R.E. Campbell (Joinery) Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

R.E. Campbell (Joinery) Limited is a private company, limited by shares, incorporated in Scotland, registered number SC058204 . The registered office is Station Road, Spean Bridge, Inverness Shire, PH34 4EP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Property is stated at a revalued amount, being the fair value at the date of revaluation less subsequent depreciation. Revaluations are performed with sufficient regularity to ensure the carrying amount does not differ materially from fair value.

2.2. Turnover

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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of 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.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. The property in the company has been revalued as detailed in note 2.1. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	4 years straight line / no depreciation
Plant & Machinery	10 years straight line
Motor Vehicles	5 years straight line
Fixtures & Fittings	3 - 10 years straight line

Land included within Freehold is not depreciated.

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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R.E. Campbell (Joinery) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. 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 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, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. 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.

Equity instruments

Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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R.E. Campbell (Joinery) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.9. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.10. 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 Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. 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.

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 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.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

2.11. Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 21 (2024: 20)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2025	165,000	344,161	205,177	24,458	738,796
Additions	-	950	-	-	950
Disposals	-	(52,172 )	(25,442 )	-	(77,614 )

As at 31 December 2025	165,000	292,939	179,735	24,458	662,132

...CONTINUED

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R.E. Campbell (Joinery) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Depreciation
As at 1 January 2025	-	318,464	175,668	24,407	518,539
Provided during the period	-	13,525	6,356	14	19,895
Disposals	-	(49,315 )	(25,442 )	-	(74,757 )

As at 31 December 2025	-	282,674	156,582	24,421	463,677

Net Book Value
As at 31 December 2025	165,000	10,265	23,153	37	198,455

As at 1 January 2025	165,000	25,697	29,509	51	220,257

5. Stocks

	2025	2024
	£	£
Materials	6,195	13,149
Work in progress	735,475	632,605

	741,670	645,754

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	8,184	8,184
Other debtors	13,564	11,815

	21,748	19,999

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	31,978	129,510
Bank loans and overdrafts	3,298	10,922
Other creditors	241,942	387,089
Taxation and social security	107,699	11,795

	384,917	539,316

Bank loans include a Coronavirus Bounce Bank loan which is guaranteed by the UK Government.

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	-	4,911

Bank loans include a Coronavirus Bounce Bank loan which is guaranteed by the UK Government.

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2,000	2,000

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R.E. Campbell (Joinery) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

10. Reserves

	Revaluation reserve	Profit and Loss Account
	£	£
As at 1 January 2025	111,338	485,550
Profit for the year and total comprehensive income	-	586,995

As at 31 December 2025	111,338	1,072,545

This revaluation reserve was based on a valuation carried out by Chartered Surveyors prior to the year end date that the directors believe is appropriate to use as at 31 December 2025.

11. Related Party Transactions

Amounts due to key management personnel at the year end was £245,820 (2024 - £365,500). This balance is unsecured, interest free and has no fixed terms of repayment.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		198,455		220,257

			198,455		220,257
CURRENT ASSETS
Stocks	5	741,670		645,754
Debtors	6	21,748		19,999
Cash at bank and in hand		617,292		294,218

		1,380,710		959,971
Creditors: Amounts Falling Due Within One Year	7	(384,917 )		(539,316 )

NET CURRENT ASSETS (LIABILITIES)			995,793		420,655

TOTAL ASSETS LESS CURRENT LIABILITIES			1,194,248		640,912

Creditors: Amounts Falling Due After More Than One Year	8		-		(4,911 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(8,365 )		(37,113 )

NET ASSETS			1,185,883		598,888

CAPITAL AND RESERVES
Called up share capital	9		2,000		2,000
Revaluation reserve	10		111,338		111,338
Profit and Loss Account			1,072,545		485,550

SHAREHOLDERS' FUNDS			1,185,883		598,888