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Unaudited Financial Statements for the Year Ended 31 May 2019 |
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Baird's Joinery Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 May 2019 |
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for |
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Baird's Joinery Limited |
Baird's Joinery Limited (Registered number: SC476804) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 7 |
Baird's Joinery Limited |
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Company Information |
for the Year Ended 31 May 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Offices 1 & 8, Unit 1A |
Burghmuir Circle |
Blackhall Industrial Estate |
Inverurie |
Aberdeenshire |
AB51 4FS |
Baird's Joinery Limited (Registered number: SC476804) |
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Balance Sheet |
31 May 2019 |
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31.5.19 | 31.5.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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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 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 |
(b) |
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 Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Baird's Joinery Limited (Registered number: SC476804) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2019 |
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1. | STATUTORY INFORMATION |
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Baird's Joinery Limited is a
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registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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. Monetary amounts in these |
financial statements are rounded to the nearest £. |
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Turnover |
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are |
physically delivered to the customer. Turnover from the supply of services represents the value of services provided under |
contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the |
contract has only been partially completed at the balances sheet date turnover represents the value of the service provided to |
date based on a proportion of the total contract value. Where payments are received from customers in advance of services |
provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment |
losses. |
The gain or loss arising on the disposal of an asset is determined as the difference between the proceeds and the carrying value |
of the asset and is included in the profit and loss account. |
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Taxation |
Taxation for the year/period 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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
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/period end and that are expected to apply to the reversal of the timing differences. |
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. |
Baird's Joinery Limited (Registered number: SC476804) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire |
purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over |
their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future |
payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are |
charged to profit or loss in the period to which they relate. |
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Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
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Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost. |
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the |
company transfers the risks and rewards of ownership to another entity. |
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Basic financial liabilities |
Basic financial liabilities, which include trade and other creditors and bank loans, are initially recognised at transaction price |
and are subsequently carried at amortised cost. |
Financial liabilities are derecognised when the company's contractual obligations are discharged. |
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Provisions |
Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event which it is |
probable will result in the transfer of economic benefits and that obligation can be estimated reliably. |
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time |
value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount |
rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and |
similar charges. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2018 |
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Additions |
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At 31 May 2019 |
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DEPRECIATION |
At 1 June 2018 |
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Charge for year |
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At 31 May 2019 |
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NET BOOK VALUE |
At 31 May 2019 |
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At 31 May 2018 |
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Baird's Joinery Limited (Registered number: SC476804) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 June 2018 |
and 31 May 2019 |
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DEPRECIATION |
At 1 June 2018 |
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Charge for year |
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At 31 May 2019 |
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NET BOOK VALUE |
At 31 May 2019 |
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At 31 May 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.19 | 31.5.18 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.19 | 31.5.18 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.19 | 31.5.18 |
£ | £ |
Hire purchase contracts |
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Baird's Joinery Limited (Registered number: SC476804) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 May 2019 and 31 May 2018: |
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31.5.19 | 31.5.18 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced | ( |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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10. | ULTIMATE CONTROLLING PARTY |
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The company was controlled by its directors during the year by virtue of the fact that they own 100% of the share capital. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Baird's Joinery Limited (Registered number: SC476804) |
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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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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements |
of Baird's Joinery Limited for the year ended 31 May 2019 which comprise the Income Statement, Balance Sheet, Statement of |
Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given |
us. |
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As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
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This report is made solely to the Board of Directors of Baird's Joinery Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Baird's Joinery Limited and state those matters that we have agreed to state to the Board of Directors of Baird's Joinery Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Baird's Joinery 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 profit of Baird's Joinery Limited. You consider that Baird's Joinery Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Baird's Joinery 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. |
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Offices 1 & 8, Unit 1A |
Burghmuir Circle |
Blackhall Industrial Estate |
Inverurie |
Aberdeenshire |
AB51 4FS |
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