Company Registration No. SC248371 (Scotland)
Harbour Fry (Kirkwall) Ltd.
Unaudited financial statements
for the year ended 30 November 2018
Pages for filing with registrar
Harbour Fry (Kirkwall) Ltd.
Chartered Accountants' Report to the director on the preparation of the
unaudited statutory financial statements of Harbour Fry (Kirkwall) 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 Harbour Fry (Kirkwall) Ltd. for the year ended 30 November 2018 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 Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017.
This report is made solely to the Director of Harbour Fry (Kirkwall) Ltd. 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 Harbour Fry (Kirkwall) Ltd. and state those matters that we have agreed to state to the Director of Harbour Fry (Kirkwall) Ltd. in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://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 Harbour Fry (Kirkwall) Ltd. and its Director for our work or for this report.
It is your duty to ensure that Harbour Fry (Kirkwall) 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 profit of Harbour Fry (Kirkwall) Ltd.. You consider that Harbour Fry (Kirkwall) 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 Harbour Fry (Kirkwall) 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
17 May 2019
Harbour Fry (Kirkwall) Ltd.
Statement of financial position
at 30 November 2018
2
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
12,486
14,510
Current assets
Stocks
1,250
1,200
Debtors
3,086
3,021
Cash at bank and in hand
80,964
58,530
85,300
62,751
Creditors: amounts falling due within one year
(46,401)
(35,881)
Net current assets
38,899
26,870
Total assets less current liabilities
51,385
41,380
Provisions for liabilities
(2,172)
(2,512)
Net assets
49,213
38,868
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
49,113
38,768
Total equity
49,213
38,868
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 director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
Harbour Fry (Kirkwall) Ltd.
Statement of financial position (continued)
at 30 November 2018
3
The financial statements were approved and signed by the director and authorised for issue on 10 May 2019
Evan Monkman
Director
Company Registration No. SC248371
Harbour Fry (Kirkwall) Ltd.
Notes to the financial statements
for the year ended 30 November 2018
4
1
Accounting policies
Company information
Harbour Fry (Kirkwall) Ltd. is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Ingashowe, Firth, Kirkwall, Orkney, KW15 1TX.
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:
Plant and 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
.
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.
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.
Harbour Fry (Kirkwall) Ltd.
Notes to the financial statements (continued)
for the year ended 30 November 2018
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Harbour Fry (Kirkwall) Ltd.
Notes to the financial statements (continued)
for the year ended 30 November 2018
6
2
Tangible fixed assets
Total
£
Cost
At 1 December 2017
34,993
Additions
2,180
Disposals
(295)
At 30 November 2018
36,878
Depreciation and impairment
At 1 December 2017
20,483
Depreciation charged in the year
4,165
Eliminated in respect of disposals
(256)
At 30 November 2018
24,392
Carrying amount
At 30 November 2018
12,486
At 30 November 2017
14,510
3
Directors' transactions
During the year the director entered into the following advances and credits with the company:
Description
Opening credit balance
Amounts advanced
Amounts credited
Closing credit balance
£
£
£
£
Evan Monkman - director's loan
216
(17,000)
17,000
216
216
(17,000)
17,000
216
4
Controlling party
Evan Monkman, director, controls the company by virtue of a controlling interest of 100% of the issued ordinary share capital.