CalMax Construction Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: SC200789 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

CALMAX CONSTRUCTION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

Calum 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

923,450

Tangible assets

4

1,007,088

CURRENT ASSETS

176,387

Stocks

192,894

744,781

Debtors

5

874,711

288,601

Cash at bank

402,336

1,209,769

1,469,941

CREDITORS

904,136

Amounts falling due within one year

6

999,061

305,633

NET CURRENT ASSETS

470,880

1,229,083

TOTAL ASSETS LESS CURRENT LIABILITIES

1,477,968

CREDITORS

(437,489

)

Amounts falling due after more than one year

7

(481,933

)

(130,351

)

PROVISIONS FOR LIABILITIES

(152,294

)

661,243

NET ASSETS

843,741

CAPITAL AND RESERVES

26,000

Called up share capital

28,000

14,880

Share premium

19,840

620,363

Retained earnings

795,901

661,243

SHAREHOLDERS' FUNDS

843,741

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 11 September 2023 and were signed 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.

Significant judgements and estimates

In the application of the society's accounting policies, the management committee are required to make judgements, estimates and assumptions that affect the amounts reported for assets, liabilities, income and expenditure.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods should it affect future periods.

The estimates and assumptions which carry a higher degree of risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. They are amended when necessary to reflect current estimates, future investment, economic utilisation and the physical condition of the assets. See note 5 for details of the values of tangible fixed assets.

Share-based payments

Management is required to use an appropriate pricing model to value the issue of equity to employees. Any charge to the profit and loss account is therefore a function of the chosen pricing model, which is based on a range of assumptions.

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

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.

Share-based payments

The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. The cost and fair value of the liability incurred in respect of cash-settled transactions is measured using an appropriate option pricing model with changes in fair value recognised in profit or loss for the period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2021 - 55 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2021

3,049,550

Additions

437,900

Disposals

(28,200

)

At 31 October 2022

3,459,250

DEPRECIATION

At 1 November 2021

2,126,100

Charge for year

349,327

Eliminated on disposal

(23,265

)

At 31 October 2022

2,452,162

NET BOOK VALUE

At 31 October 2022

1,007,088

At 31 October 2021

923,450

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

Plant and

machinery

etc

£

COST

At 1 November 2021

1,172,852

Additions

377,507

Transfer to ownership

(579,279

)

At 31 October 2022

971,080

DEPRECIATION

At 1 November 2021

617,939

Charge for year

161,498

Transfer to ownership

(452,603

)

At 31 October 2022

326,834

NET BOOK VALUE

At 31 October 2022

644,246

At 31 October 2021

554,913

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Trade debtors

332,519

174,645

Other debtors

542,192

570,136

874,711

744,781

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Bank loans and overdrafts

50,000

16,667

Hire purchase contracts

219,277

202,631

Trade creditors

535,571

522,191

Taxation and social security

78,345

79,997

Other creditors

115,868

82,650

999,061

904,136

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.22

31.10.21

£

£

Bank loans

145,833

220,833

Hire purchase contracts

336,100

216,656

481,933

437,489

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

20,833

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

The company paid rent for yard and offices of £64,479 (2021 - £61,250) to a pension scheme of which the directors were members.

Other debtors at 31 October 2022 includes a balance due from Mr C Mackay of £291,716 (2021 - £279,383). Interest of £6,286 has been charged on the loan during the year (2021 - £3,044).

Other creditors at 31 October 2022 includes a balance due to Calmax Civils Limited of £36,000 (2021 - £36,000). Calmax Civils Limited is a company under the control of the director, Mr C Mackay. The company purchased services of £819,362 from Calmax Civils Limited during the year ended 31 October 2022 (2021 - £847,166).

10.	ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of the director, Calum Mackay.

The following reproduces the text of the report prepared for the director 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 Director 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 2022 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 director of CalMax Construction Limited 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 director of CalMax Construction Limited 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 director 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

11 September 2023