Company Registration No. SC038444 (Scotland)
J. & A. WILSON & SONS (DAIRIES) LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
J. & A. WILSON & SONS (DAIRIES) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
J. & A. WILSON & SONS (DAIRIES) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
149,971
150,552
Investments
2
-
22,500
149,971
173,052
Current assets
Stocks
22,000
24,000
Debtors
24,862
23,656
Cash at bank and in hand
1,000
1,002
47,862
48,658
Creditors: amounts falling due within one year
(281,032)
(272,609)
Net current liabilities
(233,170)
(223,951)
Total assets less current liabilities
(83,199)
(50,899)
Capital and reserves
Called up share capital
3
4,000
4,000
Revaluation reserve
130,073
130,073
Other reserves
1,500
1,500
Profit and loss account
(218,772)
(186,472)
Shareholders' funds
(83,199)
(50,899)
For the financial year ended 31 March 2016 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 23 December 2016
Mr Thomas Wilson
Director
Company Registration No. SC038444
J. & A. WILSON & SONS (DAIRIES) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The financial statements have been prepared on the going concern basis. This dependent on the continuing support of the company's bankers, creditors and directors.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Freehold property
Not provided
Plant and machinery
15% on reducing balance
Fixtures & fittings
15% on reducing balance
Imp'ments to property
1% reducing balance
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
J. & A. WILSON & SONS (DAIRIES) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost or valuation
At 1 April 2015
213,738
22,500
236,238
Disposals
-
(22,500)
(22,500)
At 31 March 2016
213,738
-
213,738
Depreciation
At 1 April 2015
63,185
-
63,185
Charge for the year
582
-
582
At 31 March 2016
63,767
-
63,767
Net book value
At 31 March 2016
149,971
-
149,971
At 31 March 2015
150,552
22,500
173,052
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
4,000 Ordinary of £1 each
4,000
4,000