Company Registration No. SC699797 (Scotland)
Southside Contracts Scotland Ltd
Unaudited accounts
for the year ended 31 May 2025
Southside Contracts Scotland Ltd
Unaudited accounts
Contents
Southside Contracts Scotland Ltd
Company Information
for the year ended 31 May 2025
Company Number
SC699797 (Scotland)
Registered Office
Flat 2/2
39 Kilmarnock Road
Glasgow
G41 3YN
Scotland
Southside Contracts Scotland Ltd
Statement of financial position
as at 31 May 2025
Tangible assets
9,786
13,048
Cash at bank and in hand
30,609
19,498
Creditors: amounts falling due within one year
(31,360)
(28,409)
Net current liabilities
(562)
(8,722)
Total assets less current liabilities
9,224
4,326
Creditors: amounts falling due after more than one year
-
(4,226)
Called up share capital
100
100
Profit and loss account
9,124
-
Shareholders' funds
9,224
100
For the year ending 31 May 2025 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 September 2025 and were signed on its behalf by
Ian Rock
Director
Company Registration No. SC699797
Southside Contracts Scotland Ltd
Notes to the Accounts
for the year ended 31 May 2025
Southside Contracts Scotland Ltd is a private company, limited by shares, registered in Scotland, registration number SC699797. The registered office is Flat 2/2, 39 Kilmarnock Road, Glasgow, G41 3YN, Scotland.
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Compliance with accounting standards
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
The accounts are presented in £ sterling.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% reducing balance
Leasing and Hire Purchase contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Southside Contracts Scotland Ltd
Notes to the Accounts
for the year ended 31 May 2025
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Tangible fixed assets
Motor vehicles
Amounts falling due within one year
Southside Contracts Scotland Ltd
Notes to the Accounts
for the year ended 31 May 2025
6
Creditors: amounts falling due within one year
2025
2024
Obligations under finance leases and hire purchase contracts
4,228
4,608
Taxes and social security
5,647
2,742
Loans from directors
17,785
21,060
7
Creditors: amounts falling due after more than one year
2025
2024
Obligations under finance leases and hire purchase contracts
-
4,226
8
Average number of employees
During the year the average number of employees was 1 (2024: 1).