Company Registration No. SC298931 (Scotland)
STUART CAMPBELL (BUILDERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
STUART CAMPBELL (BUILDERS) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
STUART CAMPBELL (BUILDERS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
5
1,477
2,760
Current assets
Inventories
1,200
2,223
Trade and other receivables
6
6,581
10,900
7,781
13,123
Current liabilities
7
(9,306)
(12,351)
Net current (liabilities)/assets
(1,525)
772
Total assets less current liabilities
(48)
3,532
Non-current liabilities
8
(1,117)
(2,581)
Provisions for liabilities
(281)
(524)
Net (liabilities)/assets
(1,446)
427
Equity
Called up share capital
9
100
100
Retained earnings
(1,546)
327
Total equity
(1,446)
427
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2018 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 7 November 2018
Mr Stuart Campbell
Director
Company Registration No. SC298931
STUART CAMPBELL (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Company Information
Stuart Campbell (Builders) Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
61 Pinewood Road, Fochabers, Moray, IV32 7JU.
2
Compliance with accounting standards
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
pounds sterling
, which is the functional currency of the company
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
3
Accounting policies
3.1
Going concern
The balance sheet shows that liabilities exceed assets by £
1,446. the director is confident that the company has an adequate level of financial resources and ongoing trade
to enable
it
to continue normal operations for the forseeable future. The financial statements are therefore drawn up on a going concern basis.
3.2
Revenue
Revenue 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.
Revenue from contracts for the provision of 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 are recoverable.
3.3
Property, plant and equipment
Property, plant and equipment
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:
Plant and equipment
20% straight line
Fixtures and fittings
15% straight line
Computers
33% straight line
Motor vehicles
25% straight line
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
.
STUART CAMPBELL (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
3
Accounting policies
(Continued)
- 3 -
3.4
Inventories
Inventories 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 inventories to their present location and condition.
3.5
Basic financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
3.6
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.
Deferred tax
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
3.7
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 non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
STUART CAMPBELL (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
5
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2017
11,917
Additions
130
At 31 March 2018
12,047
Depreciation and impairment
At 1 April 2017
9,157
Depreciation charged in the year
1,413
At 31 March 2018
10,570
Carrying amount
At 31 March 2018
1,477
At 31 March 2017
2,760
6
Trade and other receivables
2018
2017
Amounts falling due within one year:
£
£
Trade receivables
1,800
1,170
Corporation tax recoverable
208
-
Other receivables
4,573
9,730
6,581
10,900
7
Current liabilities
2018
2017
£
£
Bank loans and overdrafts
6,480
5,163
Trade payables
430
2,138
Corporation tax
-
1,930
Other taxation and social security
1,258
1,515
Other payables
1,138
1,605
9,306
12,351
STUART CAMPBELL (BUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
8
Non-current liabilities
2018
2017
£
£
Bank loans and overdrafts
1,117
2,581
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
90 ordinary of £1 each
90
90
10 A ordinary of £1 each
10
10
100
100
10
Directors' transactions
The company operates from premises owned by
the
director of the company. An arms length rental is paid for these premises. During the year the company paid rent of £
5
00 (201
7
- £
500
) to
the director
.
During the year the company declared and paid dividends totalling £nil (2017 - £7,000) on behalf of the director and connected parties.
Directors advances, benefits and guarantees
At 31 March 2017 the director, Mr S Campbell, owed the company £7,067. During the year the director repaid the company £5,886. At 31 March 2018 the director owed the company £1,181. This loan is interest free and has no fixed terms of repayment.