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Company No: SC558241 (Scotland)

# CRAIGDON CONSTRUCTION LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH THE REGISTRAR

CRAIGDON CONSTRUCTION LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2025

Contents

CRAIGDON CONSTRUCTION LIMITED

## BALANCE SHEET

AS AT 28 FEBRUARY 2025
CRAIGDON CONSTRUCTION LIMITED

## BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Tangible assets | 4 | 3,114 |  | 6,891
Investment property | 5 | 150,000 |  | 195,000
|  | 153,114 |  | 201,891
Current assets |  |  |  |
Stocks |  | 561,046 |  | 547,200
Debtors | 6 | 25,840 |  | 8,473
Cash at bank and in hand |  | 1,530 |  | 10,279
|  | 588,416 |  | 565,952
Creditors: amounts falling due within one year | 7 | ( 845,083) |  | ( 851,620)
Net current liabilities |  | (256,667) |  | (285,668)
Total assets less current liabilities |  | (103,553) |  | (83,777)
Creditors: amounts falling due after more than one year | 8 | 0 |  | ( 13,636)
Net liabilities |  | ( 103,553) |  | ( 97,413)
Capital and reserves |  |  |  |
Called-up share capital | 9 | 130 |  | 130
Profit and loss account |  | ( 103,683 ) |  | ( 97,543 )
Total shareholders' deficit |  | ( 103,553) |  | ( 97,413)

For the financial year ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 Craigdon Construction Limited (registered number: SC558241) were approved and authorised for issue by the Director on 17 November 2025. They were signed on its behalf by:

Michael Farquhar Lee Director |

CRAIGDON CONSTRUCTION LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2025
CRAIGDON CONSTRUCTION LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2025

##### 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

Craigdon Construction 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 South, Newbigging, Inverurie, AB51 5JL, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention and to include investment properties 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 £.

##### Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £103,683. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Prior year adjustment

An adjustment has been made to the accounts to reflect a correction to the revaluation reserve in the year to 28 February 2024. This has been corrected as soon it was identified, and it has resulted in the loss increasing by £14,129.

##### Turnover

Turnover represents amounts receivable for property development net of VAT and trade discounts. Turnover on property sales is recognised at the point of handover. Turnover includes amounts receivable from rental income on properties, which is recognised on an accruals basis.
In 2024 turnover also represents amounts receivable for consultancy services net of VAT. Turnover on consultancy services is recognised on an accruals basis, at the point the service has been delivered.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

##### 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:

Plant and machinery | 20 % reducing balance
Fixtures and fittings | 5 years straight line
Computer equipment | 2 - 4 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by external valuer's and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

##### Stocks

Stocks and work in progress are valued 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.
Land stock is stated at the lower of cost and net realisable value. Cost comprises the purchase price of land.
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.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

##### 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 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.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

#### 2. Prior year adjustment

An adjustment has been made to the revaluation reserve account, as outlined below.

|  | As previously reported |  | Adjustment |  | As restated
Year ended 29 February 2024 |  | £ |  | £ |  | £
Retained Earnings |  | (83,414) |  | (14,129) |  | (97,543)
Revaluation Reserve |  | (14,129) |  | 14,129 |  | 0

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 1 |  | 1

#### 4. Tangible assets

| Plant and machinery |  | Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 March 2024 | 3,250 |  | 395 |  | 8,686 |  | 12,331
At 28 February 2025 | 3,250 |  | 395 |  | 8,686 |  | 12,331
Accumulated depreciation |  |  |  |  |  |  |
At 01 March 2024 | 1,669 |  | 171 |  | 3,600 |  | 5,440
Charge for the financial year | 316 |  | 79 |  | 3,382 |  | 3,777
At 28 February 2025 | 1,985 |  | 250 |  | 6,982 |  | 9,217
Net book value |  |  |  |  |  |  |
At 28 February 2025 | 1,265 |  | 145 |  | 1,704 |  | 3,114
At 29 February 2024 | 1,581 |  | 224 |  | 5,086 |  | 6,891

#### 5. Investment property

| Investment property
| £
Valuation |
As at 01 March 2024 | 195,000
Disposals | (45,000)
As at 28 February 2025 | 150,000

Valuation

Investment properties are compromised of rental properties. The fair value of the investment properties has been arrived at on the basis of valuations carried out during June 2021 by qualified Chartered Surveyors. The directors are satisfied that the fair value of the properties at 29 February 2025 is not materially different to this valuation. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 19,725 |  | 2,034
Other debtors | 6,115 |  | 6,439
| 25,840 |  | 8,473

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 10,909
Trade creditors | 865 |  | 69
Amounts owed to related parties | 56,100 |  | 56,100
Other taxation and social security | 0 |  | 211
Other creditors | 788,118 |  | 784,331
| 845,083 |  | 851,620

The bank loan in 2024 was secured by a government guarantee and a floating charge over the assets of the company. This loan has now been repaid in full, and the charge was satisfied on 23 May 2024.

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

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 13,636

The bank loan in 2024 was secured by a government guarantee and a floating charge over the assets of the company. This loan has now been repaid in full, and the charge was satisfied on 23 May 2024.

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 1.00 each | 100 |  | 100
30 A Shares ordinary shares of £ 1.00 each | 30 |  | 30
| 130 |  | 130

#### 10. Related party transactions

Transactions with the entity's director

| 2025 |  | 2024
| £ |  | £
Key management personnel | 768,142 |  | 779,234

All key management personnel transactions are made under normal market conditions

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Other related parties | 56,819 |  | 56,100

The amounts shown were outstanding amounts due to related parties at the reporting end date