Company Registration No. SC164098 (Scotland)
GRANT (EAST MAINS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
GRANT (EAST MAINS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
GRANT (EAST MAINS) LIMITED
BALANCE SHEET
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Debtors
3
376,751
379,151
Cash at bank and in hand
2
2
376,753
379,153
Creditors: amounts falling due within one year
4
(370)
(370)
Net current assets
376,383
378,783
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
376,381
378,781
Total equity
376,383
378,783
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 1 November 2019
Mr D Grant
Director
Company Registration No. SC164098
GRANT (EAST MAINS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
- 2 -
1
Accounting policies
Company information
Grant (East Mains) Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
East Mains, Duffus, Elgin, Morayshire, IV30 5PU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.3
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
GRANT (EAST MAINS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 3 -
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
376,751
379,151
4
Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
370
370
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 ordinary shares of £1 each
2
2
6
Directors' transactions
Dividends totalling £2,000 (2018 - £0) were paid in the year in respect of shares held by the company's directors.
D J L Grant has a material interest in transactions with the company which were undertaken via J J & S Grant, a business in which he is a partner. All transactions took place in the normal course of business and were at arms length. At the year end J J & S Grant was due £
370,315
(201
8
: £3
72,715
) to the company.