Company Registration No. SC055460 (Scotland)
A. & G. CAIRNCROSS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
A. & G. CAIRNCROSS LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 9
A. & G. CAIRNCROSS LIMITED
Report To The Directors On The Preparation Of The Unaudited Statutory Accounts Of A. & G. Cairncross Limited
- 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 A. & G. Cairncross Limited for the year ended 31 March 2019 which comprise, the statement of financial position 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 I
CAS
we are subject to its ethical and other professional requirements which are detailed at https://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 A. & G. Cairncross Limited, as a body, in accordance with the terms of our engagement lette
r.
Our work has been undertaken solely to prepare for your approval the financial statements of A. & G. Cairncross Limited and state those matters that we have agreed to state to the Board of Directors of A. & G. Cairncross Limited, as a body, in this report in accordance with the requirements of the
ICAS
as detailed at https://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 A. & G. Cairncross Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that A. & G. Cairncross 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 loss of A. & G. Cairncross Limited. You consider that A. & G. Cairncross 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 A. & G. Cairncross 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.
Condie & Co
18 September 2019
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
A. & G. CAIRNCROSS LIMITED
Statement Of Financial Position
As At 31 March 2019
31 March 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
38,439
51,726
Current assets
Stocks
1,032,530
1,074,693
Debtors
5
64,514
69,835
Cash at bank and in hand
215,113
273,679
1,312,157
1,418,207
Creditors: amounts falling due within one year
6
(150,354)
(182,087)
Net current assets
1,161,803
1,236,120
Total assets less current liabilities
1,200,242
1,287,846
Creditors: amounts falling due after more than one year
7
(6,193)
(11,951)
Provisions for liabilities
8
(1,082)
(1,585)
Net assets
1,192,967
1,274,310
Capital and reserves
Called up share capital
10
100,000
100,000
Profit and loss reserves
1,092,967
1,174,310
Total equity
1,192,967
1,274,310
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 17 September 2019 and are signed on its behalf by:
Mrs F Rennie
Director
Company Registration No. SC055460
A. & G. CAIRNCROSS LIMITED
Notes To The Financial Statements
For The Year Ended 31 March 2019
- 3 -
1
Accounting policies
Company information
A. & G. Cairncross Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
10 Abbey Park Place, Dunfermline, Fife, KY12 7NZ
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
Sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fittings & equipment
25% 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
.
A. & G. CAIRNCROSS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2019
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets
Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
A. & G. CAIRNCROSS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2019
1
Accounting policies
(Continued)
- 5 -
1.6
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.
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
A. & G. CAIRNCROSS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2019
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2018 - 9).
4
Tangible fixed assets
Fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2018 and 31 March 2019
214,641
30,575
245,216
Depreciation and impairment
At 1 April 2018
185,368
8,121
193,489
Depreciation charged in the year
7,675
5,613
13,288
At 31 March 2019
193,043
13,734
206,777
Carrying amount
At 31 March 2019
21,598
16,841
38,439
At 31 March 2018
29,273
22,453
51,726
Tangible fixed assets
with a carrying amount of £38,439 (2018 - £51,726) have been pledged
as security in favour of The Bank of Scotland PLC.
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
12,340
42,255
Corporation tax recoverable
8,565
-
Other debtors
15,750
-
Prepayments and accrued income
27,859
27,580
64,514
69,835
A. & G. CAIRNCROSS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2019
- 7 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Obligations under finance leases
5,758
6,757
Trade creditors
49,514
73,118
Corporation tax
-
8,565
Other taxation and social security
33,091
40,858
Other creditors
50,753
45,023
Accruals and deferred income
11,238
7,766
150,354
182,087
The Bank of Scotland PLC hold a floating charge dated 10 October 1994 over all assets of the company as security.
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Obligations under finance leases
6,193
11,951
The Bank of Scotland PLC hold a floating charge dated 10 October 1994 over all assets of the company as security.
8
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
9
1,082
1,585
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Accelerated capital allowances
1,082
1,585
A. & G. CAIRNCROSS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2019
9
Deferred taxation
(Continued)
- 8 -
2019
Movements in the year:
£
Liability at 1 April 2018
1,585
Credit to profit or loss
(503)
Liability at 31 March 2019
1,082
10
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100,000 Ordinary shares of £1 each
100,000
100,000
100,000
100,000
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
384,467
447,666
12
Related party transactions
The company has taken advantage of Section 1AC35 of FRS 102 whereby only material transactions which are not under the normal market conditions need to be disclosed.
13
Directors' transactions
Description
Opening balance
Amounts advanced
Closing balance
£
£
£
Mrs F Rennie
44,841
5,500
50,341
44,841
5,500
50,341
A. & G. CAIRNCROSS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2019
13
Directors' transactions
(Continued)
- 9 -
The balance due to the director, which is included in other creditors, is interest free and repayable on demand.
2019-03-31
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false
CCH Software
CCH Accounts Production 2019.200
No description of principal activity
18 September 2019
Mrs F Rennie
Mr M Young
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