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Financial Statements For The Year Ended 30 September 2020 |
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Carronvale Building Company Limited |
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Financial Statements For The Year Ended 30 September 2020 |
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for |
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Carronvale Building Company Limited |
Carronvale Building Company Limited (Registered number: SC035882) |
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Contents of the Financial Statements |
For The Year Ended 30 September 2020 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Carronvale Building Company Limited |
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Company Information |
For The Year Ended 30 September 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Carronvale Building Company Limited (Registered number: SC035882) |
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Abridged Statement of Financial Position |
30 September 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The directors acknowledge their 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. |
Carronvale Building Company Limited (Registered number: SC035882) |
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Abridged Statement of Financial Position - continued |
30 September 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Carronvale Building Company Limited (Registered number: SC035882) |
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Notes to the Financial Statements |
For The Year Ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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Carronvale Building Company Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the |
goods are physically delivered to the customer. Turnover from the supply of services represents the value of |
services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to the date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value. |
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Tangible fixed assets |
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Fixed plant and equipment | - |
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Motor vehicles | - |
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Government grants |
Government grants are credited to the Statement of Comprehensive Income as the related expenditure is incurred. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the Statement of Comprehensive Income. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the Statement of Comprehensive Income. |
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Carronvale Building Company Limited (Registered number: SC035882) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation and deferred tax |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or in the Statement of Comprehensive Income. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Work in progress |
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. An element of profit is recognised in relation to the stage of completion of each job. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Carronvale Building Company Limited (Registered number: SC035882) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 September 2020 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Totals |
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COST |
At 1 October 2019 | 62,965 |
Additions | 82,376 |
At 30 September 2020 | 145,341 |
DEPRECIATION |
At 1 October 2019 | 14,871 |
Charge for year | 31,205 |
At 30 September 2020 | 46,076 |
NET BOOK VALUE |
At 30 September 2020 | 99,265 |
At 30 September 2019 | 48,094 |
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5. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Hire purchase contracts | 81,863 | 35,968 |