Abronhill Project Services Ltd - Period Ending 2020-02-29

Registration number: SC442231

Abronhill Project Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2020

Abronhill Project Services Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7
Accountants' Report	8

Abronhill Project Services Ltd

Company Information

Directors

Mrs Heather McPhilemy Mr Gary McPhilemy

Registered office

Unit 4B Gateway Business Park Beancross Road Grangemouth FK3 8WX

Accountants

Yates & Co CA Unit 4B Gateway Business Park Beancross Road Grangemouth FK3 8WX

Page 1

Abronhill Project Services Ltd

(Registration number: SC442231)
Balance Sheet as at 29 February 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	5	9,769	12,369
Current assets
Stocks		2,645	1,619
Debtors	6	800	9,472
Cash at bank and in hand		8,541	590
		11,986	11,681
Creditors: Amounts falling due within one year	7	(17,269)	(15,966)
Net current liabilities		(5,283)	(4,285)
Total assets less current liabilities		4,486	8,084
Creditors: Amounts falling due after more than one year	7	(1,920)	(5,054)
Provisions for liabilities		(1,854)	(2,474)
Net assets		712	556
Capital and reserves
Called up share capital		100	100
Profit and loss account		612	456
Total equity		712	556

For the financial year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 March 2020 and signed on its behalf by:
 

Page 2

Abronhill Project Services Ltd

(Registration number: SC442231)
Balance Sheet as at 29 February 2020

.........................................

Mr Gary McPhilemy
Director

Page 3

Abronhill Project Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 4

Abronhill Project Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% on reducing balance
Motor vehicles	25% on reducing balance
Computer equipment	33% on cost

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 
 

3	Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

Directors' remuneration

The directors' remuneration for the year was as follows:

	2020 £	2019 £
Remuneration	24,892	23,642
Contributions paid to money purchase schemes	5,000	6,000
	29,892	29,642

4

Taxation

The tax charge on the profit for the year was as follows:
 

	2020  £	2019  £
UK corporation tax	12,379	9,437
Deferred tax	(620)	(796)
Tax on profit	11,759	8,641

Page 5

Abronhill Project Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020

5	Tangible assets

	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 March 2019	1,100	2,146	21,398	24,644
Additions	-	749	-	749
At 29 February 2020	1,100	2,895	21,398	25,393
Depreciation
At 1 March 2019	768	2,146	9,361	12,275
Charge for the year	92	248	3,009	3,349
At 29 February 2020	860	2,394	12,370	15,624
Carrying amount
At 29 February 2020	240	501	9,028	9,769
At 28 February 2019	332	-	12,037	12,369

6

Debtors

	2020 £	2019 £
Trade debtors	-	8,483
Other debtors	800	989
	800	9,472

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	8	3,133	2,933
Taxation and social security		13,856	13,033
Other creditors		280	-
		17,269	15,966

Creditors: amounts falling due after more than one year

Page 6

Abronhill Project Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	8	1,920	5,054

8	Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Hire purchase contracts	1,920	5,054

	2020 £	2019 £
Current loans and borrowings
Hire purchase contracts	3,133	2,933

9	Related party transactions

Transactions with directors Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2020	At 1 March 2019 £	Repayments by director £	At 29 February 2020 £
Mr Gary McPhilemy
Loan	495	(194)	301
Mrs Heather McPhilemy
Loan	495	(194)	301

2019	At 1 March 2018 £	Advances to directors £	At 28 February 2019 £
Mr Gary McPhilemy
Loan	-	495	495
Mrs Heather McPhilemy
Loan	-	495	495

Page 7

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Abronhill Project Services Ltd
for the Year Ended 29 February 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abronhill Project Services Ltd for the year ended 29 February 2020 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

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.

This report is made solely to the Board of Directors of Abronhill Project Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Abronhill Project Services Ltd and state those matters that we have agreed to state to the Board of Directors of Abronhill Project Services Ltd, 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 Abronhill Project Services Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Abronhill Project Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abronhill Project Services Ltd. You consider that Abronhill Project Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Abronhill Project Services Ltd. 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 accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

16 March 2020

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