REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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ALEXANDER DUTHIE & SONS LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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ALEXANDER DUTHIE & SONS LIMITED |
ALEXANDER DUTHIE & SONS LIMITED (REGISTERED NUMBER: SC113610) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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Company Information | 1 |
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Income Statement | 2 |
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Balance Sheet | 3 | to | 4 |
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Notes to the Financial Statements | 5 | to | 10 |
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ALEXANDER DUTHIE & SONS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 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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28 Broad Street |
Peterhead |
Aberdeenshire |
AB42 1BY |
ALEXANDER DUTHIE & SONS LIMITED (REGISTERED NUMBER: SC113610) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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(508,896 | ) | 245,738 |
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Other operating income |
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OPERATING (LOSS)/PROFIT | 4 | ( |
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Change in fair value | 5 |
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Profit/loss on disposal on |
financial assets | 5 |
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(136,856 | ) | 450,967 |
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Income from fixed asset investments |
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Interest receivable and similar income |
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70,920 | 204,848 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit | ( |
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(LOSS)/PROFIT FOR THE FINANCIAL
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ALEXANDER DUTHIE & SONS LIMITED (REGISTERED NUMBER: SC113610) |
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BALANCE SHEET |
31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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Investments | 8 |
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Investment property | 9 |
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CURRENT ASSETS |
Stocks |
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Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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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. |
ALEXANDER DUTHIE & SONS LIMITED (REGISTERED NUMBER: SC113610) |
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BALANCE SHEET - continued |
31 DECEMBER 2020 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ALEXANDER DUTHIE & SONS LIMITED (REGISTERED NUMBER: SC113610) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Alexander Duthie & Sons Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on the historic basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
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Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
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Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. The sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. |
ALEXANDER DUTHIE & SONS LIMITED (REGISTERED NUMBER: SC113610) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
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Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land, over their estimated useful life or, if held under a finance lease, over the term of the lease, whichever is the shorter. The rates applicable are: |
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Heritable property | - 4% on cost |
Plant & machinery | - 15% on cost |
Fixtures & fittings | - 15% on cost |
Motor vehicles | - 25% on cost |
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The gain or loss arising from the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
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Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
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If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
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Fixed and current asset investments |
Investments held as fixed assets are stated at cost less accumulated impairment losses. Those held as current assets are stated at fair value with changes recognised in the profit and loss. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
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A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
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Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. |
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Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. |
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Stocks |
Stocks and work in progress are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
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At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of the stocks over its estimated selling price less cost to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
ALEXANDER DUTHIE & SONS LIMITED (REGISTERED NUMBER: SC113610) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Trade debtors |
Trade debtors on normal terms are stated at their nominal value and are assessed for recoverability on an ongoing basis. |
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Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and demand 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 to changes in value. |
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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. |
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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. | OPERATING (LOSS)/PROFIT |
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The operating loss (2019 - operating profit) is stated after charging: |
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2020 | 2019 |
£ | £ |
Depreciation - owned assets |
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ALEXANDER DUTHIE & SONS LIMITED (REGISTERED NUMBER: SC113610) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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5. | EXCEPTIONAL ITEMS |
2020 | 2019 |
£ | £ |
Change in fair value |
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Profit/loss on disposal on |
financial assets |
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97,469 | 142,981 |
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6. | DIVIDENDS |
2020 | 2019 |
£ | £ |
Ordinary shares of 1 each |
Interim |
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7. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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Disposals |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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ALEXANDER DUTHIE & SONS LIMITED (REGISTERED NUMBER: SC113610) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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8. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2020 |
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1,908,305 |
Additions |
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528,282 |
Disposals |
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At 31 December 2020 |
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1,985,639 |
PROVISIONS |
At 1 January 2020 | - | (38,281 | ) | (38,281 | ) |
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Revaluation adjustments | - | (53,670 | ) | (53,670 | ) |
At 31 December 2020 | - | (91,951 | ) | (91,951 | ) |
NET BOOK VALUE |
At 31 December 2020 |
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2,077,590 |
At 31 December 2019 |
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1,946,586 |
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Cost or valuation at 31 December 2020 is represented by: |
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Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Cost | 2 | 1,985,637 | 1,985,639 |
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9. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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ALEXANDER DUTHIE & SONS LIMITED (REGISTERED NUMBER: SC113610) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits from directors subsisted during the years ended 31 December 2020 and 31 December 2019: |
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2020 | 2019 |
£ | £ |
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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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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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13. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |