CalMax Construction Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC200789 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

CALMAX CONSTRUCTION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Calum Mackay

Christeen Mackay

SECRETARY:

Donald Mackay

REGISTERED OFFICE:

1 Blackwater

Newmarket

Isle of Lewis

HS2 0EE

REGISTERED NUMBER:

SC200789 (Scotland)

ACCOUNTANTS:

CIB Services

Chartered Accountants

63 Kenneth Street

Stornoway

Isle of Lewis

Western Isles

HS1 2DS

FIXED ASSETS

987,589

Tangible assets

4

1,015,286

CURRENT ASSETS

82,481

Stocks

200,313

677,064

Debtors

5

910,305

139,562

Cash at bank

254,742

899,107

1,365,360

CREDITORS

969,758

Amounts falling due within one year

6

1,131,992

(70,651

)

NET CURRENT ASSETS/(LIABILITIES)

233,368

916,938

TOTAL ASSETS LESS CURRENT LIABILITIES

1,248,654

CREDITORS

(195,299

)

Amounts falling due after more than one year

7

(464,512

)

(101,050

)

PROVISIONS FOR LIABILITIES

(128,792

)

620,589

NET ASSETS

655,350

CAPITAL AND RESERVES

20,000

Called up share capital

20,000

600,589

Retained earnings

635,350

620,589

SHAREHOLDERS' FUNDS

655,350

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 July 2021 and were signed on its behalf by:

Calum Mackay - Director

1.	STATUTORY INFORMATION

CalMax Construction Limited 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.

Turnover

Turnover represents the value of construction work invoiced during the year, adjusted for the movement in the value of work in progress.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Government grants

Grants of a revenue nature are taken to the Profit and Loss Account in the year in which the related expenditure is undertaken. Grants received which are related to capital expenditure are capitalised in the Balance Sheet under Creditors due after more than one year until the project is complete. At that point these grants are released to the Profit and Loss Account on the same basis as the related capital expenditure is depreciated.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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 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.

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2019 - 53 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2019

2,610,764

Additions

389,031

Disposals

(62,000

)

At 31 October 2020

2,937,795

DEPRECIATION

At 1 November 2019

1,623,175

Charge for year

317,934

Eliminated on disposal

(18,600

)

At 31 October 2020

1,922,509

NET BOOK VALUE

At 31 October 2020

1,015,286

At 31 October 2019

987,589

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 November 2019

1,133,813

Additions

220,463

Disposals

(62,000

)

Transfer to ownership

(74,320

)

At 31 October 2020

1,217,956

DEPRECIATION

At 1 November 2019

391,574

Charge for year

173,267

Eliminated on disposal

(18,600

)

Transfer to ownership

(42,423

)

At 31 October 2020

503,818

NET BOOK VALUE

At 31 October 2020

714,138

At 31 October 2019

742,239

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

490,713

227,223

Other debtors

419,592

449,841

910,305

677,064

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans and overdrafts

16,667

-

Hire purchase contracts

228,030

228,286

Trade creditors

509,096

475,999

Taxation and social security

44,737

25,931

Other creditors

333,462

239,542

1,131,992

969,758

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans

233,333

-

Hire purchase contracts

231,179

195,299

464,512

195,299

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

33,333

-

8.	SECURED DEBTS

The bank overdraft is secured by a floating charge over the company's assets and undertakings and by a personal guarantee of £30,000 from Calum Mackay, director.

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £97,000 were paid to the directors .

The company paid rent for yard and offices of £48,240 to a pension scheme of which the directors were members.

Other debtors at 31 October 2020 includes a balance due from Mr C Mackay of £96,637 (2019 - nil). Interest of £2,247 has been charged on the loan during the year (2019 - nil).

Other creditors at 31 October 2020 includes a balance due to Calmax Civils Limited of £36,000 (2019 - nil). Calmax Civils Limited is a company under the control of the directors, Mr C & Mrs C Mackay. The company purchased services of £706,023 from Calmax Civils Limited during the year ended 31 October 2020.

10.	ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of the directors, Calum and Christeen Mackay.

The following reproduces the text of the report prepared for the directors 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 Directors 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 CalMax Construction Limited for the year ended 31 October 2020 which comprise the Income Statement, 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 http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of CalMax Construction Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of CalMax Construction Limited and state those matters that we have agreed to state to the Board of Directors of CalMax Construction Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that CalMax Construction Limited 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 CalMax Construction Limited. You consider that CalMax Construction Limited 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 CalMax Construction Limited. 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.

CIB Services

Chartered Accountants

63 Kenneth Street

Stornoway

Isle of Lewis

Western Isles

HS1 2DS

14 July 2021