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REGISTERED NUMBER:
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BRIAN MACGREGOR & SONS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
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REGISTERED NUMBER:
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BRIAN MACGREGOR & SONS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
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BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2017 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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BRIAN MACGREGOR & SONS LIMITED |
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COMPANY INFORMATION |
for the year ended 31 May 2017 |
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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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Chartered Accountants |
Redwood |
19 Culduthel Road |
Inverness |
IV2 4AA |
BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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BALANCE SHEET |
31 May 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Allotted, called up and fully |
paid share capital |
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Profit and Loss account | 11 |
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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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BALANCE SHEET - continued |
31 May 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2017 |
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1. | STATUTORY INFORMATION |
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Brian MacGregor & Sons Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the entity. |
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Transition to FRS 102 |
The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015. Details of how FRS |
102 has affected the reported financial position and financial performance are given in the |
Reconciliation of Equity. |
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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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Fixed assets are stated at cost, being purchase price less accumulated depreciation. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
changes in fair value is recognised in profit or loss. |
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No depreciation is provided for on investment property in accordance with Section 1A of FRS 102. |
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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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BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) |
for the current or past reporting periods. It is measured at the amount expected to be paid or |
recovered using the tax rates and laws that have been enacted or substantively enacted by the |
balance sheet date. |
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Deferred tax represents the future tax consequences of transactions and events recognised in the |
financial statements of current and previous periods. It is recognised in respect of all timing |
differences, with certain exceptions. Timing differences are differences between taxable profits and |
total comprehensive income as stated in the financial statements that arise from the inclusion of |
income and expense in tax assessments in periods different from those in which they are recognised |
in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to |
the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or |
other future taxable profits. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is |
measured using the rates and allowances that apply to the sale of the asset. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are |
recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss |
account in other administrative expenses. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2017 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | Motor | and |
property | machinery | vehicles | fittings | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2016 |
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Additions |
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At 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 June 2016 |
and 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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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 2017 |
to be £280,000. |
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Investment properties are accounted for in accordance with Section 1A "Small Entities" of Financial |
Reporting Standard 102. No depreciation is provided in respect of such properties. |
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Fair value at 31 May 2017 is represented by: |
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£ |
Valuation in 1994 | 133,989 |
Valuation in 2008 | 105,000 |
Cost | 41,011 |
280,000 |
BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans | 42,183 | 77,140 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The bank loan is secured over the properties at 109 and 113 Academy Street, Inverness. The bank |
also hold a floating charge over all the company assets. |
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10. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 45,808 | 45,230 |
BRIAN MACGREGOR & SONS LIMITED (REGISTERED NUMBER: SC059942) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2017 |
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10. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 June 2016 |
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Charge to profit and loss |
account during year | 578 |
Balance at 31 May 2017 |
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The deferred tax balance consists of £19,257 of accelerated capital allowances and £26,551 relating to |
potential tax arising on the investment property revaluation surplus. |
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11. | RESERVES |
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Included in the profit and loss account is £212,438 (2016 - £211,495) of non distributable reserves. |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 May 2017 and |
31 May 2016: |
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2017 | 2016 |
£ | £ |
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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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Amounts written off | - | - |
Amounts waived | - | - |
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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( |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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