4 
16,219,969
13,764,083

Cost of sales
  
(14,365,790)
(12,168,024)

GROSS PROFIT
  
1,854,179
1,596,059

Administrative expenses
  
(907,655)
(804,746)

Fair value movements
  
31,081
99,284

OPERATING PROFIT
 5 
977,605
890,597

Loss on disposal of investment property
  
(30,897)
-

Interest receivable and similar income
 9 
4,984
3,092

Interest payable and similar expenses
 10 
(67,225)
(45,470)

PROFIT BEFORE TAXATION
  
884,467
848,219

Tax on profit
 11 
(204,820)
(228,195)

PROFIT FOR THE FINANCIAL YEAR
  
679,647
620,024

  

Unrealised surplus/(deficit) on revaluation of investment property
  
94,364
(94,364)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
774,011
525,660

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Owners of the parent Company
  
679,647
620,024

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO:
  

Owners of the parent Company
  
774,011
525,660

The notes on pages 17 to 36 form part of these financial statements.

Page 9

 
ALPHA PROJECTS (SCOTLAND) LTD
REGISTERED NUMBER: SC580139

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
as restated 2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 13 
4,265
8,432

Tangible fixed assets
 14 
1,113,434
964,061

Investments
 15 
161,057
129,976

Investment property
 16 
-
165,000

  
1,278,756
1,267,469

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 17 
2,338,346
1,278,570

Bank and cash balances
  
2,005,090
1,508,862

  
4,343,436
2,787,432

Creditors: amounts falling due within one year
 18 
(3,178,475)
(2,015,826)

NET CURRENT ASSETS
  
 
 
1,164,961
 
 
771,606

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,443,717
2,039,075

Creditors: amounts falling due after more than one year
 19 
(673,127)
(539,408)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 22 
(270,574)
(249,298)

  
 
 
(270,574)
 
 
(249,298)

NET ASSETS
  
1,500,016
1,250,369


CAPITAL AND RESERVES
  

Called up share capital 
 23 
300
300

Revaluation reserve
 24 
-
94,364

Profit and loss account
 24 
1,499,716
1,155,705

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
1,500,016
1,250,369


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 June 2025.


P Cortese
Director

The notes on pages 17 to 36 form part of these financial statements.

Page 10

 
ALPHA PROJECTS (SCOTLAND) LTD
REGISTERED NUMBER: SC580139

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
as restated 2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 13 
4,265
8,432

Tangible assets
 14 
1,002,603
875,723

Investments
 15 
161,157
130,076

Investment Property
 16 
-
165,000

  
1,168,025
1,179,231

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 17 
2,248,526
1,166,296

Bank and cash balances
  
1,787,966
1,300,915

  
4,036,492
2,467,211

Creditors: amounts falling due within one year
 18 
(3,080,677)
(1,885,605)

NET CURRENT ASSETS
  
 
 
955,815
 
 
581,606

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,123,840
1,760,837

  

Creditors: amounts falling due after more than one year
 19 
(599,680)
(475,274)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 22 
(242,866)
(227,213)

  
 
 
(242,866)
 
 
(227,213)

NET ASSETS EXCLUDING PENSION ASSET
  
1,281,294
1,058,350

NET ASSETS
  
1,281,294
1,058,350


CAPITAL AND RESERVES
  

Called up share capital 
 23 
300
300

Revaluation reserve
 24 
-
94,364

Profit and loss account brought forward
  
963,686
719,126

Profit for the year
  
652,944
483,924

Other changes in the profit and loss account

  

(335,636)
(239,364)

Profit and loss account carried forward
  
1,280,994
963,686

  
1,281,294
1,058,350


Page 11

 
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 20 June 2025.


P Cortese
Director

The notes on pages 17 to 36 form part of these financial statements.

Page 12

 
ALPHA PROJECTS (SCOTLAND) LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 November 2022
300
-
775,045
775,345
775,345


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
620,024
620,024
620,024

Surplus on revaluation of freehold property
-
94,364
(94,364)
-
-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
94,364
525,660
620,024
620,024


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
-
(145,000)
(145,000)
(145,000)


TOTAL TRANSACTIONS WITH OWNERS
-
-
(145,000)
(145,000)
(145,000)



At 1 November 2023
300
94,364
1,155,705
1,250,369
1,250,369


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
679,647
679,647
679,647

Transfer on disposal of investment property
-
(94,364)
94,364
-
-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(94,364)
774,011
679,647
679,647


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
-
(430,000)
(430,000)
(430,000)


TOTAL TRANSACTIONS WITH OWNERS
-
-
(430,000)
(430,000)
(430,000)


AT 31 OCTOBER 2024
300
-
1,499,716
1,500,016
1,500,016


The notes on pages 17 to 36 form part of these financial statements.

Page 13

 
ALPHA PROJECTS (SCOTLAND) LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 November 2022
300
-
719,126
719,426


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
483,924
483,924

Surplus on revaluation of freehold property
-
94,364
(94,364)
-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
94,364
389,560
483,924


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
-
(145,000)
(145,000)


TOTAL TRANSACTIONS WITH OWNERS
-
-
(145,000)
(145,000)



At 1 November 2023
300
94,364
963,686
1,058,350


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
652,944
652,944

Transfer on disposal of investment property
-
(94,364)
94,364
-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(94,364)
747,308
652,944


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
-
(430,000)
(430,000)


TOTAL TRANSACTIONS WITH OWNERS
-
-
(430,000)
(430,000)


AT 31 OCTOBER 2024
300
-
1,280,994
1,281,294


The notes on pages 17 to 36 form part of these financial statements.

Page 14

 
ALPHA PROJECTS (SCOTLAND) LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
as restated 2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the year
679,647
620,024

ADJUSTMENTS FOR:

Amortisation of intangible assets
4,167
4,167

Depreciation of tangible assets
263,382
222,106

Loss on disposal of investment properties
30,897
-

Loss on disposal of tangible assets
2,052
2,916

Interest paid
67,225
45,470

Interest received
(4,984)
(3,092)

Taxation charge
204,820
123,626

(Increase)/decrease in debtors
(996,797)
64,347

Increase/(decrease) in creditors
877,031
(74,809)

Net fair value (gains) recognised in P&L
(31,081)
(99,284)

Corporation tax (paid)/received
(82,857)
33,113

NET CASH GENERATED FROM OPERATING ACTIVITIES

1,013,502
938,584


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(487,380)
(606,682)

Sale of tangible fixed assets
72,573
-

Sale of investment properties
134,103
-

Interest received
4,984
3,092

HP interest paid
(64,445)
(42,356)

NET CASH FROM INVESTING ACTIVITIES

(340,165)
(645,946)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of loans
(9,401)
(9,151)

Repayment of/new finance leases
265,072
381,408

Dividends paid
(430,000)
(145,000)

Interest paid
(2,780)
(3,114)

NET CASH USED IN FINANCING ACTIVITIES
(177,109)
224,143

INCREASE IN CASH AND CASH EQUIVALENTS
496,228
516,781

Cash and cash equivalents at beginning of year
1,508,862
992,081

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
2,005,090
1,508,862


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
2,005,090
1,508,862


The notes on pages 17 to 36 form part of these financial statements.

Page 15

 
ALPHA PROJECTS (SCOTLAND) LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024





At 1 November 2023
Cash flows
New finance leases
At 31 October 2024
£

£

£

£

Cash at bank and in hand

1,508,862

496,228

-

2,005,090

Debt due after 1 year

(18,226)

9,401

-

(8,825)

Debt due within 1 year

(10,000)

-

-

(10,000)

Finance leases

(728,510)

229,376

(494,448)

(993,582)



752,126
735,005
(494,448)
992,683

The notes on pages 17 to 36 form part of these financial statements.

Page 16

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


GENERAL INFORMATION

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

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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:

 
2.2

BASIS OF CONSOLIDATION

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.

Page 17

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

TURNOVER

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue 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 when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group 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
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

OPERATING LEASES: THE GROUP AS LESSEE

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 18

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 19

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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:

Goodwill
-
4
years

 
2.11

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Plant and machinery
-
12.5%
reducing balance
Motor vehicles
-
20.0%
reducing balance
Property improvements
-
10.0%
straight line

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.

Page 20

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

AMOUNTS RECOVERABLE ON CONSTRUCTION CONTRACTS

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. 
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.

The 'percentage of completion method' is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

 
2.16

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 21

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.17

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

FINANCIAL INSTRUMENTS

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.

Page 22

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.18
FINANCIAL INSTRUMENTS (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.

 
2.19

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Judgement is used to assess whether there has been any impairment to the value of investments, debtors and fixed assets in the year.
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.

Page 23

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
as restated 2023
£
£

Construction services rendered
16,219,969
13,764,083


All turnover arose within the United Kingdom.


5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
as restated 2023
£
£

Other operating lease rentals
74,770
69,822


6.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors:


2024
as restated 2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
25,000
-

Page 24

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
as restated 2023
2024
as restated 2023
£
£
£
£


Wages and salaries
2,467,775
2,124,559
2,036,388
1,829,041

Social security costs
242,904
205,074
200,495
174,303

Cost of defined contribution scheme
126,073
114,218
116,679
109,272

2,836,752
2,443,851
2,353,562
2,112,616


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
71
63
60
55


8.


DIRECTORS' REMUNERATION

2024
as restated 2023
£
£

Directors' emoluments
25,140
25,000



9.


INTEREST RECEIVABLE

2024
as restated 2023
£
£


Other interest receivable
4,984
3,092


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
as restated 2023
£
£


Bank interest payable
2,780
3,114

Finance leases and hire purchase contracts
64,445
42,356

67,225
45,470

Page 25

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


TAXATION


2024
as restated 2023
£
£

CORPORATION TAX


Current tax on profits for the year
183,544
82,857


DEFERRED TAX


Origination and reversal of timing differences
21,276
145,338


TAX ON PROFIT
204,820
228,195

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
as restated 2023
£
£


Profit on ordinary activities before tax
884,467
848,219


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
221,117
212,055

EFFECTS OF:


Non-tax deductible amortisation of goodwill and impairment
1,042
1,042

Capital allowances for year in excess of depreciation
(38,353)
(96,673)

Short-term timing difference leading to an increase (decrease) in taxation
21,276
145,338

Non-taxable income
(7,770)
(24,821)

Book profit on chargeable assets
513
729

Capital gains
7,724
-

Other differences leading to an increase (decrease) in the tax charge
(729)
(9,168)

Marginal relief
-
(307)

TOTAL TAX CHARGE FOR THE YEAR
204,820
228,195


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The only other factors expected to affect tax charges are those imposed by HMRC.

Page 26

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.


DIVIDENDS

2024
as restated 2023
£
£


Dividends declared and paid during the year
430,000
145,000


13.


INTANGIBLE ASSETS

Group and Company





Goodwill

£



COST


At 1 November 2023
16,666



At 31 October 2024

16,666



AMORTISATION


At 1 November 2023
8,234


Charge for the year on owned assets
4,167



At 31 October 2024

12,401



NET BOOK VALUE



At 31 October 2024
4,265



At 31 October as restated 2023
8,432



Page 27

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


TANGIBLE FIXED ASSETS

Group






Motor vehicles
Plant and machinery
Office equipment
Total

£
£
£
£



COST OR VALUATION


At 1 November 2023
1,195,004
85,774
126,000
1,406,778


Additions
487,380
-
-
487,380


Disposals
(170,055)
-
-
(170,055)



At 31 October 2024

1,512,329
85,774
126,000
1,724,103



DEPRECIATION


At 1 November 2023
390,641
26,876
25,200
442,717


Charge for the year on owned assets
12,559
7,363
12,600
32,522


Charge for the year on financed assets
230,860
-
-
230,860


Disposals
(95,430)
-
-
(95,430)



At 31 October 2024

538,630
34,239
37,800
610,669



NET BOOK VALUE



At 31 October 2024
973,699
51,535
88,200
1,113,434



At 31 October as restated 2023
804,363
58,898
100,800
964,061

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
as restated 2023
£
£



Motor vehicles
923,460
1,084,728

Page 28

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

           14.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Motor vehicles
Plant and machinery
Office equipment
Total

£
£
£
£

COST OR VALUATION


At 1 November 2023
1,084,581
85,774
126,000
1,296,355


Additions
437,180
-
-
437,180


Disposals
(170,055)
-
-
(170,055)



At 31 October 2024

1,351,706
85,774
126,000
1,563,480



DEPRECIATION


At 1 November 2023
368,556
26,876
25,200
420,632


Charge for the year on owned assets
12,559
7,363
12,600
32,522


Charge for the year on financed assets
203,153
-
-
203,153


Disposals
(95,430)
-
-
(95,430)



At 31 October 2024

488,838
34,239
37,800
560,877



NET BOOK VALUE



At 31 October 2024
862,868
51,535
88,200
1,002,603



At 31 October as restated 2023
716,025
58,898
100,800
875,723






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
as restated 2023
£
£



Motor vehicles
812,629
996,390

Page 29

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


FIXED ASSET INVESTMENTS

Group





Listed investments
Trade investments
Total

£
£
£



COST OR VALUATION


At 1 November 2023
129,926
50
129,976


Revaluations
31,081
-
31,081



At 31 October 2024
161,007
50
161,057




Company





Investments in subsidiary companies
Listed investments
Trade investments
Total

£
£
£
£



COST OR VALUATION


At 1 November 2023
100
129,926
50
130,076


Revaluations
-
31,081
-
31,081



At 31 October 2024
100
161,007
50
161,157




Page 30

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

16.


INVESTMENT PROPERTY

Group and Company


Freehold investment property

£





At 1 November 2023
165,000


Disposals
(165,000)



AT 31 OCTOBER 2024
-

The 2023 valuations were made by Graham & Sibbald LLP , on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
as restated 2023
£
£


Historic cost
-
70,636


17.


DEBTORS

Group
Group
Company
Company
2024
as restated 2023
2024
as restated 2023
£
£
£
£


Trade debtors
398,290
548,051
357,216
486,960

Other debtors
257,033
262,686
208,287
211,503

Amounts recoverable on long-term contracts
1,683,023
467,833
1,683,023
467,833

2,338,346
1,278,570
2,248,526
1,166,296


Page 31

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
as restated 2023
2024
as restated 2023
£
£
£
£

Bank loans
10,000
10,000
10,000
10,000

Trade creditors
1,563,933
690,655
1,507,368
616,194

Amounts owed to group undertakings
-
-
10,100
-

Corporation tax
183,544
82,857
181,238
62,955

Other taxation and social security
723,784
547,704
713,890
537,136

Net obligations under finance lease and hire purchase contracts
329,280
207,328
290,147
182,038

Accruals and deferred income
367,934
477,282
367,934
477,282

3,178,475
2,015,826
3,080,677
1,885,605


The bank loan is repayable in the year to October 2026 via 60 equal instalments and attracts a market rate of interest.
Obligations under finance lease and hire purchase contracts are secured against the relevant tangible fixed asset.


19.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
Company
Company
2024
as restated 2023
2024
as restated 2023
£
£
£
£

Bank loans
8,825
18,226
8,825
18,226

Net obligations under finance leases and hire purchase contracts
664,302
521,182
590,855
457,048

673,127
539,408
599,680
475,274




Page 32

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

20.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
as restated 2023
2024
as restated 2023
£
£
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
10,000
10,000
10,000
10,000

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
8,825
18,226
8,825
18,226



18,825
28,226
18,825
28,226



21.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
as restated 2023
2024
as restated 2023
£
£
£
£

Within one year
329,280
207,328
270,149
182,038

Between 1-5 years
664,302
521,182
590,855
457,048

993,582
728,510
861,004
639,086

Page 33

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

22.


DEFERRED TAXATION


Group



2024


£






At beginning of year
(249,298)


Charged to profit or loss
(21,276)



AT END OF YEAR
(270,574)

Group
Group
Company
Company
2024
as restated 2023
2024
as restated 2023
£
£
£
£

Accelerated capital allowances
(270,574)
(249,298)
(242,866)
(227,213)

(270,574)
(249,298)
(242,866)
(227,213)


23.


SHARE CAPITAL

2024
as restated 2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



200 (2023 - 200) Ordinary A shares of £1.00 each
200
200
100 (2023 - 100) Ordinary B shares of £1.00 each
100
100

300

300



24.


RESERVES

Revaluation reserve

The revaluation reserve is a non-distributable reserve which comprises revaluation gains on land and buildings. The revaluation is realised as the assets are depreciated or sold.

Profit and loss account

The profit and loss account is a distributable reserve which includes all current and prior year retained profits or losses.

Page 34

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

25.


PRIOR YEAR ADJUSTMENT

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.


26.


PENSION COMMITMENTS

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.


27.


COMMITMENTS UNDER OPERATING LEASES

At 31 October 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
as restated 2023
2024
as restated 2023
£
£
£
£

Not later than 1 year
50,000
50,000
50,000
50,000

Later than 1 year and not later than 5 years
200,000
200,000
200,000
200,000

Later than 5 years
154,167
204,167
154,167
204,167

404,167
454,167
404,167
454,167

Page 35

 
ALPHA PROJECTS (SCOTLAND) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

28.


TRANSACTIONS WITH DIRECTORS

The following loans are repayable on demand and  interest is charged on the outstanding balance at the HMRC official rate, on a monthly basis.

Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director 1

44,760

119,342

(110,070)
 
54,032
 
Director 2

41,643

124,007

(110,070)
 
55,580
 


29.


RELATED PARTY TRANSACTIONS

The directors consider themselves to be the only key management personnel and remuneration is disclosed per note 7.


2024
2023
£
£

Amounts owed by related parties
Key management personnel
207,687
210,903

There is no ultimate controlling party of Alpha Projects (Scotland) Ltd. 


30.


AUDIT EXEMPTION OF SUBSIDIARY COMPANIES

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.


31.



SUBSIDIARY UNDERTAKING





The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Alpha Services (Scotland) Ltd
Ordinary
100%

Page 36