Company Registration No. SC158283 (Scotland)
D MCLAUGHLIN & SONS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
D MCLAUGHLIN & SONS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
D MCLAUGHLIN & SONS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
50,000
62,500
Tangible assets
2
254,371
270,254
304,371
332,754
Current assets
Stocks
3,547,002
2,030,603
Debtors
3
2,742,982
2,617,895
Cash at bank and in hand
3,867,987
4,823,646
10,157,971
9,472,144
Creditors: amounts falling due within one year
(1,509,146)
(1,782,709)
Net current assets
8,648,825
7,689,435
Total assets less current liabilities
8,953,196
8,022,189
Provisions for liabilities
(1,221)
(2,827)
8,951,975
8,019,362
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
8,951,875
8,019,262
Shareholders' funds
8,951,975
8,019,362
D MCLAUGHLIN & SONS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 22 December 2016
P D McLaughlin
S D McLaughlin
Director
Director
Company Registration No. SC158283
D MCLAUGHLIN & SONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
The turnover shown in the profit and loss account represents the amounts invoiced during the year in respect of construction and development work carried out, exclusive of Value Added Tax, plus amounts recoverable on contracts. All turnover arose within the United Kingdom. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
1.3
Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and Loss Account over its estimated life. Amortisation is provided at the following rates: Goodwill 5% Straight Line
Amortisation is provided at the following rates:
Goodwill 5% Straight Line
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings
2% Straight Line
Plant and machinery
10% Reducing Balance
Motor vehicles
25% Reducing Balance
1.5
Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates are expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
1.6
Investment properties are included in the Balance Sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
D MCLAUGHLIN & SONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
1
Accounting policies
(Continued)
- 4 -
1.7
Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.
1.8
Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015 & at 31 March 2016
250,000
408,820
658,820
Depreciation
At 1 April 2015
187,500
138,566
326,066
Charge for the year
12,500
15,883
28,383
At 31 March 2016
200,000
154,449
354,449
Net book value
At 31 March 2016
50,000
254,371
304,371
At 31 March 2015
62,500
270,254
332,754
3
Debtors
Debtors include an amount of £2,536,355 (2015 - £2,536,355) which is due after more than one year.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary Shares of £1 each
100
100