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BRIAN MACGREGOR & SONS LIMITED |
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MAY 2016 |
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BRIAN MACGREGOR & SONS LIMITED |
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MAY 2016 |
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BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
for the year ended 31 May 2016 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 | to | 3 |
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Notes to the Abbreviated Accounts | 4 | to | 6 |
BRIAN MACGREGOR & SONS LIMITED |
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COMPANY INFORMATION |
for the year ended 31 May 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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BANKERS: |
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BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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ABBREVIATED BALANCE SHEET |
31 May 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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Investment property | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
4 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 5 |
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Revaluation reserve |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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ABBREVIATED BALANCE SHEET - continued |
31 May 2016 |
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The financial statements were approved by the Board of Directors on
behalf by: |
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BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
for the year ended 31 May 2016 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and the Financial |
Reporting Standard for Smaller Entities (effective January 2015) except that the alternative rules set out in |
the 1st Schedule to the Companies Act 2006 have been adopted in respect of investment properties. As |
explained in the Investment Property note, no depreciation is provided in respect of investment properties |
as it is considered that this policy is necessary in order for the financial statements to show a true and fair |
view. |
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Turnover |
Turnover represents the invoiced sales of goods and services relating to the sale of peat, hire of |
equipment and farming activities. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Fixtures and fittings | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
changes in market value is transferred to a revaluation reserve. |
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No depreciation is provided for on investment property in accordance with the Financial Reporting |
Standard for Smaller Entities (effective January 2015). |
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Stocks |
Stock is valued at the lower of cost and net realisable value. Cost represents goods for resale, |
consumables and livestock. |
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Deferred tax |
Deferred tax arises as a result of including items of income and expenditure in taxation computations in |
periods different from those in which they are included in the company's accounts. Deferred tax is |
provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, |
at the average tax rates that are expected to apply when the timing differences reverse, based on current |
tax rates and laws. |
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Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there |
is no commitment to sell the asset. |
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Deferred tax assets and liabilities are not discounted. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
over the period of the lease. |
BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
for the year ended 31 May 2016 |
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2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST OR VALUATION |
At 1 June 2015 |
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Additions |
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At 31 May 2016 |
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DEPRECIATION |
At 1 June 2015 |
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Charge for year |
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At 31 May 2016 |
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NET BOOK VALUE |
At 31 May 2016 |
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At 31 May 2015 |
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3. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 June 2015 |
and 31 May 2016 |
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NET BOOK VALUE |
At 31 May 2016 |
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At 31 May 2015 |
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The Investment property was professionally revalued by Shepherd Quantity Surveyors in September 2008 |
on the basis of open market value at £280,000. The directors considers the value at 31 May 2016 to be |
£280,000. |
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Investment properties are accounted for in accordance with the Financial Reporting Standard for Smaller |
Entities (effective January 2015). No depreciation is provided in respect of such properties. Although the |
Companies Act 2006 would normally require the systematic annual depreciation of fixed assets, it is |
believed that this policy of not providing depreciation is necessary in order for the financial statements to |
give a true and fair view, since the current value of investment properties and changes in that current |
value are of prime importance rather than a calculation of systematic annual depreciation. Depreciation is |
only one of the many factors reflected in the annual valuation, and the amount which might otherwise |
have been shown cannot be separately identified or quantified. |
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4. | CREDITORS |
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Creditors include an amount of £
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They also include the following debts falling due in more than five years: |
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2016 | 2015 |
£ | £ |
Repayable by instalments | 77,140 | 47,943 |
BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
for the year ended 31 May 2016 |
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5. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 |
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6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 May 2016 and |
31 May 2015: |
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2016 | 2015 |
£ | £ |
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Balance outstanding at start of year |
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( |
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Amounts advanced | ( |
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Amounts repaid |
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Balance outstanding at end of year | ( |
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Balance outstanding at start of year | ( |
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Amounts advanced | ( |
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Amounts repaid |
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Balance outstanding at end of year | ( |
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) |