Company Registration No. SC246861 (Scotland)
Garage Door & Gate Company (North East) Ltd.
Unaudited financial statements
for the year ended 30 April 2021
Pages for filing with registrar
Garage Door & Gate Company (North East) Ltd.
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Garage Door & Gate Company (North East) Ltd.
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 Garage Door & Gate Company (North East) Ltd. for the year ended 30 April 2021 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
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.
This report is made solely to the Board of Directors of Garage Door & Gate Company (North East) Ltd., as a body, in accordance with the terms of our engagement letter dated 21 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Garage Door & Gate Company (North East) Ltd. and state those matters that we have agreed to state to the Board of Directors of Garage Door & Gate Company (North East) Ltd., as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
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. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Garage Door & Gate Company (North East) Ltd. and its Board of Directors
,
as a body, for our work or for this report.
It is your duty to ensure that Garage Door & Gate Company (North East) Ltd. 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 Garage Door & Gate Company (North East) Ltd. You consider that Garage Door & Gate Company (North East) Ltd. 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 Garage Door & Gate Company (North East) Ltd. 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.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
9 December 2021
Garage Door & Gate Company (North East) Ltd.
Statement of financial position
as at 30 April 2021
30 April 2021
2
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
178,660
184,056
Current assets
Stocks
22,976
37,407
Debtors
143,749
137,992
Cash at bank and in hand
210,337
173,235
377,062
348,634
Creditors: amounts falling due within one year
(300,056)
(239,985)
Net current assets
77,006
108,649
Total assets less current liabilities
255,666
292,705
Provisions for liabilities
(430)
Net assets
255,666
292,275
Capital and reserves
Called up share capital
720
720
Capital redemption reserve
280
280
Profit and loss reserves
254,666
291,275
Total equity
255,666
292,275
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
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 30 April 2021 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.
Garage Door & Gate Company (North East) Ltd.
Statement of financial position (continued)
as at 30 April 2021
30 April 2021
3
The financial statements were approved by the board of directors and authorised for issue on 9 December 2021 and are signed on its behalf by:
Gary Smollet
Director
Company Registration No. SC246861
Garage Door & Gate Company (North East) Ltd.
Notes to the financial statements
for the year ended 30 April 2021
4
1
Accounting policies
Company information
Garage Door & Gate Company (North East) Ltd. is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Ecosse House, Camiestone Road, Thainstone, Inverurie, Aberdeenshire, AB51 5GT.
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.
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.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
No depreciation is provided
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance and 33.3% straight line
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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Garage Door & Gate Company (North East) Ltd.
Notes to the financial statements (continued)
for the year ended 30 April 2021
1
Accounting policies (continued)
5
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.
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.
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
Garage Door & Gate Company (North East) Ltd.
Notes to the financial statements (continued)
for the year ended 30 April 2021
1
Accounting policies (continued)
6
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
10
10
3
Tangible fixed assets
Total
£
Cost
At 1 May 2020
315,450
Additions
6,498
Disposals
(12,995)
At 30 April 2021
308,953
Depreciation and impairment
At 1 May 2020
131,394
Depreciation charged in the year
9,229
Eliminated in respect of disposals
(10,330)
At 30 April 2021
130,293
Carrying amount
At 30 April 2021
178,660
At 30 April 2020
184,056
4
Operating lease commitments
Lessee
At 30th April 2020 the company had total commitments under non-cancellable operating leases over the remaining life of those lease of £nil (2020 - £1,080).
Garage Door & Gate Company (North East) Ltd.
Notes to the financial statements (continued)
for the year ended 30 April 2021
7
5
Directors' transactions
During the year the following directors entered into the following credits with the company:
Description
Opening debit balance
Amounts credited
Closing debit balance
£
£
£
Scott Smollet - director's loan
(4,985)
4,400
(585)
(4,985)
4,400
(585)