REGISTERED NUMBER: SC292575 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Drem Timber & Fencing Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

B Semple

J R Semple

REGISTERED OFFICE:

47 - 49 The Square

Kelso

TD5 7HW

REGISTERED NUMBER:

SC292575 (Scotland)

ACCOUNTANTS:

EQ Accountants Ltd

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Property, plant and equipment

3

75,816

90,941

CURRENT ASSETS

Inventories

62,000

45,000

Debtors

4

44,256

37,789

Cash at bank

110,866

115,088

217,122

197,877

CREDITORS

Amounts falling due within one year

5

138,013

103,272

NET CURRENT ASSETS

79,109

94,605

TOTAL ASSETS LESS CURRENT LIABILITIES

154,925

185,546

CREDITORS

Amounts falling due after more than one year

6

(5,250

)

(18,986

)

PROVISIONS FOR LIABILITIES

(12,000

)

(13,500

)

NET ASSETS

137,675

153,060

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Retained earnings

117,675

133,060

137,675

153,060

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:

B Semple - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

Straight line over 5 years

Fixtures and fittings

-

Straight line over 5 years

Motor vehicles

-

Straight line over 5 years

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The directors have considered the company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, these financial statements have been prepared on the going concern basis.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

3.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 January 2024

186,756

Additions

33,185

Disposals

(45,194

)

At 31 December 2024

174,747

DEPRECIATION

At 1 January 2024

95,815

Charge for year

23,571

Eliminated on disposal

(20,455

)

At 31 December 2024

98,931

NET BOOK VALUE

At 31 December 2024

75,816

At 31 December 2023

90,941

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade debtors

44,256

32,575

Other debtors

-

5,214

44,256

37,789

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Hire purchase contracts (see note 7)

8,827

16,866

Trade creditors

78,294

35,836

Taxation and social security

21,507

21,050

Other creditors

29,385

29,520

138,013

103,272

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/24

31/12/23

£

£

Hire purchase contracts (see note 7)

5,250

18,986

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31/12/24

31/12/23

£

£

Net obligations repayable:

Within one year

8,827

16,866

Between one and five years

5,250

18,986

14,077

35,852

Non-cancellable

operating leases

31/12/24

31/12/23

£

£

Within one year

7,022

7,022

Between one and five years

22,822

28,088

In more than five years

-

1,756

29,844

36,866

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

31/12/24

31/12/23

£

£

B Semple

Balance outstanding at start of year

4,047

-

Amounts advanced

-

4,047

Amounts repaid

(4,047

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

4,047

J R Semple

Balance outstanding at start of year

1,167

-

Amounts advanced

-

1,167

Amounts repaid

(1,167

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,167