James Gammie & Sons Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC554192 (Scotland)

Unaudited Financial Statements

for the Period 10 January 2017 to 31 May 2018

for

James Gammie & Sons Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J A Gammie

SECRETARY:

REGISTERED OFFICE:

9 Carmelite Street

Banff

Aberdeenshire

AB45 1AF

REGISTERED NUMBER:

SC554192 (Scotland)

ACCOUNTANTS:

SBP

Accountants

9 Carmelite Street

Banff

Aberdeenshire

AB45 1AF

FIXED ASSETS

Tangible assets

4

142,975

CURRENT ASSETS

Stocks

68,600

Debtors

5

63,193

Cash at bank

34,578

166,371

CREDITORS

Amounts falling due within one year

6

272,346

NET CURRENT LIABILITIES

(105,975

)

TOTAL ASSETS LESS CURRENT LIABILITIES

37,000

PROVISIONS FOR LIABILITIES

7

11,937

NET ASSETS

25,063

CAPITAL AND RESERVES

Called up share capital

8

2

Retained earnings

9

25,061

SHAREHOLDERS' FUNDS

25,063

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

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

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

(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 Income Statement has not been delivered.

The financial statements were approved by the director on 24 October 2019 and were signed by:

J A Gammie - Director

1.	STATUTORY INFORMATION

James Gammie & Sons Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Farm vehicles

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

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 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.

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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 .

4.	TANGIBLE FIXED ASSETS

Plant and

Farm

Motor

machinery

vehicles

vehicles

Totals

£

£

£

£

COST

Additions

117,955

47,782

13,816

179,553

At 31 May 2018

117,955

47,782

13,816

179,553

DEPRECIATION

Charge for period

23,515

9,622

3,441

36,578

At 31 May 2018

23,515

9,622

3,441

36,578

NET BOOK VALUE

At 31 May 2018

94,440

38,160

10,375

142,975

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

53,486

VAT

9,707

63,193

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

65,979

Tax

4,614

Social security and other taxes

507

Other creditors

1,877

Directors' current accounts

196,069

Accrued expenses

3,300

272,346

7.	PROVISIONS FOR LIABILITIES

£

Deferred tax

11,937

Deferred

tax

£

Provided during period

11,937

Balance at 31 May 2018

11,937

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

2

Ordinary

£1

2

2 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

9.

RESERVES

Retained

earnings

£

Profit for the period

25,061

At 31 May 2018

25,061