Draintec Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC303174 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

FOR

DRAINTEC SOLUTIONS LIMITED

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

4

FIXED ASSETS

Tangible assets

4

573,905

594,695

CURRENT ASSETS

Stocks

49,961

104,158

Debtors

219,555

211,256

Cash at bank

207,754

54,287

477,270

369,701

CREDITORS

Amounts falling due within one year

355,537

279,600

NET CURRENT ASSETS

121,733

90,101

TOTAL ASSETS LESS CURRENT LIABILITIES

695,638

684,796

CREDITORS

Amounts falling due after more than one year

(74,557

)

(100,906

)

PROVISIONS FOR LIABILITIES

(102,806

)

(107,445

)

NET ASSETS

518,275

476,445

CAPITAL AND RESERVES

Called up share capital

1,500

1,500

Revaluation reserve

5

275,054

275,054

Capital redemption reserve

500

500

Retained earnings

241,221

199,391

SHAREHOLDERS' FUNDS

518,275

476,445

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors on 10 October 2019 and were signed on its behalf by:

S McCallum - Director

1.	STATUTORY INFORMATION

Draintec Solutions Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address are as below:

Registered number:

SC303174

Registered office:

22 Backbrae Street

Kilsyth

G65 0NH

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 as modified by the revaluation of certain assets.

Turnover and revenue recognition

Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when

goods and services are provided to the customer.

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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

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 AND DIRECTORS

The average number of employees during the year was 16 (2018 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 June 2018

1,017,681

Additions

87,884

Disposals

(34,495

)

At 31 May 2019

1,071,070

DEPRECIATION

At 1 June 2018

422,986

Charge for year

84,420

Eliminated on disposal

(10,241

)

At 31 May 2019

497,165

NET BOOK VALUE

At 31 May 2019

573,905

At 31 May 2018

594,695

Cost or valuation at 31 May 2019 is represented by:

Totals

£

Valuation in 2010

20,000

Valuation in 2012

255,054

Cost

796,016

1,071,070

If Plant and Machinery had not been revalued they would have been included at the following historical cost:

31.5.19

31.5.18

£

£

Cost

79,875

79,875

Aggregate depreciation

47,999

47,999

Plant and Machinery were valued on an open market basis on 31 May 2012 by an independent firm .

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

Totals

£

COST OR VALUATION

At 1 June 2018

333,138

Additions

87,884

Disposals

(34,495

)

At 31 May 2019

386,527

DEPRECIATION

At 1 June 2018

79,747

Charge for year

36,995

Eliminated on disposal

(10,241

)

At 31 May 2019

106,501

NET BOOK VALUE

At 31 May 2019

280,026

At 31 May 2018

253,391

5.

RESERVES

Revaluation

reserve

£

At 1 June 2018

and 31 May 2019

275,054

6.	ULTIMATE CONTROLLING PARTY