Registered number
SC550998
Lochburn Contracts Ltd
Filleted Accounts
30 November 2024
Lochburn Contracts Ltd
Registered number: SC550998
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 215 1,582
Current assets
Stocks 760 720
Debtors 5 19,885 19,109
Cash at bank and in hand 4,185 5,525
24,830 25,354
Creditors: amounts falling due within one year 6 (15,293) (13,747)
Net current assets 9,537 11,607
Total assets less current liabilities 9,752 13,189
Creditors: amounts falling due after more than one year 7 (1,413) (3,813)
Provisions for liabilities 9 (41) (301)
Net assets 8,298 9,075
Capital and reserves
Called up share capital 100 100
Profit and loss account 8,198 8,975
Shareholders' funds 8,298 9,075
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kim Cullen
Director
Approved by the board on 22 August 2025
Lochburn Contracts Ltd
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
2 Goverment Grant
Government grants are recognised at the fair value of the asset received or receivable.
Grants are not recognised until there is reasonable assurance that the company will
comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a
systematic basis over the periods in which the company recognises the related costs for
which the is intended to compensate. Grants that are receivable as compensation for
expenses or losses already incurred or for the purpose of giving immediate financial support
to the entity with no future related costs are recognised in income in the period in which it
becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected
useful life of the asset. Where part of a grant relating to an asset is deferred, it is
recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future
performance-related conditions on the recipient, it is recognised in income when the
grant proceeds are received or receivable. Where the grant does impose specified future
performance-related conditions on the recipient, it is recognised in income only when the
performance-related conditions have been met. Where grants received are prior to
satisfying the revenue recognised criteria, they are recognised as a liability.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2023 537 6,300 6,837
At 30 November 2024 537 6,300 6,837
Depreciation
At 1 December 2023 215 5,040 5,255
Charge for the year 107 1,260 1,367
At 30 November 2024 322 6,300 6,622
Net book value
At 30 November 2024 215 - 215
At 30 November 2023 322 1,260 1,582
5 Debtors 2024 2023
£ £
Trade debtors 19,885 18,530
Other debtors - 579
19,885 19,109
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,400 2,400
Trade creditors - 2,692
Taxation and social security costs 10,163 7,253
Other creditors 2,730 1,402
15,293 13,747
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,413 3,813
8 Bounceback Loan
Effective interest rate 2.5%

Year......Bal b/f..............Interest...............Cashflow.............Bal c/f
.................£.......................£..........................£..........................£
----------------------------------------------------------------------------------------------
. ...1........12000....................................................................12000
....2.........12000...................300.00................-2400...............9600
....3...........9600...................240.00................-2400................7200
....4...........7200...................180.00................-2400................4800
....5............4800..................120.00................-2400................2400
....6...........2400.....................90.00................-2400

..........................................2700.00..............-12000............................


Interest 12 months 300.00 account for 7 months as Gov paid Interest till May 2021
£ 175.00 interest in Accounts period 1 and £ 125.00 in Accounts period 2
9 Deferred tax 2020 2019
£ £
B/fwd 301 561
Charged to profit and loss (260) (260)
Charged to other comprehensive income - -
41 301
9 Other information
Lochburn Contracts Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
30 Sandbank Crescent
Maryhill
GLASGOW
G20 0PR
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