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Unaudited Financial Statements for the Year Ended 31st October 2018 |
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David Reid Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31st October 2018 |
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David Reid Limited |
David Reid Limited (Registered number: SC292994) |
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Contents of the Financial Statements |
for the Year Ended 31st October 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 | to | 5 |
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Report of the Accountants | 6 |
David Reid Limited |
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Company Information |
for the Year Ended 31st October 2018 |
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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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Dumfries Enterprise Park |
Heathhall |
Dumfries |
DUMFRIESSHIRE |
DG1 3SJ |
David Reid Limited (Registered number: SC292994) |
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Balance Sheet |
31st October 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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PROVISIONS FOR LIABILITIES | ( |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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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 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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David Reid Limited (Registered number: SC292994) |
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Notes to the Financial Statements |
for the Year Ended 31st October 2018 |
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1. | STATUTORY INFORMATION |
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David Reid Limited is a
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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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Turnover |
Turnover represents net invoiced sales from bakery equipment maintenance, installation and project management consultancy, |
excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Amounts written off each asset over the estimated useful life represent cost less residual value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it |
relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which |
they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or |
substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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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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 makes regular payments into a pension scheme on behalf of the directors but is not contractually obliged to do so. |
Contributions paid in the year are charged in the profit and loss account. |
David Reid Limited (Registered number: SC292994) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st October 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are |
readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
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Trade debtors |
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business. |
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Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to |
customers, including any amounts charged on for third parties. |
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Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from |
suppliers. |
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Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the |
reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional |
right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities. |
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Borrowings |
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are |
subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on |
redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. |
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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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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1st November 2017 |
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Additions |
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At 31st October 2018 |
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DEPRECIATION |
At 1st November 2017 |
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Charge for year |
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At 31st October 2018 |
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NET BOOK VALUE |
At 31st October 2018 |
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At 31st October 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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David Reid Limited (Registered number: SC292994) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st October 2018 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
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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7. | RELATED PARTY DISCLOSURES |
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At 31st October 2018, the company owed the amount of £5,798 (2017 - £4,808) to Mr and Mrs S I Reid by way of a directors' |
loan account. This sum is repayable on demand and no interest is charged on the sum advanced. |
David Reid Limited |
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Report of the Accountants to the Directors of |
David Reid Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial |
statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are |
cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be |
filed with the Registrar of Companies. |
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As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st October 2018 set out on pages three to six and you consider that the company is exempt from an audit. |
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In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
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Dumfries Enterprise Park |
Heathhall |
Dumfries |
DUMFRIESSHIRE |
DG1 3SJ |
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