Alba Lock And Safe Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC276680 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

ALBA LOCK AND SAFE COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Meechan

S Meechan

REGISTERED OFFICE:

Paradovan Works

Philpstoun

Linlithgow

West Lothian

EH49 7TT

REGISTERED NUMBER:

SC276680 (Scotland)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Viewforth House

189 Nicol Street

Kirkcaldy

Fife

KY1 1PF

FIXED ASSETS

Intangible assets

4

5,430

7,240

Tangible assets

5

29,097

39,400

34,527

46,640

CURRENT ASSETS

Stocks

2,500

2,210

Debtors

6

66,367

98,149

Cash in hand

100

-

68,967

100,359

CREDITORS

Amounts falling due within one year

7

77,168

65,349

NET CURRENT (LIABILITIES)/ASSETS

(8,201

)

35,010

TOTAL ASSETS LESS CURRENT LIABILITIES

26,326

81,650

CREDITORS

Amounts falling due after more than one year

8

(8,502

)

(20,499

)

PROVISIONS FOR LIABILITIES

10

(4,704

)

(7,257

)

NET ASSETS

13,120

53,894

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

13,118

53,892

SHAREHOLDERS' FUNDS

13,120

53,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 25 September 2019 and were signed on its behalf by:

R Meechan - Director

1.	STATUTORY INFORMATION

Alba Lock And Safe Company Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover represents the sales of goods and provision of services relating to safe installations, excluding value

added tax.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% per annum reducing balance

Fixtures and fittings

-

25% per annum reducing balance

Motor vehicles

-

25% per annum reducing balance

Computer equipment

-

33% per annum on cost

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

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 end and that are expected to apply to the

reversal of the timing difference.

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.

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.

EMPLOYEES

The average number of employees during the year was 6 (2017 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Website

£

COST

At 1 January 2018

and 31 December 2018

9,050

AMORTISATION

At 1 January 2018

1,810

Amortisation for year

1,810

At 31 December 2018

3,620

NET BOOK VALUE

At 31 December 2018

5,430

At 31 December 2017

7,240

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2018

11,464

77

90,224

3,932

105,697

Disposals

-

-

(14,270

)

(85

)

(14,355

)

At 31 December 2018

11,464

77

75,954

3,847

91,342

DEPRECIATION

At 1 January 2018

10,288

74

52,472

3,463

66,297

Charge for year

294

1

9,288

117

9,700

Eliminated on disposal

-

-

(13,668

)

(84

)

(13,752

)

At 31 December 2018

10,582

75

48,092

3,496

62,245

NET BOOK VALUE

At 31 December 2018

882

2

27,862

351

29,097

At 31 December 2017

1,176

3

37,752

469

39,400

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2018

66,712

Transfer to ownership

(18,409

)

At 31 December 2018

48,303

DEPRECIATION

At 1 January 2018

33,122

Charge for year

8,398

Transfer to ownership

(14,041

)

At 31 December 2018

27,479

NET BOOK VALUE

At 31 December 2018

20,824

At 31 December 2017

33,590

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

57,462

56,909

Other debtors

8,905

41,240

66,367

98,149

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

9,083

12,223

Hire purchase contracts

11,855

15,747

Trade creditors

8,256

12,975

Taxation and social security

33,486

20,117

Other creditors

14,488

4,287

77,168

65,349

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

8,502

20,499

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

9,083

12,223

Hire purchase contracts

20,357

36,246

29,440

48,469

Svenska Handelsbanken AB (publ) holds a bond and floating charge over the assets of the company.

10.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

4,704

7,257

Deferred tax

£

Balance at 1 January 2018

7,257

Accelerated capital allowance

(2,553

)

Balance at 31 December 2018

4,704

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2018 and

31 December 2017:

2018

2017

£

£

R Meechan

Balance outstanding at start of year

35,131

(490

)

Amounts advanced

92,726

35,829

Amounts repaid

(139,190

)

(208

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(11,333

)

35,131

Included within 'Other creditors' is an amount of £11,333 (2017 - 'Other debtors' £35,131) due from the

company to a director. The loan is repayable on demand and interest is charged at 2.5% per annum on

overdrawn balances if in excess of £10,000.