Halcyon Ornamental Plasterers Ltd. - Accounts to registrar (filleted)

REGISTERED NUMBER: SC222765 (Scotland)

Financial Statements

for the Year Ended 31 March 2025

for

Halcyon Ornamental Plasterers Ltd.

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Gallacher

D Nimmo

Miss M Gallacher

SECRETARY:

Mrs S Gallacher

REGISTERED OFFICE:

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

REGISTERED NUMBER:

SC222765 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Intangible assets

3

43,850

51,158

Property, plant and equipment

4

52,404

67,482

96,254

118,640

CURRENT ASSETS

Inventories

3,000

Debtors

5

138,142

134,601

Cash at bank and in hand

86,534

205,907

227,676

343,508

CREDITORS

Amounts falling due within one year

6

118,798

187,284

NET CURRENT ASSETS

108,878

156,224

TOTAL ASSETS LESS CURRENT
LIABILITIES

205,132

274,864

CREDITORS

Amounts falling due after more than one year

7

(9,545

)

(25,067

)

PROVISIONS FOR LIABILITIES

9

(13,101

)

(16,871

)

NET ASSETS

182,486

232,926

CAPITAL AND RESERVES

Called up share capital

10

120

Retained earnings

182,366

232,806

SHAREHOLDERS' FUNDS

182,486

232,926

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2025 and were signed on its behalf by:

J Gallacher - 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.

Going concern

The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue

Turnover represents the amounts derived from the provision of architectural plastering services. Sales are included when invoiced not paid and amounts exclude value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Inventories

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 Income Statement, 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.

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.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2024 - 18 ) .

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

182,717

AMORTISATION

At 1 April 2024

131,559

Amortisation for year

7,308

At 31 March 2025

138,867

NET BOOK VALUE

At 31 March 2025

43,850

At 31 March 2024

51,158

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Motor

machinery

vehicles

Totals

£

COST

At 1 April 2024

and 31 March 2025

29,881

117,161

147,042

DEPRECIATION

At 1 April 2024

11,957

67,603

79,560

Charge for year

2,689

12,389

15,078

At 31 March 2025

14,646

79,992

94,638

NET BOOK VALUE

At 31 March 2025

15,235

37,169

52,404

At 31 March 2024

17,924

49,558

67,482

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

132,143

129,401

Other debtors

5,999

5,200

138,142

134,601

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

2,778

16,667

Hire purchase contracts

12,573

13,036

Trade creditors

16,558

24,973

Taxation and social security

66,942

74,674

Other creditors

19,947

57,934

118,798

187,284

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Bank loans

-

2,950

Hire purchase contracts

9,545

22,117

9,545

25,067

8.	SECURED DEBTS

The Clydesdale Bank PLC holds a floating charge over all property and assets of the company including uncalled capital.

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

13,101

16,871

Deferred

tax

£

Balance at 1 April 2024

16,871

Credit to Income Statement during year

(3,770

)

Balance at 31 March 2025

13,101

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

100

Ordinary

£1

100

20

B Shares

£1

20

120