Naismith Contracts Ltd. - Accounts to registrar (filleted)

REGISTERED NUMBER: SC350698 (Scotland)

Unaudited Financial Statements for the Year Ended 31 October 2024

for

NAISMITH CONTRACTS LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

M J Naismith

SECRETARY:

M J Naismith

REGISTERED OFFICE:

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

REGISTERED NUMBER:

SC350698 (Scotland)

ACCOUNTANTS:

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

CURRENT ASSETS

Debtors

4

30,280

4,951

Cash at bank

4,518

15,898

34,798

20,849

CREDITORS

Amounts falling due within one year

5

34,568

12,936

NET CURRENT ASSETS

230

7,913

TOTAL ASSETS LESS CURRENT
LIABILITIES

230

7,913

CAPITAL AND RESERVES

Called up share capital

6

1

Retained earnings

229

7,912

SHAREHOLDERS' FUNDS

230

7,913

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 December 2025 and were signed by:

M J Naismith - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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.

Significant judgements and estimates

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes. Turnover includes revenue earned from the sale of technical consultancy services.

Turnover from the rendering of services 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 is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Financial instruments

Cash and cash equivalents comprise cash balances and call deposits

These financial assets are measured at cost. At the end of each reporting period they are reviewed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Provisions

A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.24

31.10.23

£

S455 tax

9,125

4,951

Directors' current accounts

21,155

-

30,280

4,951

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.24

31.10.23

£

Tax

23,451

9,870

VAT

9,622

-

Directors' current accounts

-

486

Accrued expenses

1,495

2,580

34,568

12,936

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.24

31.10.23

value:

£

1

Ordinary

£1

1

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

31.10.24

31.10.23

£

M J Naismith

Balance outstanding at start of year

(486

)

10,288

Amounts advanced

69,266

-

Amounts repaid

(47,625

)

(10,774

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

21,155

(486

)

Interest is charged at 2.25 % per annum on overdrawn balances.

8.	RELATED PARTY DISCLOSURES

Dividends proposed and payable to the director at the year end amounted to £41,000 (2023: £22,500).

9.	ULTIMATE CONTROLLING PARTY

M J Naismith is the sole director and holds 100% of the issued share capital of the company, he is therefore considered to be the ultimate controlling party.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Naismith Contracts Ltd. for the year ended 31 October 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the director of Naismith Contracts Ltd. in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Naismith Contracts Ltd. and state those matters that we have agreed to state to the director of Naismith Contracts Ltd. in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Naismith Contracts Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Naismith Contracts Ltd.. You consider that Naismith Contracts Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Naismith Contracts Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

17 December 2025