Company Registration No. SC255397 (Scotland)
A-FIX SCOTLAND LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
A-FIX SCOTLAND LTD.
Contents
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 9
A-FIX SCOTLAND LTD.
Report To The Directors On The Preparation Of The Unaudited Statutory Accounts Of A-Fix Scotland Ltd.
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A-Fix Scotland Ltd. for the year ended 31 March 2019 which comprise, the Statement Of Financial Position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the I
CAS
we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-january-2017.
This report is made solely to the Board of Directors of A-Fix Scotland Ltd., as a body, in accordance with the terms of our engagement letter
.
Our work has been undertaken solely to prepare for your approval the financial statements of A-Fix Scotland Ltd. and state those matters that we have agreed to state to the Board of Directors of A-Fix Scotland Ltd., as a body, in this report in accordance with the requirements of the
ICAS
as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A-Fix Scotland Ltd. and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that A-Fix Scotland Ltd. 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 A-Fix Scotland Ltd.. You consider that A-Fix Scotland Ltd. is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of A-Fix Scotland Ltd.. 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.
Condie & Co
12 December 2019
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
A-FIX SCOTLAND LTD.
Statement Of Financial Position
As At 31 March 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
-
Tangible assets
5
11,575
15,411
Current assets
Stocks
1,500
8,000
Debtors
6
17,980
8,648
Cash at bank and in hand
1,905
7,312
21,385
23,960
Creditors: amounts falling due within one year
7
(25,947)
(28,881)
Net current liabilities
(4,562)
(4,921)
Total assets less current liabilities
7,013
10,490
Creditors: amounts falling due after more than one year
8
-
(5,393)
Provisions for liabilities
10
(2,199)
(2,928)
Net assets
4,814
2,169
Capital and reserves
Called up share capital
11
150
150
Profit and loss reserves
4,664
2,019
Total equity
4,814
2,169
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 12 December 2019 and are signed on its behalf by:
Mr C Forrester
Director
Company Registration No. SC255397
A-FIX SCOTLAND LTD.
Notes To The Financial Statements
For The Year Ended 31 March 2019
- 3 -
1
Accounting policies
Company information
A-Fix Scotland Ltd.
is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
2 Atholl Cottages, Westfield, Bathgate, EH48 3DF.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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, which is
10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
25% straight line
Motor vehicles
25% reducing balance
A-FIX SCOTLAND LTD.
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2019
1
Accounting policies
(Continued)
- 4 -
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
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stock and work in progress
Work in progress is valued based on the company's performance of contracts undertaken and its subsequent right to consideration. Profit can be recognised on contracts which were not invoiced at the year end based on the stage of completion of the individual contracts, where the profit can be ascertained with reasonable certainty.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs 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.
1.7
Cash and cash equivalents
Cash at bank and in hand
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.
A-FIX SCOTLAND LTD.
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2019
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
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.
1.10
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 income statement 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.
A-FIX SCOTLAND LTD.
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2019
1
Accounting policies
(Continued)
- 6 -
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 income statement, 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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 3).
A-FIX SCOTLAND LTD.
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2019
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
45,000
Amortisation and impairment
At 1 April 2018 and 31 March 2019
45,000
Carrying amount
At 31 March 2019
-
At 31 March 2018
-
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2018 and 31 March 2019
1,597
3,522
1,887
32,838
39,844
Depreciation and impairment
At 1 April 2018
33
3,172
1,865
19,364
24,434
Depreciation charged in the year
391
53
22
3,369
3,835
At 31 March 2019
424
3,225
1,887
22,733
28,269
Carrying amount
At 31 March 2019
1,173
297
-
10,105
11,575
At 31 March 2018
1,564
350
23
13,474
15,411
Tangible fixed assets with a net book value of £
11,575
(2018: £
15,411
) have been pledged as security in favour of
Clydesdale Bank PLC.
|
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
13,789
7,383
Other debtors
4,191
1,265
17,980
8,648
A-FIX SCOTLAND LTD.
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2019
- 8 -
7
Creditors: amounts falling due within one year
2019
2018
£
£
Obligations under finance leases
5,393
5,394
Trade creditors
3,989
5,313
Corporation tax
3,580
2,299
Other taxation and social security
4,708
6,545
Other creditors
2,762
4,583
Accruals and deferred income
5,515
4,747
25,947
28,881
The
Clydesdale Bank PLC
hold a floating charge
and standard security,
dated
11
November
2003 and 5 May 2004,
over all assets of the company as security.
8
Creditors: amounts falling due after more than one year
2019
2018
£
£
Obligations under finance leases
-
5,393
The
Clydesdale Bank PLC
hold a floating charge
and standard security,
dated
11
November
2003 and 5 May 2004,
over all assets of the company as security.
9
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
10
2,199
2,928
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Accelerated capital allowances
2,199
2,928
A-FIX SCOTLAND LTD.
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2019
10
Deferred taxation
(Continued)
- 9 -
2019
Movements in the year:
£
Liability at 1 April 2018
2,928
Credit to profit or loss
(729)
Liability at 31 March 2019
2,199
11
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
150 Ordinary shares of £1 each
150
150
150
150
12
Related party transactions
The company has taken advantage of Section 1 AC35 of FRS102 whereby only material transactions which are not under normal market conditions need to be disclosed.
13
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr C Forrester
1,803
811
(5,540)
(2,926)
Mrs S A Forrester
1,180
-
(33)
1,147
2,983
811
(5,573)
(1,779)
The balance due to
/(from)
the directors, which is included in other creditors
and other debtors
, is interest free and repayable on demand.
2019-03-31
2018-04-01
false
12 December 2019
CCH Software
CCH Accounts Production 2019.301
No description of principal activity
Mr Colin Forrester
Mrs Sharon A Forrester
Mrs S A Forrester
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