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No description of principal activity
2016-04-01
Sage Accounts Production Advanced 2017 Update 4 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
SC269476
2016-04-01
2017-03-31
SC269476
2017-03-31
SC269476
2016-03-31
SC269476
2015-04-01
2016-03-31
SC269476
2016-03-31
SC269476
core:PlantMachinery
2016-04-01
2017-03-31
SC269476
core:MotorVehicles
2016-04-01
2017-03-31
SC269476
bus:LeadAgentIfApplicable
2016-04-01
2017-03-31
SC269476
bus:Director1
2016-04-01
2017-03-31
SC269476
core:LandBuildings
2016-03-31
SC269476
core:PlantMachinery
2016-03-31
SC269476
core:MotorVehicles
2016-03-31
SC269476
core:LandBuildings
2017-03-31
SC269476
core:MotorVehicles
2017-03-31
SC269476
core:WithinOneYear
2017-03-31
SC269476
core:WithinOneYear
2016-03-31
SC269476
core:AfterOneYear
2017-03-31
SC269476
core:AfterOneYear
2016-03-31
SC269476
core:ShareCapital
2017-03-31
SC269476
core:ShareCapital
2016-03-31
SC269476
core:RetainedEarningsAccumulatedLosses
2017-03-31
SC269476
core:RetainedEarningsAccumulatedLosses
2016-03-31
SC269476
core:LandBuildings
2016-03-31
SC269476
core:PlantMachinery
2016-03-31
SC269476
core:MotorVehicles
2016-03-31
SC269476
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2016-04-01
2017-03-31
SC269476
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2016-04-01
2017-03-31
SC269476
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2016-04-01
2017-03-31
SC269476
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2016-04-01
2017-03-31
SC269476
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2016-04-01
2017-03-31
SC269476
core:EntitiesControlledByKeyManagementPersonnel
2016-04-01
2017-03-31
SC269476
core:EntitiesControlledByKeyManagementPersonnel
2017-03-31
COMPANY REGISTRATION NUMBER:
SC269476
John Craig Contracting Limited
|
|
Filleted Unaudited Financial Statements
|
|
John Craig Contracting Limited
|
|
Year ended 31 March 2017
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
3
|
|
|
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
|
8
|
|
|
John Craig Contracting Limited
|
|
Statement of Financial Position
|
|
31 March 2017
Fixed assets
Tangible assets
|
5
|
|
653,800
|
748,736
|
|
|
|
|
|
Current assets
Stocks
|
–
|
|
170,192
|
Debtors
|
6
|
392,169
|
|
711,896
|
Cash at bank and in hand
|
–
|
|
184,552
|
|
---------
|
|
------------
|
|
392,169
|
|
1,066,640
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
72,899
|
|
709,467
|
|
---------
|
|
------------
|
Net current assets
|
|
319,270
|
357,173
|
|
|
---------
|
------------
|
Total assets less current liabilities
|
|
973,070
|
1,105,909
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
331,723
|
258,148
|
|
|
---------
|
------------
|
Net assets
|
|
641,347
|
847,761
|
|
|
---------
|
------------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
50,000
|
50,000
|
Profit and loss account
|
|
591,347
|
797,761
|
|
|
---------
|
---------
|
Shareholders funds
|
|
641,347
|
847,761
|
|
|
---------
|
---------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
John Craig Contracting Limited
|
|
Statement of Financial Position (continued)
|
|
31 March 2017
These financial statements were approved by the
board of directors
and authorised for issue on
18 January 2018
, and are signed on behalf of the board by:
Company registration number:
SC269476
John Craig Contracting Limited
|
|
Notes to the Financial Statements
|
|
Year ended 31 March 2017
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Burnside Works Westend, Thornhill, Stirling, FK8 3PS, Scotland.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery
|
-
|
18% reducing balance
|
|
Motor vehicles
|
-
|
18% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2016:
7
).
5.
Tangible assets
|
Land and buildings
|
Plant and machinery
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 April 2016
|
498,000
|
85,750
|
477,566
|
1,061,316
|
Additions
|
–
|
–
|
190,000
|
190,000
|
Disposals
|
–
|
(
85,750)
|
(
477,566)
|
(
563,316)
|
|
---------
|
--------
|
---------
|
------------
|
At 31 March 2017
|
498,000
|
–
|
190,000
|
688,000
|
|
---------
|
--------
|
---------
|
------------
|
Depreciation
|
|
|
|
|
At 1 April 2016
|
–
|
43,320
|
269,260
|
312,580
|
Charge for the year
|
–
|
–
|
34,200
|
34,200
|
Disposals
|
–
|
(
43,320)
|
(
269,260)
|
(
312,580)
|
|
---------
|
--------
|
---------
|
------------
|
At 31 March 2017
|
–
|
–
|
34,200
|
34,200
|
|
---------
|
--------
|
---------
|
------------
|
Carrying amount
|
|
|
|
|
At 31 March 2017
|
498,000
|
–
|
155,800
|
653,800
|
|
---------
|
--------
|
---------
|
------------
|
At 31 March 2016
|
498,000
|
42,430
|
208,306
|
748,736
|
|
---------
|
--------
|
---------
|
------------
|
|
|
|
|
|
6.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
1,254
|
543,885
|
Other debtors
|
390,915
|
168,011
|
|
---------
|
---------
|
|
392,169
|
711,896
|
|
---------
|
---------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
14,863
|
–
|
Trade creditors
|
30,182
|
636,819
|
Corporation tax
|
–
|
40,766
|
Social security and other taxes
|
–
|
24,057
|
Other creditors
|
27,854
|
7,825
|
|
--------
|
---------
|
|
72,899
|
709,467
|
|
--------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
228,231
|
258,148
|
Other creditors
|
103,492
|
–
|
|
---------
|
---------
|
|
331,723
|
258,148
|
|
---------
|
---------
|
|
|
|
9.
Related party transactions
The company was due £
340,916
from a company in which the director is also a director and shareholder
. During the year the director received dividends amounting to £nil (2016 - £25,000).
10.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.
John Craig Contracting Limited
|
|
Year ended 31 March 2017
The following pages do not form part of the financial statements.
John Craig Contracting Limited
|
|
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
John Craig Contracting Limited
|
|
Year ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John Craig Contracting Limited for the year ended 31 March 2017, 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of John Craig Contracting Limited in accordance with the terms of our engagement letter dated 21 June 2017. Our work has been undertaken solely to prepare for your approval the financial statements of John Craig Contracting Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John Craig Contracting Limited and its director for our work or for this report.
It is your duty to ensure that John Craig Contracting 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 John Craig Contracting Limited. You consider that John Craig Contracting 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 John Craig Contracting 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.
RITSONS
Chartered Accountants
Forbes House
36 Huntly Street
Inverness
IV3 5PR
18 January 2018