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Financial Statements for the Year Ended 31 May 2019 |
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DRB UK MAINTENANCE LTD |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 May 2019 |
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for |
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DRB UK MAINTENANCE LTD |
DRB UK MAINTENANCE LTD (REGISTERED NUMBER: SC315812) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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DRB UK MAINTENANCE LTD |
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Company Information |
for the Year Ended 31 May 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
29 Brandon Street |
Hamilton |
ML3 6DA |
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BANKERS: |
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Glasgow Chief Office |
PO Box 17235 |
Edinburgh |
EH11 1YH |
DRB UK MAINTENANCE LTD (REGISTERED NUMBER: SC315812) |
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Balance Sheet |
31 May 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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DRB UK MAINTENANCE LTD (REGISTERED NUMBER: SC315812) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2019 |
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1. | STATUTORY INFORMATION |
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DRB UK Maintenance Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover and revenue recognition |
Turnover is derived from the various activities of the company operating as a contractor. |
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Turnover therefore represents the fair value of work done and service supplied, net of discounts and excluding |
value added tax, and is recognised at the point that the company obtains the right to consideration. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine |
whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the |
recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is |
not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of |
the cash-generating unit to which the asset belongs. |
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Expenditure of £5,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets |
below this threshold is charged directly to the income statement in the period it is incurred. |
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Stocks and long term contracts |
Stocks are valued at the lower of cost and expected selling price less costs to complete, after making due |
allowance for obsolete and slow moving items. |
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Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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Long term contracts are stated at net cost less foreseeable losses less any applicable payments on account. The |
amount recorded as turnover in respect of long term contracts is ascertained by reference to the value of the |
work carried out to date. The amount by which measured turnover exceeds the payments received to date on |
individual contracts is shown within debtors as amounts recoverable on contracts. Attributable profit is |
recognised as the difference between recorded turnover and related costs. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
DRB UK MAINTENANCE LTD (REGISTERED NUMBER: SC315812) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 June 2018 |
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Disposals | ( |
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At 31 May 2019 |
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DEPRECIATION |
At 1 June 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2019 |
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NET BOOK VALUE |
At 31 May 2019 |
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At 31 May 2018 |
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DRB UK MAINTENANCE LTD (REGISTERED NUMBER: SC315812) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | SECURED DEBTS |
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The Bank of Scotland holds a floating charge over the assets of the company as security against any future |
monies owed to it by the company. |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 May 2019 and |
31 May 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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This balance is unsecured, interest free and has no fixed repayment terms. |
DRB UK MAINTENANCE LTD (REGISTERED NUMBER: SC315812) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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11. | RELATED PARTY DISCLOSURES |
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The company has an intercompany loan balance with Emtec Group Ltd and its subsidiary undertakings. The loan |
is unsecured, interest free and has no fixed repayment terms. At the year end the company owed £232,075 (2018 |
- £302,695) to Emtec Group Ltd and its subsidiary undertakings. |
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During the year the company wrote off an intercompany balance of £75,000 (2018 - £75,000) due from a fellow |
subsidiary within the Emtec Group Ltd. |
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During the year the company wrote off an intercompany balance of £190,184 (2018 - £nil) which had been due |
to Emtec Group Ltd. |
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The company has been advanced funds by R H McArthur. At the year end the company owed R H McArthur |
£44,000 (2018 - £nil). This loan balance was unsecured, interest free and had no fixed repayment terms. |
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12. | CONTROLLING PARTY |
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The controlling party is Emtec Group Ltd. |