Company registration number SC438966 (Scotland)
MCCOMBIE BUILDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MCCOMBIE BUILDERS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
MCCOMBIE BUILDERS LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF MCCOMBIE BUILDERS LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of McCombie Builders Limited for the year ended 31 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of McCombie Builders Limited, as a body, in accordance with the terms of our engagement letter dated 17 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of McCombie Builders Limited and state those matters that we have agreed to state to the board of directors of McCombie Builders Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than McCombie Builders Limited and its board of directors as a body, for our work or for this report.

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

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

A.J.B. Scholes Ltd
Chartered Accountants
10 Albyn Place
Aberdeen
AB10 1YH
27 June 2025
MCCOMBIE BUILDERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
598,239
392,826
Investment property
5
880,658
880,658
Investments
6
25,786
22,357
1,504,683
1,295,841
Current assets
Stocks
107,882
316,702
Debtors
7
147,109
84,449
Cash at bank and in hand
126,472
11,023
381,463
412,174
Creditors: amounts falling due within one year
8
(465,272)
(575,290)
Net current liabilities
(83,809)
(163,116)
Total assets less current liabilities
1,420,874
1,132,725
Creditors: amounts falling due after more than one year
9
(229,603)
(266,774)
Provisions for liabilities
10
(138,844)
(85,936)
Net assets
1,052,427
780,015
Capital and reserves
Called up share capital
11
1,000
1,000
Profit and loss reserves
1,051,427
779,015
Total equity
1,052,427
780,015
MCCOMBIE BUILDERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
Mr Bruce McCombie
Director
Company registration number SC438966 (Scotland)
MCCOMBIE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

McCombie Builders Limited is a private company limited by shares incorporated in Scotland. The registered office is Burn O'Bennie Office, Banchory, Kincardineshire, AB31 5QA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors are of the opinion that the company can continue to meet its obligations as they fall due for the foreseeable future. As a consequence, the directors have prepared the financial statements on the going concern basis.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenues are recognised on the percentage of completion method, measured by the percentage of total costs incurred to date to estimated total costs for each contract. This method is used because management considers expended costs to be the best available measure of progress on these contracts.

 

Contract costs include all direct materials and labour costs and those indirect costs related to contract performance, such as indirect labour, supplies, tools, repairs and depreciation costs. Provisions for estimated losses on incomplete contracts are made in the period in which such losses are determined.

 

Other income includes rental income which is received for leasing property. Revenue for rent is recorded on an accruals basis and measured on the basis of the rental agreement.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Office equipment
15%-25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

MCCOMBIE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. Listed investments are included in the balance sheet at the year end market value.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

1.9
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 of 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.

MCCOMBIE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Financial instruments

The following assets and liabilities are classified as financial instruments, investments, bank, trade debtors, trade creditors, hire purchase agreements, bank loans and loans from related parties. Investments are measured at the year end based on the fair value of shares. Cash at bank in the balance sheet is held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to the supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the profit and loss account. Fixed assets acquired by hire purchase agreements are measured at cost and the liability associated with the agreements is measured at the discounted amounts due. Bank loans are measured at the discounted amounts due. Loans from related parties are measured at the undiscounted amounts payable.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance lease agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

MCCOMBIE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
18
16
4
Tangible fixed assets
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
671,585
10,020
381,170
1,062,775
Additions
153,320
189
144,965
298,474
Disposals
(40,566)
-
0
(12,500)
(53,066)
At 31 December 2024
784,339
10,209
513,635
1,308,183
Depreciation and impairment
At 1 January 2024
380,546
6,123
283,280
669,949
Depreciation charged in the year
48,015
861
33,804
82,680
Eliminated in respect of disposals
(30,757)
-
0
(11,928)
(42,685)
At 31 December 2024
397,804
6,984
305,156
709,944
Carrying amount
At 31 December 2024
386,535
3,225
208,479
598,239
At 31 December 2023
291,039
3,897
97,890
392,826
MCCOMBIE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
880,658

Investment property comprises commercial properties owned by the company. The fair value of the investment properties has been arrived at on the basis of valuations carried out by the directors. The valuations were made on an open market value basis.

6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
25,786
22,357
Fixed asset investments revalued

Listed investments are shown at market value at the year end date.

 

The cost price of the listed investments for the year ended 31 December 2024 is £20,028 (2023 - £20,652).

Movements in fixed asset investments
Investments
Cash in portfolio
Total
£
£
£
Cost or valuation
At 1 January 2024
20,540
1,817
22,357
Additions
1,347
-
1,347
Valuation changes
3,394
-
3,394
Disposals
(734)
(578)
(1,312)
At 31 December 2024
24,547
1,239
25,786
Carrying amount
At 31 December 2024
24,547
1,239
25,786
At 31 December 2023
20,540
1,817
22,357
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,541
56,193
Other debtors
135,568
28,256
147,109
84,449
MCCOMBIE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
31,900
31,900
Trade creditors
252,164
105,525
Taxation and social security
110,517
58,391
Other creditors
70,691
379,474
465,272
575,290

Creditors falling due within one year include liabilities of £7,144 (2023 - £12,867) in respect of the finance leases which are secured over the related fixed asset.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
228,253
258,280
Other creditors
1,350
8,494
229,603
266,774

Creditors falling due after more than one year include liabilities of £1,350 (2023 - £8,494) in respect of the finance leases which are secured over the related fixed asset.

 

The Bank of Scotland Plc holds a floating charge over the assets of the company including property at Burn O'Bennie, Banchory.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
135,153
155,180
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
138,844
85,936
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
12
Directors' transactions
MCCOMBIE BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Directors' transactions
(Continued)
- 10 -
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Mr Bruce M McCombie
2.25
-
13,977
220
14,197
Mrs Margaret McCombie
2.25
-
49,700
76
49,776
Mr Scott J McCombie
2.25
-
13,442
212
13,654
-
77,119
508
77,627
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