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Unaudited Financial Statements for the Year Ended 30 September 2017 |
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Ewen Macrae(West End Garage)Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 September 2017 |
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for |
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Ewen Macrae(West End Garage)Limited |
Ewen Macrae(West End Garage)Limited (Registered number: SC060381) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 6 |
Ewen Macrae(West End Garage)Limited |
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Company Information |
for the Year Ended 30 September 2017 |
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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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Chartered Accountants |
8 Wentworth Street |
Portree |
Highland |
IV51 9EJ |
Ewen Macrae(West End Garage)Limited (Registered number: SC060381) |
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Balance Sheet |
30 September 2017 |
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30/9/17 | 30/9/16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Prepayments and accrued income |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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ACCRUALS AND DEFERRED INCOME |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement 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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Ewen Macrae(West End Garage)Limited (Registered number: SC060381) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2017 |
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1. | STATUTORY INFORMATION |
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Ewen Macrae(West End Garage)Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared in accordance with applicable accounting standards. |
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Turnover |
Turnover is stated net of VAT and is derived from vehicle sales,services and fuel sales. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from services is recognised when it is provided to customers. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
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 items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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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. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
Ewen Macrae(West End Garage)Limited (Registered number: SC060381) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Grants received |
Grants to assist capital expenditure are deferred and are credited to the Profit and Loss Account pro rata to depreciation charges on related assets. Grants of a revenue nature are credited to the Profit and Loss Account in full when receipt is reasonably certain and the conditions of making the grant have been fulfilled. |
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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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4. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2016 |
and 30 September 2017 |
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DEPRECIATION |
At 1 October 2016 |
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Charge for year |
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At 30 September 2017 |
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NET BOOK VALUE |
At 30 September 2017 |
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At 30 September 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/17 | 30/9/16 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/17 | 30/9/16 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 September 2017 and 30 September 2016: |
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30/9/17 | 30/9/16 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Ewen Macrae(West End Garage)Limited (Registered number: SC060381) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2017 |
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8. | RELATED PARTY DISCLOSURES |
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Director D J MacRae withdrew £6,601 from his directors loan account in the year to 30 September 2017. A balance of £161,812 was owed to him at that date. |
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Director C MacRae was owed £272,381at 30 September 2017. |
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Both amounts are interest free and repayable on demand. |
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9. | ACCOUNTING RECORDS |
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At the point of preparing the financial statements, accounting records could not be located for all transactions relating to stocks and closing bank balances. |
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10. | CONTROL |
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Effective control over the activities of the company is exercised by Mr D J MacRae, director, by virtue of his ownership, together with his wife Mrs C MacRae who is also a director, of 90.0% of the issued ordinary share capital in the company. |
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11. | TRANSITION TO FRS102 (1A) |
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There are no adjustments arising from the transition to FRS102(1A) affecting the company's financial position or financial performance. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Ewen Macrae(West End Garage)Limited |
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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. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ewen Macrae(West End Garage)Limited for the year ended 30 September 2017 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. |
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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. |
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This report is made solely to the Board of Directors of Ewen Macrae(West End Garage)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 Ewen Macrae(West End Garage)Limited and state those matters that we have agreed to state to the Board of Directors of Ewen Macrae(West End Garage)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. |
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It is your duty to ensure that Ewen Macrae(West End Garage)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 Ewen Macrae(West End Garage)Limited. You consider that Ewen Macrae(West End Garage)Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Ewen Macrae(West End Garage)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. |
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Without expressing an opinion, we draw attention to note 11 to the financial statements. |
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Chartered Accountants |
8 Wentworth Street |
Portree |
Highland |
IV51 9EJ |
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