Company registration number SC271936 (Scotland)
SPEY BUILDING & JOINERY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
SPEY BUILDING & JOINERY LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
SPEY BUILDING & JOINERY LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
6
446,910
327,890
Current assets
Stocks
28,920
20,000
Debtors
7
402,512
285,325
Cash at bank and in hand
15,093
184
446,525
305,509
Creditors: amounts falling due within one year
8
(971,793)
(852,643)
Net current liabilities
(525,268)
(547,134)
Total assets less current liabilities
(78,358)
(219,244)
Creditors: amounts falling due after more than one year
9
(79,279)
(44,174)
Net liabilities
(157,637)
(263,418)
Capital and reserves
Called up share capital
100
100
Revaluation reserve
61,073
62,506
Profit and loss reserves
(218,810)
(326,024)
Total equity
(157,637)
(263,418)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

SPEY BUILDING & JOINERY LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 September 2025
A Reid-Evans
Director
Company Registration No. SC271936
SPEY BUILDING & JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Spey Building & Joinery Ltd is a private company limited by shares incorporated in Scotland. The registered office is Unit 1, Ruthven Road, Kingussie, Inverness-Shire, United Kingdom, PH21 1EN.

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 convention adjusted for revaluation of property. The principle accounting policies adopted are set out below.

1.2
Going concern

The directors are aware of the net current liability and net liability position of the company. The company is reliant on the continued support of its directors and suppliers, the directors have confirmed that they will not recall their loan to the detriment of any other creditor. On this basis it is considered appropriate to prepare the financial statements on a going concern basis.

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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of 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 it is probable will be recover ed.

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
- 2% on cost
Plant and equipment
- 14% on reducing balance
Computer equipment
- 25% on reducing balance
Motor vehicles
- 20% on reducing balance
Tools and equipment
- 33% on cost and 33% on reducing balance
Boats
- 20% on cost less residual value
SPEY BUILDING & JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change the last reporting date.

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.

1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stock and work in progress

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.

SPEY BUILDING & JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -

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.

1.7
Cash and cash equivalents

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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

SPEY BUILDING & JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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 statement of financial position 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.

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.

1.13
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.15

Borrowing cost

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

SPEY BUILDING & JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

During the year management performed a review of the e stimated residual values of plant and machinery and motor vehicles. The outcome of this review identified assets with higher residual values than had previously been estimated. This has resulted in the depreciation estimate for plant and machinery and motor vehicles being revised. Plant and machinery has been revised to 14.29% reducing balance and there has been a reduction in plant and machinery depreciation expense of £7k. Motor vehicles has been revised to 20% reducing balance and there has been a reduction in motor vehicles depreciation expense of £3k.

3
Employees

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

2025
2024
Number
Number
Total
14
15
4
Director's remuneration
2025
2024
£
£
Remuneration paid to directors
41,353
36,804
5
Taxation

Factors that may affect future tax charges

The company has losses of £351,530 (20 24 - £339,114) to carry forward and use against future taxable profits.

SPEY BUILDING & JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
6
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computer equipment
Motor vehicles
Tools and equipment
Boats
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 April 2024
230,000
231,000
43,709
127,426
42,099
-
0
674,234
Additions
-
0
47,393
2,680
66,694
1,955
31,413
150,135
At 31 March 2025
230,000
278,393
46,389
194,120
44,054
31,413
824,369
Depreciation and impairment
At 1 April 2024
18,000
179,695
35,887
73,064
39,698
-
0
346,344
Depreciation charged in the year
4,500
8,754
2,339
12,458
1,732
1,332
31,115
At 31 March 2025
22,500
188,449
38,226
85,522
41,430
1,332
377,459
Carrying amount
At 31 March 2025
207,500
89,944
8,163
108,598
2,624
30,081
446,910
At 31 March 2024
212,000
51,305
7,822
54,362
2,401
-
0
327,890
SPEY BUILDING & JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

2025
2024
£
£
Plant and equipment
28,232
4,477
Motor vehicles
59,797
27,799
88,029
32,276

Freehold property was valued on an open market basis in June 2019 by Allied Souter & Jaffery, charte re d surveyors. The value of the land in freehold land and buildings is £5,000 (2024 - £5,000).

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2025
2024
£
£
Cost
186,384
186,384
Accumulated depreciation
(50,663)
(47,029)
Carrying value
135,721
139,355
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
508
39,428
Other debtors
122,026
131,112
Prepayments and accrued income
279,978
114,785
402,512
285,325
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
105,613
112,769
Obligations under finance leases
37,265
18,383
Other borrowings
21,031
44,619
Trade creditors
211,850
247,058
Taxation and social security
168,876
31,711
Other creditors
422,256
393,892
Accruals and deferred income
4,902
4,211
971,793
852,643
SPEY BUILDING & JOINERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
9
Creditors: amounts falling due after one year
2025
2024
£
£
Bank loans 1 - 5 years
9,067
20,682
Obligations under finance leases
70,212
23,492
79,279
44,174

Bank loans and overdrafts are secured by the Bank of Scotland over the company's land and buildings and a bond and floating charge over the assets of the company.

Finance lease creditor is secured over the assets to which they relate.

Other loans are secured by a personal guarantee from the director.

10
Reserves

Profit and loss reserve

The profit and loss reserve relates to the accumulated profits less dividends.

Revaluation reserve

The revaluation reserve relates to the revaluation of the freehold property held by the company and is released to the profit and loss account in line with the depreciation charged on the property.

11
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
12,996
11,210

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £2,596 (2024 - £3,429) were payable to the fund at the reporting date and are included within other creditors.

12
Directors' transactions

During the year the director and his family paid expenses on behalf of, and advanced funds to, the company totalling £24,000 (20 24 - £58,435).

During the year the company paid expenses on behalf of, and advanced funds to, the director and his family totalling £33,067 (2024 - £42,084).

The amount due to the director and his family at the balance sheet date was £333,408 (2024 - £342,475) and is included in other creditors.

The loan to the director has no fixed repayment term and no interest is charged.

2025-03-31 2024-04-01 false false false 30 September 2025 CCH Software CCH Accounts Production 2025.100 No description of principal activity A Reid-Evans J Reid-Evans SC271936 2024-04-01 2025-03-31 SC271936 2025-03-31 SC271936 2024-03-31 SC271936 core:LandBuildings core:OwnedOrFreeholdAssets 2025-03-31 SC271936 core:PlantMachinery 2025-03-31 SC271936 core:ComputerEquipment 2025-03-31 SC271936 core:MotorVehicles 2025-03-31 SC271936 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-03-31 SC271936 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2025-03-31 SC271936 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 SC271936 core:PlantMachinery 2024-03-31 SC271936 core:ComputerEquipment 2024-03-31 SC271936 core:MotorVehicles 2024-03-31 SC271936 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-03-31 SC271936 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2024-03-31 SC271936 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 SC271936 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC271936 core:CurrentFinancialInstruments 2025-03-31 SC271936 core:CurrentFinancialInstruments 2024-03-31 SC271936 core:Non-currentFinancialInstruments 2025-03-31 SC271936 core:Non-currentFinancialInstruments 2024-03-31 SC271936 core:ShareCapital 2025-03-31 SC271936 core:ShareCapital 2024-03-31 SC271936 core:RevaluationReserve 2025-03-31 SC271936 core:RevaluationReserve 2024-03-31 SC271936 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC271936 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC271936 bus:CompanySecretaryDirector1 2024-04-01 2025-03-31 SC271936 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 SC271936 core:PlantMachinery 2024-04-01 2025-03-31 SC271936 core:ComputerEquipment 2024-04-01 2025-03-31 SC271936 core:MotorVehicles 2024-04-01 2025-03-31 SC271936 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-04-01 2025-03-31 SC271936 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2024-04-01 2025-03-31 SC271936 2023-04-01 2024-03-31 SC271936 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 SC271936 core:PlantMachinery 2024-03-31 SC271936 core:ComputerEquipment 2024-03-31 SC271936 core:MotorVehicles 2024-03-31 SC271936 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-03-31 SC271936 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2024-03-31 SC271936 2024-03-31 SC271936 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC271936 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 SC271936 bus:FRS102 2024-04-01 2025-03-31 SC271936 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 SC271936 bus:Director1 2024-04-01 2025-03-31 SC271936 bus:CompanySecretary1 2024-04-01 2025-03-31 SC271936 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP