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2020-12-31
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No description of principal activities is disclosed
2020-01-01
Sage Accounts Production 2020 Update 1 - FRS102_2019
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xbrli:shares
iso4217:GBP
SC433335
2020-01-01
2020-12-31
SC433335
2020-12-31
SC433335
2019-12-31
SC433335
2019-01-01
2019-12-31
SC433335
2019-12-31
SC433335
core:FurnitureFittingsToolsEquipment
2020-01-01
2020-12-31
SC433335
core:MotorVehicles
2020-01-01
2020-12-31
SC433335
core:NetGoodwill
2020-01-01
2020-12-31
SC433335
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2020-01-01
2020-12-31
SC433335
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2020-12-31
SC433335
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2020-01-01
2020-12-31
SC433335
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2020-01-01
2020-12-31
SC433335
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2020-12-31
SC433335
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2020-12-31
SC433335
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2019-12-31
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core:ShareCapital
2020-12-31
SC433335
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2019-12-31
SC433335
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2020-12-31
SC433335
core:RetainedEarningsAccumulatedLosses
2019-12-31
SC433335
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2020-12-31
SC433335
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2019-12-31
SC433335
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2020-12-31
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2019-12-31
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2020-01-01
2020-12-31
SC433335
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2020-01-01
2020-12-31
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2020-12-31
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SC433335
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2020-01-01
2020-12-31
Company registration number:
SC433335
Forth Office Supplies Limited
Unaudited filleted abridged financial statements
31 December 2020
Forth Office Supplies Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Forth Office Supplies Limited
Directors and other information
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Directors
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Alison Deas
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Thomas Deas
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Company number
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SC433335
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Registered office
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42/48 Mitchell Street
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Kirkcaldy
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Fife
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KY1 2BD
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Accountants
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Paterson Boyd & Co
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18 North Street
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Glenrothes
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Fife
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KY7 5NA
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Bankers
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Royal Bank of Scotland
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23/25 Rosslyn Street
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Kirkcaldy
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KY1 3HW
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Forth Office Supplies Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Forth Office Supplies Limited
Year ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Forth Office Supplies Limited for the year ended 31 December 2020 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Forth Office Supplies Limited, 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 Forth Office Supplies Limited and state those matters that we have agreed to state to the board of directors of Forth Office Supplies Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forth Office Supplies Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Forth Office Supplies Limited 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 Forth Office Supplies Limited. You consider that Forth Office Supplies Limited 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 Forth Office Supplies Limited. 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.
Paterson Boyd & Co
Chartered Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
28 September 2021
Forth Office Supplies Limited
Abridged statement of financial position
31 December 2020
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2020
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2019
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Note
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£
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£
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£
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£
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Fixed assets
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Intangible assets
|
|
6
|
10,000
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15,000
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Tangible assets
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7
|
12,439
|
|
|
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16,526
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|
|
|
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|
_______
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_______
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22,439
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31,526
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Current assets
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Stocks
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1,417
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1,671
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Debtors
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72,202
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88,936
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Cash at bank and in hand
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146,588
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107,396
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_______
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_______
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220,207
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198,003
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Creditors: amounts falling due
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within one year
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(
115,721)
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(
104,787)
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_______
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_______
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Net current assets
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104,486
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93,216
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_______
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_______
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Total assets less current liabilities
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126,925
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124,742
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_______
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_______
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Net assets
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126,925
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124,742
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_______
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_______
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Capital and reserves
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Called up share capital
|
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8
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10
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10
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Profit and loss account
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126,915
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124,732
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_______
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_______
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Shareholders funds
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126,925
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124,742
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_______
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_______
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For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
28 September 2021
, and are signed on behalf of the board by:
Alison Deas
Director
Company registration number:
SC433335
Forth Office Supplies Limited
Notes to the financial statements
Year ended 31 December 2020
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 42/48 Mitchell Street, Kirkcaldy, Fife, KY1 2BD.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over thecompanies interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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Goodwill |
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straight line over 10 years
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment
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-
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20 %
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reducing balance
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Motor vehicles
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-
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25 %
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reducing balance
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Computer equipment
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-
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straight line over three years
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2019:
4
).
5.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
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2020
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2019
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£
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£
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Remuneration
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17,490
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17,154
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Company contributions to pension schemes in respect of qualifying services
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6,132
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26,120
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_______
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_______
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23,622
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43,274
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_______
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_______
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6.
Intangible assets
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£
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Cost
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At 1 January 2020 and 31 December 2020
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50,000
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_______
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Amortisation
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At 1 January 2020
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35,000
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Charge for the year
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5,000
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_______
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At 31 December 2020
|
40,000
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_______
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Carrying amount
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At 31 December 2020
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10,000
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|
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_______
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|
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|
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|
|
At 31 December 2019
|
15,000
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|
|
|
|
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|
_______
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|
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7.
Tangible assets
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£
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|
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Cost
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At 1 January 2020 and 31 December 2020
|
50,030
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|
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|
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|
_______
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|
|
|
|
|
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Depreciation
|
|
|
|
|
|
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|
At 1 January 2020
|
33,504
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|
|
|
|
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Charge for the year
|
4,087
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|
|
|
|
|
|
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|
_______
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|
|
|
|
|
|
|
At 31 December 2020
|
37,591
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|
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|
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_______
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Carrying amount
|
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At 31 December 2020
|
12,439
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|
|
|
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_______
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At 31 December 2019
|
16,526
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|
|
|
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_______
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8.
Called up share capital
Issued, called up and fully paid
|
|
|
2020
|
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|
2019
|
|
|
|
|
|
No
|
|
£
|
|
No
|
|
£
|
|
Ordinary
shares of £
1.00 each
|
|
10
|
|
10
|
|
10
|
|
10
|
|
|
|
_______
|
|
_______
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|
_______
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|
_______
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|
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|
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|
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|
|
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|
9.
Directors advances, credits and guarantees
|
|
Balance brought forward and o/standing
|
Balance brought forward and o/standing
|
|
|
2020
|
2019
|
|
|
£
|
£
|
|
Alison Deas
|
43,939
|
43,938
|
|
|
_______
|
_______
|
|
|
|
|
10.
Related party transactions
For the whole of the financial year the company was under the control of its directors,
Alison Deas
and Thomas Deas
.During the year the company was charged £6,000 (2019: £6,000) by Alison Deas
for rented premises. This transaction was carried out at on an arms length basis.Thomas Deas is also a director of McGilvary Printers Limited. During the year the company made sales of £921 (2019: £1,684) to McGilvary Printers Limited and was due £8,779 (2019: £8,306) from McGilvary Printers Limited at the balance sheet date. The company also purchased goods to the value of £294 (2019: £1,246) from McGilvary Printers Limited and was due £282 (2019: £769) to McGilvary Printers Limited at the balance sheet date.Also during the year the company paid £nil (2019 : £5,000l) to McGilvray Printers Limited in the form of an inter company loan and at the balance sheet date McGilvray Printers Limited still owed the sum of £3,240 (2019 : £5,000) on this loan.