Registration number:
William Black & Son Limited
for the Year Ended 31 December 2016
William Black & Son Limited
Contents
Balance Sheet |
|
Notes to the Financial Statements |
William Black & Son Limited
(Registration number: SC013792)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
|
Tangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
109,023 |
100,036 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Revaluation reserve |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Page 1 |
William Black & Son Limited
(Registration number: SC013792)
Balance Sheet as at 31 December 2016
Approved and authorised by the
.........................................
R P W Black
Director
.........................................
R W Black
Director
Page 2 |
William Black & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in Scotland.
The address of its registered office is:
Scotland
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
12.5% and 20% straight line basis |
Motor vehicles |
20% on cost and 15% on cost less residual |
Land and buildings |
No depreciation |
Page 3 |
William Black & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Investment property
Negative goodwill
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 4 |
William Black & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Profit before tax |
Arrived at after charging/(crediting)
2016 |
2015 |
|
Depreciation expense |
|
|
Page 5 |
William Black & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Heritable property |
Motor vehicles |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 January 2016 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
( |
At 31 December 2016 |
|
|
|
|
Depreciation |
||||
At 1 January 2016 |
- |
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 December 2016 |
- |
|
|
|
Carrying amount |
||||
At 31 December 2016 |
|
|
|
|
At 31 December 2015 |
|
|
|
|
Page 6 |
William Black & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Investment properties |
2016 |
Investment property is carried at fair value, derived from the current market prices for comparable real estate. The directors have estimated the fair value based on this comparable real estate. Changes in fair value are recognised in profit or loss.
There has been no valuation of investment property by an independent valuer.
Stocks |
2016 |
2015 |
|
Other inventories |
|
|
Debtors |
2016 |
2015 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Creditors |
Note |
2016 |
2015 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Director's loan account |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2016 |
2015 |
|
Non-current loans and borrowings |
||
Finance lease liabilities |
|
|
Page 7 |
William Black & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
2016 |
2015 |
|
Current loans and borrowings |
||
Finance lease liabilities |
|
|
Related party transactions |
Transactions with directors |
2016 |
At 1 January 2016 |
Other payments made to company by director |
At 31 December 2016 |
R P W Black |
|||
Director's loan account |
(17,605) |
(12,221) |
( |
Page 8 |