Company No: SC473140 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	303,989		299,340
		303,989		299,340
Current assets
Stocks		42,425		0
Debtors	5	1,255,745		1,198,658
Cash at bank and in hand	6	1,033,894		964,773
		2,332,064		2,163,431
Creditors: amounts falling due within one year	7	( 234,897)		( 360,890)
Net current assets		2,097,167		1,802,541
Total assets less current liabilities		2,401,156		2,101,881
Creditors: amounts falling due after more than one year	8	( 44,411)		( 41,187)
Provision for liabilities	9	( 24,020)		( 22,605)
Net assets		2,332,725		2,038,089
Capital and reserves
Called-up share capital	10	100		100
Profit and loss account		2,332,625		2,037,989
Total shareholders' funds		2,332,725		2,038,089

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

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Gavin Cairns Roughcasting Limited (registered number: SC473140) were approved and authorised for issue by the Board of Directors on 16 September 2025. They were signed on its behalf by:

Gavin Cairns Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gavin Cairns Roughcasting Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 14 Heights Of Woodside, Westhill, Inverness, IV2 5TH, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Construction contracts

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 Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. 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.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	10 % reducing balance
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		4

3. Dividends on equity shares

	2025		2024
	£		£
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 31 March 2025 of £383.13 (2024: £819.32) per ordinary share	38,313		81,932

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2024	201,835		26,908		136,226		10,780		542		376,291
Additions	0		4,778		35,433		0		599		40,810
Disposals	0		0		( 37,414)		0		0		( 37,414)
At 31 March 2025	201,835		31,686		134,245		10,780		1,141		379,687
Accumulated depreciation
At 01 April 2024	0		18,556		57,350		503		542		76,951
Charge for the financial year	0		1,594		19,919		1,028		83		22,624
Disposals	0		0		( 23,877)		0		0		( 23,877)
At 31 March 2025	0		20,150		53,392		1,531		625		75,698
Net book value
At 31 March 2025	201,835		11,536		80,853		9,249		516		303,989
At 31 March 2024	201,835		8,352		78,876		10,277		0		299,340

5. Debtors

	2025		2024
	£		£
Trade debtors	564,385		419,028
Corporation tax	78,921		105,862
Other debtors	612,439		673,768
	1,255,745		1,198,658

6. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	1,033,894		964,773

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	101,465		75,915
Taxation and social security	109,716		204,304
Obligations under finance leases and hire purchase contracts	19,258		18,996
Other creditors	4,458		61,675
	234,897		360,890

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts	44,411		41,187

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts	181		0

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 22,605)		( 21,428)
Charged to the Profit and Loss Account	( 1,415)		( 1,177)
At the end of financial year	( 24,020)		( 22,605)

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	6,015		6,015
between one and five years	15,813		21,828
	21,828		27,843

12. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Key management personnel	321,087		400,910

At the beginning of the year the business was owed £400,910 by the directors. Advances were made to the directors in the year to 31 March 2025 for £210,805 at interest rate of 2.25% totalling £7,522). £298,150 has been repaid within the year resulting in a closing balance of £321,087 being owed to the business by the directors.

The loan is unsecured and has no fixed terms of repayment.

Other related party transactions

	2025		2024
	£		£
Other related parties	22,000		0

Advances were made to other related parties in the year to 31 March 2025 for £22,000.

The loan is unsecured and has no fixed terms of repayment.