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Financial Statements for the Year Ended 31st July 2018 |
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McDermid Supply Company Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31st July 2018 |
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for |
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McDermid Supply Company Limited |
McDermid Supply Company Limited (Registered number: SC328000) |
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Contents of the Financial Statements |
for the Year Ended 31st July 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 |
McDermid Supply Company Limited |
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Company Information |
for the Year Ended 31st July 2018 |
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DIRECTOR: |
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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 |
McDermid Supply Company Limited (Registered number: SC328000) |
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Balance Sheet |
31st July 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET 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 director acknowledges his 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 director on
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McDermid Supply Company Limited (Registered number: SC328000) |
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Notes to the Financial Statements |
for the Year Ended 31st July 2018 |
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1. | STATUTORY INFORMATION |
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McDermid Supply Company Limited is a
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number and registered office address can be found on the Company Information page. |
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The principal place of business of the company is 13 Greystone Crescent, Dumfries, DG1 1PG. |
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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 of retail goods, 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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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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 contributions into a recognised UK defined contribution pension scheme. Contributions payable to this |
scheme are charged to the income statement in the period to which they relate. |
McDermid Supply Company Limited (Registered number: SC328000) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st July 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 August 2017 |
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Additions |
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Disposals | ( |
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At 31st July 2018 |
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DEPRECIATION |
At 1st August 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st July 2018 |
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NET BOOK VALUE |
At 31st July 2018 |
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At 31st July 2017 |
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McDermid Supply Company Limited (Registered number: SC328000) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st July 2018 |
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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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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
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 July 2017 the company owed the sum of £490 (£998 - 2017) to C K McDermid by way of a directors' loan account. This |
sum is repayable on demand and no interest is charged on the sum advanced. |
McDermid Supply Company Limited |
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Report of the Accountants to the Director of |
McDermid Supply Company Limited |
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The following reproduces the text of the report prepared for the director 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 Director 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 July 2018 set out on pages three to seven 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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