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Registered number: SC580139
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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ALPHA PROJECTS (SCOTLAND) LTD
COMPANY INFORMATION
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ALPHA PROJECTS (SCOTLAND) LTD
CONTENTS
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ALPHA PROJECTS (SCOTLAND) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors present the strategic report for the year ended 31 October 2025.
The principal activity of the Company is that of principal contractor, specialising in construction, fit out and refurbishment projects within the commercial and residential sectors.
The Company retained many existing client relationships throughout the year. In addition, we added to our client base and forged new positive working relationships. Retention of key staff has contributed to the Company’s success and remains crucial for the business moving forward. The Company has moved towards an Employee Ownership structure (Employee Ownership Trust), with legals concluding in November 2025. After some consideration the directors were of the opinion this presents the Company with the best opportunity for long term sustainability and leadership. Further, during the course of the year, subsidiary company 'Alpha Services' was de-merged from the Group and completed a re-brand to 'Peak Renewables', in additon to a board re-structure within the company.
The ongoing downturn in Oil & Gas related activity has continued to effect market conditions and its expected that this will exist in the immediate future.
Similarly, budget pressure within Local Authorities and Universities is expected to continue for the foreseeable future. Market / competitor pressure remains an ongoing challenge in terms of winning new business.. Notwithstanding the above, the Company remains well insulated for the challenges ahead. A very good reputation, geographical flexibility, a talented workforce and a healthy cash position provides the Company a very solid base to continue progressing forward.
Turnover - £17.5m, up £1.87m from financial year 2024. Whilst revenue isn't necessarily a particular focus point for the Company, it is pleasing to see a record turnover for the Company.
Profit before Taxation - £0.47m down from £0.849m from financial year 2024. While pre tax profit has dropped, it was anticipated as market conditions continued to tighten into 2025. In addition, significant one-off costs were incurred, particularly costs involved with the de-merging of Alpha Services from the Group, and the transition of the Company towards Employee Ownership.
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ALPHA PROJECTS (SCOTLAND) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
The key points are generally covered within the business review however, to summarise the Group’s achievements in 2025;
• Robust financial performance given the several, significant one-off costs incurred • Retention and development of key staff • Enhancement and building on new client relationships and customer satisfaction • Significant investment in purchased plant and vehicles
This report was approved by the board on 23 July 2026 and signed on its behalf.
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ALPHA PROJECTS (SCOTLAND) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors present their report and the financial statements for the year ended 31 October 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £379,423 (2024 - £652,944).
During the year dividends of £270,000 were declared and paid to the Company shareholders.
The directors who served during the year were:
There are no material changes planned or expected in the Company for the foreseeable future other than those described within the strategic report.
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ALPHA PROJECTS (SCOTLAND) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Objectives and policies
Financial management policies are set in order to secure the resources required for the future development of the business and to expand its capabilities. As a result, the Company's acitivites expose it to a number of financial risks including liquidity risk, price risk, credit risk and cash flow risk. Liquidity risk The Company has adequate working capital due to monitoring sales contracts and subsequent customer receipt, creditor days and future committed costs in order to minimise liquidity risk. Price risk The Company has exposure to price changes in raw materials and subcontracting costs which can impact profitability on contracts and this is mitigated by monitoring and tracking of market trends closely. Credit risk The Company has no significant concentrations of credit risk. The Company has policies in place that require appropriate checks on potential customers prior to sales and credit provided. Cash flow risk The Company manages its cash flow risk by monitoring credit and liquidity risks as discussed, and the Company has sufficient cash balances to allow it to adjust to any significant changes in cash flow.
There have been no significant events affecting the Company other than those disclosed in the notes to these financial statements since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ALPHA PROJECTS (SCOTLAND) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPHA PROJECTS (SCOTLAND) LTD
We have audited the financial statements of Alpha Projects (Scotland) Ltd (the 'Company') for the year ended 31 October 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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ALPHA PROJECTS (SCOTLAND) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPHA PROJECTS (SCOTLAND) LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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ALPHA PROJECTS (SCOTLAND) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPHA PROJECTS (SCOTLAND) LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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ALPHA PROJECTS (SCOTLAND) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPHA PROJECTS (SCOTLAND) LTD (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
14 City Quay
DD1 3JA
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ALPHA PROJECTS (SCOTLAND) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
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ALPHA PROJECTS (SCOTLAND) LTD
REGISTERED NUMBER: SC580139
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 29 form part of these financial statements.
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ALPHA PROJECTS (SCOTLAND) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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ALPHA PROJECTS (SCOTLAND) LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
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ALPHA PROJECTS (SCOTLAND) LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2025
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Alpha Projects (Scotland) Ltd is a limited company registered in Scotland, with the registered office being
situated at Tayvision House, 324 Broughty Ferry Road, Stannergate Road, Dundee, DD1 3NQ.
The financial statements are presented in Sterling which is the functional currency of the company and
rounded to the nearest £.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
GOODWILL
OTHER INTANGIBLE ASSETS
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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 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.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Amounts recoverable on long term contracts The most significant estimation within the Group's financial statements relates to work in progress. The directors review work in progress levels on a monthly basis to ensure that all work carried out on ongoing contracts is reflected in the Group's financial statements. Tangible fixed assets Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate. The actual lives of the assets and the residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as regularity of repairs and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
The only other factors expected to affect tax charges are those imposed by HMRC.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Revaluation reserve
Profit and loss account
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 £144,738 (2024 - £116,679) .Contributions totalling £13,807 (2024 - £15,231) were payable to the fund at the reporting date and are included in creditors.
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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ALPHA PROJECTS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
This transaction occurred after the reporting date and therefore has not been reflected in the financial statements for the year ended 31 October 2025.
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