Custombuilt Joinery Limited


Director	Mr A E Milne


Registered Address	Unit 18, 211 Cambuslang Road
	Cambuslang
	Glasgow
	G72 7TS


Registered Number	SC187082 (Scotland)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	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 rendering of services and 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 policy

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 rendering of services and 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.

	Interest income
	Interest income is recognised using the effective interest rate method.

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Borrowing costs
	Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

	Finance costs
	Finance costs charged to the profit or loss include interest expense calculated using the effective interest method, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	15	-
Fixtures and fittings	15	-
Vehicles	-	3
Office Equipment	25	-

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

	Related parties
	For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	11		13

3.	Tangible fixed assets

	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 January 24	77,362	30,710	2,710	11,676	122,458
Additions	-	25,850	-	-	25,850
Disposals	-	(14,200)	-	-	(14,200)
At 31 December 24	77,362	42,360	2,710	11,676	134,108
Depreciation and impairment
At 01 January 24	72,845	30,710	2,549	10,319	116,423
Charge for year	678	8,617	24	339	9,658
On disposals	-	(14,200)	-	-	(14,200)
At 31 December 24	73,523	25,127	2,573	10,658	111,881
Net book value
At 31 December 24	3,839	17,233	137	1,018	22,227
At 31 December 23	4,517	-	161	1,357	6,035

4.	Stocks

	2024	2023
	£	£
Other stocks	59,470	64,560
Total	59,470	64,560

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	3,344	3,720
Amounts owed by group undertakings	45,706	44,743
Other debtors	98,149	144,459
Prepayments and accrued income	2,436	2,169
Total	149,635	195,091

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	46,223	79,025
Taxation and social security	142,716	162,861
Finance lease and HP contracts	4,233	-
Other creditors	7,754	5,245
Accrued liabilities and deferred income	6,215	5,197
Total	207,141	252,328

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Other creditors	19,119	-
Total	19,119	-

8.	Secured creditors
	Hire Purchase creditors are secured by the asset to which they relate.

9.	Obligations under finance leases

		2024		2023
		£		£
	Finance lease and HP contracts	23,352		-

10.	Provisions for liabilities
	A deferred tax asset of £13,256 (2023 – £9,096) has been recognised in the financial statements. This asset arises primarily in respect of temporary differences relating to enhanced capital allowances and the carry forward of tax losses.

11.	Pension commitments
	The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £19,514 (2023: £9,362). Contributions totalling £4,754 (2023: £5,245) were payable to the fund at the reporting date and are included in creditors.

11.

Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £19,514 (2023: £9,362). Contributions totalling £4,754 (2023: £5,245) were payable to the fund at the reporting date and are included in creditors.

12.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
Mr A E Milne	61,000	62,363	60,950	62,413
Mr E C Milne (resigned 9 August 2024)	51,883	0	51,883	0
	112,883	62,363	112,833	62,413


	Interest has been charged using the official HMRC rate for beneficial loan arrangements.

13.	Related party transactions
	As at 31 December 2024, the parent company owed £45,706 (2023: £44,743) to Custombuilt Joinery Limited. The amounts are unsecured, interest-free and repayable on demand.

14.	Controlling party
	This company's parent undertaking and controlling party is Custombuilt Scotland Limited, a company registered in Scotland, company number SC438396.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		22,227		6,035
			22,227		6,035
Current assets
Stocks	4	59,470		64,560
Debtors	5	149,635		195,091
Cash at bank and on hand		9,928		14,355
		219,033		274,006
Creditors amounts falling due within one year	6	(207,141)		(252,328)
Net current assets (liabilities)			11,892		21,678
Total assets less current liabilities			34,119		27,713
Creditors amounts falling due after one year	7		(19,119)		-
Net assets			15,000		27,713
Capital and reserves
Called up share capital			66,500		66,500
Profit and loss account			(51,500)		(38,787)
Shareholders' funds			15,000		27,713