Calmac Developments Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC084696 (Scotland)

Unaudited Financial Statements for the Year Ended 30th September 2022

for

Calmac Developments Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

G D McCall Jnr

Mrs J D McCall

Mrs E J McCall

SECRETARY:

G D McCall Jnr

REGISTERED OFFICE:

c/o Farries, Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

REGISTERED NUMBER:

SC084696 (Scotland)

ACCOUNTANTS:

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

SOLICITORS:

Brazenall & Orr

104 Irish Street

Dumfries

DG1 2PB

FIXED ASSETS

Tangible assets

4

2,993,813

3,036,421

Investments

5

3,125

3,125

Investment property

6

1,955,000

1,955,000

4,951,938

4,994,546

CURRENT ASSETS

Stocks

86,949

66,843

Debtors

7

8,274

8,274

Cash at bank and in hand

144,533

535,551

239,756

610,668

CREDITORS

Amounts falling due within one year

8

(1,184,542

)

(939,053

)

NET CURRENT LIABILITIES

(944,786

)

(328,385

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,007,152

4,666,161

CREDITORS

Amounts falling due after more than one year

9

(821,516

)

(965,456

)

PROVISIONS FOR LIABILITIES

(19,256

)

(20,127

)

NET ASSETS

3,166,380

3,680,578

CAPITAL AND RESERVES

Called up share capital

20,312

30,000

Revaluation reserve

11

563,248

563,248

Capital redemption reserve

(740,812

)

-

Retained earnings

3,323,632

3,087,330

SHAREHOLDERS' FUNDS

3,166,380

3,680,578

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30th June 2023 and were signed on its behalf by:

G D McCall Jnr - Director

1.	STATUTORY INFORMATION

Calmac Developments 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents the total invoice value, excluding value added tax, of goods and services supplies to customers during the year and arose wholly from its principal activity in the United Kingdom. In accordance with the principles of revenue recognition, income is recognised as the right to consideration obtained through performance of contractual obligations, and is included in the financial statements when the company is legally entitled to the income.

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.

Freehold property

-

1% on cost

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

20% on cost and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 Statement of Income and Retained Earnings, 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 and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and lose account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2021 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1st October 2021

3,523,088

8,417

67,518

Additions

-

-

-

At 30th September 2022

3,523,088

8,417

67,518

DEPRECIATION

At 1st October 2021

610,547

1,683

67,518

Charge for year

35,164

842

-

At 30th September 2022

645,711

2,525

67,518

NET BOOK VALUE

At 30th September 2022

2,877,377

5,892

-

At 30th September 2021

2,912,541

6,734

-

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st October 2021

678,472

71,697

4,349,192

Additions

12,059

-

12,059

At 30th September 2022

690,531

71,697

4,361,251

DEPRECIATION

At 1st October 2021

572,401

60,622

1,312,771

Charge for year

15,891

2,770

54,667

At 30th September 2022

588,292

63,392

1,367,438

NET BOOK VALUE

At 30th September 2022

102,239

8,305

2,993,813

At 30th September 2021

106,071

11,075

3,036,421

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

Plant and

machinery

£

COST

At 1st October 2021

and 30th September 2022

67,518

DEPRECIATION

At 1st October 2021

and 30th September 2022

67,518

NET BOOK VALUE

At 30th September 2022

-

At 30th September 2021

-

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st October 2021

and 30th September 2022

3,125

NET BOOK VALUE

At 30th September 2022

3,125

At 30th September 2021

3,125

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st October 2021

and 30th September 2022

1,955,000

NET BOOK VALUE

At 30th September 2022

1,955,000

At 30th September 2021

1,955,000

Fair value at 30th September 2022 is represented by:

£

Valuation in 2013

1,955,000

If investment property had not been revalued 2013 would have been included at the following historical cost:

2022

2021

£

£

Cost

1,391,752

1,391,752

Investment property was valued on open market basis on 31st January 2013 by Shepherd, Chartered Surveyors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Prepayments

8,274

8,274

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

160,547

125,000

G D McCall Junior

85,069

85,069

C McCall loan

19,939

19,939

Trade creditors

99,970

130,391

Tax

68,537

73,792

Social security and other taxes

4,897

3,060

VAT

41,163

27,972

Directors' current accounts

585,228

354,638

Deferred income

2,126

2,126

Accrued expenses

117,066

117,066

1,184,542

939,053

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

128,000

128,000

Bank loans - 2-5 years

405,000

405,000

Bank loans more 5 yr by instal

288,516

432,456

821,516

965,456

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

288,516

432,456

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank overdraft

35,547

-

Bank loans

946,516

1,090,456

982,063

1,090,456

The bank overdraft and bank loan are secured by means of a bond and floating charge over the whole assets of the company. The hire purchase creditors are secured against the assets involved.

11.

RESERVES

Revaluation

reserve

£

At 1st October 2021

and 30th September 2022

563,248

12.	ULTIMATE CONTROLLING PARTY

The company is under the control of Mr & Mrs G D McCall, who own 100% of the issued share capital between them.