Company Registration No. SC556906 (Scotland)
Andrew Smith Boiler Services Ltd
Unaudited financial statements
for the year ended 31 March 2019
Pages for filing with registrar
Andrew Smith Boiler Services Ltd
Chartered Accountants' Report to the board of directors on the preparation of the
unaudited statutory financial statements of Andrew Smith Boiler Services 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 Andrew Smith Boiler Services Ltd for the year ended 31 March 2019 which comprise, the Statement Of Financial Position, the Statement of Changes in Equity 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 Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017.
This report is made solely to the Board of Directors of Andrew Smith Boiler Services Ltd, as a body, in accordance with the terms of our engagement letter dated 7 June 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Andrew Smith Boiler Services Ltd and state those matters that we have agreed to state to the Board of Directors of Andrew Smith Boiler Services Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/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 Andrew Smith Boiler Services Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Andrew Smith Boiler Services 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 Andrew Smith Boiler Services Ltd. You consider that Andrew Smith Boiler Services 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 Andrew Smith Boiler Services 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.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
3 July 2019
Andrew Smith Boiler Services Ltd
Statement of financial position
at 31 March 2019
2
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,220
7,538
Current assets
Stocks
7,051
5,973
Debtors
5,115
2,972
Cash at bank and in hand
21,715
13,356
33,881
22,301
Creditors: amounts falling due within one year
(38,338)
(27,987)
Net current liabilities
(4,457)
(5,686)
Total assets less current liabilities
1,763
1,852
Provisions for liabilities
(1,182)
(1,432)
Net assets
581
420
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
481
320
Total equity
581
420
Andrew Smith Boiler Services Ltd
Statement of financial position (continued)
at 31 March 2019
3
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
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 1 July 2019 and are signed on its behalf by:
Andrew D Smith
Director
Company Registration No. SC556906
Andrew Smith Boiler Services Ltd
Notes to the financial statements
for the year ended 31 March 2019
4
1
Accounting policies
Company information
Andrew Smith Boiler Services Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Rosewood, Raemoir Road, Banchory, Kincardineshire, United Kingdom, AB31 4ET.
1.1
Accounting convention
The financial statements are prepared in
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.
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
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:
Plant and equipment
15% reducing balance
Motor vehicles
25% reducing balance
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
.
1.4
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.
1.5
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.
Andrew Smith Boiler Services Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2019
1
Accounting policies (continued)
5
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
3
Tangible fixed assets
Total
£
Cost
At 1 April 2018
10,296
Additions
511
At 31 March 2019
10,807
Depreciation and impairment
At 1 April 2018
2,758
Depreciation charged in the year
1,829
At 31 March 2019
4,587
Carrying amount
At 31 March 2019
6,220
At 31 March 2018
7,538
4
Related party transactions
At 31st March 2019 the company was due £12,680 (2018 - £15,940) to a close family member of the director.
Andrew Smith Boiler Services Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2019
6
5
Directors' transactions
Description
Opening balance (credit)
Amounts advanced
Amounts repaid
Closing balance(credit)
£
£
£
£
Andrew D Smith
5,947
(12,163)
18,000
11,784
Alison E Smith
1,630
-
2,216
3,846
7,577
(12,163)
20,216
15,630
6
Controlling party
Mr Andrew Smith, director, controls the company by virtue of his 90% holding of the issued share capital.