Company Registration No. SC231282 (Scotland)
A G BANNERMAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
A G BANNERMAN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
A G BANNERMAN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
443,425
522,445
Tangible assets
4
450,617
497,547
Investments
5
1,000
312,007
895,042
1,331,999
Current assets
Stocks
185,456
327,482
Debtors
6
495,809
367,770
Cash at bank and in hand
1,805,665
1,144,887
2,486,930
1,840,139
Creditors: amounts falling due within one year
7
(771,370)
(588,653)
Net current assets
1,715,560
1,251,486
Total assets less current liabilities
2,610,602
2,583,485
Creditors: amounts falling due after more than one year
8
(33,771)
(40,287)
Provisions for liabilities
(27,873)
(57,886)
Net assets
2,548,958
2,485,312
Capital and reserves
Called up share capital
1,500,000
1,500,000
Share premium account
50,000
50,000
Capital redemption reserve
75,000
75,000
Other reserves
105,306
105,306
Profit and loss reserves
818,652
755,006
Total equity
2,548,958
2,485,312
A G BANNERMAN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
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 Period ended 31 March 2020 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 Period 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 by the board of directors and authorised for issue on 29 April 2021 and are signed on its behalf by:
M Feeney
Director
Company Registration No. SC231282
A G BANNERMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
A G Bannerman Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
171 Saracen Street, Glasgow, United Kingdom, G22 5JL.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life,
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Leasehold improvements
10% on cost
Fixtures and fittings
10% on cost
Computers
33% on cost
Motor vehicles
20% on cost
The gain or loss arising on 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
.
1.5
Fixed asset investments
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.
A G BANNERMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
A G BANNERMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2020
2019
Number
Number
Total
53
50
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2019 and 31 March 2020
3,781,587
Amortisation and impairment
At 1 August 2019
3,259,142
Amortisation charged for the Period
79,020
At 31 March 2020
3,338,162
Carrying amount
At 31 March 2020
443,425
At 31 July 2019
522,445
A G BANNERMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2019 and 31 March 2020
606,296
324,064
930,360
Depreciation and impairment
At 1 August 2019
166,523
266,290
432,813
Depreciation charged in the Period
20,140
26,790
46,930
At 31 March 2020
186,663
293,080
479,743
Carrying amount
At 31 March 2020
419,633
30,984
450,617
At 31 July 2019
439,773
57,774
497,547
5
Fixed asset investments
2020
2019
£
£
Other investments other than loans
1,000
312,007
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 August 2019
312,007
Disposals
(311,007)
At 31 March 2020
1,000
Carrying amount
At 31 March 2020
1,000
At 31 July 2019
312,007
A G BANNERMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 7 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
412,116
318,698
Other debtors
83,693
49,072
495,809
367,770
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
582,132
478,729
Taxation and social security
127,479
58,972
Other creditors
61,759
50,952
771,370
588,653
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
33,771
40,287