Company registration number SC298020 (Scotland)
MICHAEL DUNCAN BUILDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
MICHAEL DUNCAN BUILDERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MICHAEL DUNCAN BUILDERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
761,527
773,548
Current assets
Stocks
5
43,534
45,284
Debtors
4
686,195
338,925
Cash at bank and in hand
63,596
102,066
793,325
486,275
Creditors: amounts falling due within one year
6
(486,435)
(373,665)
Net current assets
306,890
112,610
Total assets less current liabilities
1,068,417
886,158
Creditors: amounts falling due after more than one year
7
(157,197)
(43,735)
Provisions for liabilities
(113,762)
(116,340)
Net assets
797,458
726,083
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
69,521
69,521
Capital redemption reserve
2
2
Profit and loss reserves
726,935
655,560
Total equity
797,458
726,083
MICHAEL DUNCAN BUILDERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 28 August 2025 and are signed on its behalf by:
K G DUNCAN
K G Duncan
Director
Company registration number SC298020 (Scotland)
MICHAEL DUNCAN BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Michael Duncan Builders Limited is a private company limited by shares incorporated in Scotland. The registered office is West Pitmillan, Foveran, Ellon, Aberdeenshire, AB41 6AL.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Freehold land and buildings
no depreciation charged
Plant and machinery
25% reducing balance
Fixtures and fittings
15% 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.

MICHAEL DUNCAN BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.5
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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.8
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.

MICHAEL DUNCAN BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.9
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 leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10

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.

2
Employees

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

2025
2024
Number
Number
Total
12
14
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2024
374,999
692,462
13,880
190,839
1,272,180
Additions
-
0
79,333
462
58,200
137,995
Disposals
-
0
(83,047)
-
0
(87,775)
(170,822)
At 31 March 2025
374,999
688,748
14,342
161,264
1,239,353
Depreciation and impairment
At 1 April 2024
-
0
360,748
7,855
130,029
498,632
Depreciation charged in the year
-
0
87,983
933
26,461
115,377
Eliminated in respect of disposals
-
0
(58,169)
-
0
(78,014)
(136,183)
At 31 March 2025
-
0
390,562
8,788
78,476
477,826
Carrying amount
At 31 March 2025
374,999
298,186
5,554
82,788
761,527
At 31 March 2024
374,999
331,714
6,025
60,810
773,548
MICHAEL DUNCAN BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Tangible fixed assets
(Continued)
- 6 -

The 20 2 5 valuations were made by the directors by reference to similar properties in the area, on an open market value based on current fair value of properties.

If freehold properties were stated on a historical cost basis rather than a fair value basis the amounts would have been included as follows:

Freehold property
2025
2024
£
£
Cost
305,479
305,479
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
319,760
139,673
Other debtors
366,435
199,252
686,195
338,925
5
Stocks
2025
2024
£
£
Stocks
43,534
45,284
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
25,800
70,213
Trade creditors
169,498
216,385
Corporation tax
49,873
22,214
Other taxation and social security
82,392
21,942
Other creditors
158,872
42,911
486,435
373,665
MICHAEL DUNCAN BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
123,864
43,735
Other creditors
33,333
-
0
157,197
43,735
8
Security

The Royal Bank of Scotland holds a standard security over the Company's properties and a floating charge over all the assets.

9
Related party transactions

Transactions

During the year, the company made advances to a director of £62,442 and received credits of £62,500 which resulted in amounts owed to the director at the year end of £485 (2024 - £485). The loan is unsecured and interest free with no fixed repayment terms in place.

During the year, the company made advances to a director of £44,001 and received credits of £24,000 which resulted in amounts owed to the director at the year end of £383 (2024 - £20,384). The loan is unsecured and interest free with no fixed repayment terms in place.

During the year the company also operated a loan account with another company which is owned by one of the directors. £176,200 was advanced during the year and credits of £5,000 were received. At the balance sheet date, the balance owed to the company was £346,200 (2024 - £170,000). The loan is unsecured and interest free with no fixed repayments terms in place.

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