Company registration number SC311140 (Scotland)
Gowrie Contracts Limited
unaudited financial statements
for the year ended 31 August 2025
Pages for filing with registrar
Gowrie Contracts Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Gowrie Contracts Limited
Balance sheet
as at 31 August 2025
31 August 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
103,121
169,653
Current assets
Stocks
5,450
4,620
Debtors
5
291,985
489,365
Cash at bank and in hand
117,925
242,121
415,360
736,106
Creditors: amounts falling due within one year
6
(287,843)
(392,920)
Net current assets
127,517
343,186
Total assets less current liabilities
230,638
512,839
Creditors: amounts falling due after more than one year
7
(45,122)
(109,672)
Provisions for liabilities
(11,597)
(36,718)
Net assets
173,919
366,449
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
173,915
366,445
Total equity
173,919
366,449
Gowrie Contracts Limited
Balance sheet (continued)
as at 31 August 2025
31 August 2025
- 2 -

For the financial year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 April 2026 and are signed on its behalf by:
Mr JG Henderson
Director
Company registration number SC311140 (Scotland)
Gowrie Contracts Limited
Notes to the financial statements
for the year ended 31 August 2025
- 3 -
1
Accounting policies
Company information

Gowrie Contracts Limited is a private company limited by shares incorporated in Scotland. The registered office is 9 Faraday Street, Dryburgh Industrial Estate, Dundee, DD2 3QQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has made a loss in the year of £172,530, however future activity has improved and with a comfortable cash position the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying services and excludes value added tax. Where services are provided gradually over time revenue is recognised as activity progresses by reference to value of work done.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over 10 years
Plant and machinery
Over 5 years
Computer equipment
Over 3 years
Motor vehicles
Over 4 years

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.

Gowrie Contracts Limited
Notes to the financial statements (continued)
for the year ended 31 August 2025
1
Accounting policies (continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Gowrie Contracts Limited
Notes to the financial statements (continued)
for the year ended 31 August 2025
1
Accounting policies (continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is measured on differences between the carrying amounts of assets and liabilities in the accounts and the corresponding tax bases, as used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all temporary timing differences that have not reversed by the balance sheet date and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available. Deferred tax is calculated at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the profit and loss accounts, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Gowrie Contracts Limited
Notes to the financial statements (continued)
for the year ended 31 August 2025
1
Accounting policies (continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
28
26
Gowrie Contracts Limited
Notes to the financial statements (continued)
for the year ended 31 August 2025
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2024
36,324
465,266
23,955
321,833
847,378
Additions
2,500
635
-
0
-
0
3,135
At 31 August 2025
38,824
465,901
23,955
321,833
850,513
Depreciation and impairment
At 1 September 2024
16,713
448,510
20,804
191,698
677,725
Depreciation charged in the year
2,538
4,690
2,190
60,248
69,666
At 31 August 2025
19,251
453,200
22,994
251,946
747,391
Carrying amount
At 31 August 2025
19,573
12,701
961
69,887
103,122
At 31 August 2024
19,611
16,756
3,151
130,135
169,653

Included in motor vehicles is assets on hire purchase with a net book value of £48,854 (202 4 - £75,458).

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
217,914
371,283
Corporation tax recoverable
21,115
-
0
Other debtors
52,956
118,082
291,985
489,365
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
29,543
47,525
Hire purchase
31,601
35,510
Other loans
3,324
3,324
Trade creditors
154,041
199,531
Corporation tax
-
0
28,255
Other taxation and social security
35,159
28,748
Other creditors
34,175
50,027
287,843
392,920
Gowrie Contracts Limited
Notes to the financial statements (continued)
for the year ended 31 August 2025
6
Creditors: amounts falling due within one year (continued)
- 8 -

Held in hire purchase is a hire purchase liability of £31,601 (202 4 - £35,510). Hire purchase liabilities are secured against the assets to which they relate.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
29,625
Hire purchase
42,075
73,676
Other loans
3,047
6,371
45,122
109,672

Held in hire purchases is a hire purchase liability of £42,075 (202 4 - £73,676). Hire purchase liabilities are secured against the assets to which they relate.

Included within creditors is a floating charge with Svenska Handelsbanken AB (Publ).

8
Pensions

The company contributes to pension funds for its director and employees. The pension cost and charge represents contributions payable by the company to the pension funds and amounted to £17,282 (2024: £117,652). At 31 August 2025 contributions amounting to £3,264 (2024: £3,505) were payable to the fund.

9
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
132,500
162,500
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Abestos Managment Services (Scotland) Limited
1,787
1,787
Gowrie Contracts Limited
Notes to the financial statements (continued)
for the year ended 31 August 2025
10
Related party transactions (continued)
- 9 -

No guarantees have been given or received.

11
Prior period adjustment

The prior year adjustment arose as a result an an overstatement of leasehold improvements. The profit for the year was overstated by £30,663 as a result.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Aug 2024
£
£
£
Fixed assets
Tangible assets
200,316
(30,663)
169,653
Capital and reserves
Profit and loss reserves
397,108
(30,663)
366,445
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 August 2024
£
£
£
Administrative expenses
(978,887)
(30,663)
(1,009,550)
Profit for the financial period
141,658
(30,663)
110,995
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