Company Registration No. SC265956 (Scotland)
SCOTTISH FENCING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
SCOTTISH FENCING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SCOTTISH FENCING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
16,152
21,731
Current assets
Debtors
3
3,966
9,687
Cash at bank and in hand
28,511
37,512
32,477
47,199
Creditors: amounts falling due within one year
4
(11,837)
(18,766)
Net current assets
20,640
28,433
Total assets less current liabilities
36,792
50,164
Provisions for liabilities
(2,746)
(4,346)
Net assets
34,046
45,818
Reserves
Income and expenditure account
34,046
45,818
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 October 2019 and are signed on its behalf by:
Mr G D Liston - Chair
Company Registration No. SC265956
SCOTTISH FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Scottish Fencing Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Caledonia House, 1 Redheughs Rigg, South Gyle, EDINBURGH, United Kingdom, EH12 9BQ.
1.1
Accounting convention
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenditure are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fencing equipment
20% on cost and 10% on cost
Computer equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to income and expenditure account
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Any impairment loss is recognised immediately in income and expenditure account
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SCOTTISH FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.
Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash consideration expected to be paid or received.
1.7
Taxation
Current tax
The tax expense represents the sum of the tax currently payable and deferred tax.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.9
Grants are credited to income and expenditure account in the same period as the related expenditure.
Outstanding grant claims for expenditure incurred in the year are accrued and included within debtors.
Deferred grants are expected to be spent in the twelve months following the company's year end.
Government grants in respect of capital expenditure are treated as deferred income and are credited to income and expenditure account over the useful life of the assets to which they relate.
1.10
Subscriptions are credited to income and expenditure account in the same period of membership that the subscription covers.
1.11
All other income is accounted for on the accrual basis.
SCOTTISH FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
2
Tangible fixed assets
Fencing equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2018
64,117
6,186
70,303
Additions
-
999
999
Disposals
-
(115)
(115)
At 31 March 2019
64,117
7,070
71,187
Depreciation and impairment
At 1 April 2018
44,971
3,601
48,572
Depreciation charged in the year
5,365
1,206
6,571
Eliminated in respect of disposals
-
(108)
(108)
At 31 March 2019
50,336
4,699
55,035
Carrying amount
At 31 March 2019
13,781
2,371
16,152
At 31 March 2018
19,146
2,585
21,731
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
403
1,067
Corporation tax recoverable
-
4,630
Prepayments and accrued income
3,563
3,990
3,966
9,687
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
6,340
12,083
Other creditors
583
1,769
Accruals and deferred income
4,914
4,914
11,837
18,766
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.