Freel & Beattie Traditional Masonry Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC552577 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

FREEL & BEATTIE TRADITIONAL MASONRY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C Beattie

N Freel

SECRETARY:

Mrs A Brown

REGISTERED OFFICE:

11 Kilmarnock Road

Crosshouse

Kilmarnock

KA2 0EZ

REGISTERED NUMBER:

SC552577 (Scotland)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

FIXED ASSETS

1,571

Tangible assets

5

1,221

CURRENT ASSETS

212,777

Debtors

6

247,165

107,671

Cash at bank

223,754

320,448

470,919

CREDITORS

256,995

Amounts falling due within one year

7

280,517

63,453

NET CURRENT ASSETS

190,402

65,024

TOTAL ASSETS LESS CURRENT LIABILITIES

191,623

CAPITAL AND RESERVES

1,000

Called up share capital

8

1,000

64,024

Retained earnings

190,623

65,024

SHAREHOLDERS' FUNDS

191,623

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

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

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 and authorised for issue on 17 November 2020 and were signed on its behalf by:

C Beattie - Director

1.	STATUTORY INFORMATION

Freel & Beattie Traditional Masonry 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The significant accounting policies, which have been consistently applied to all years presented unless otherwise stated, are set out below:-

Going concern

In light of the ongoing global health crisis caused by COVID-19, the directors have assessed the impact that a period of interrupted trading would bring and have taken measures to reduce the company's cost base in order to combat the reduction in revenues that this would cause, including the use of the government furlough scheme. The directors have put in place contingency plans to reduce the cost base in order to ensure the company can continue as a going concern with the ability to scale the business back up again once the pandemic is over. Accordingly the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

Turnover

The turnover shown in the income statement represents amounts invoiced in the year, exclusive of Value Added Tax.

Turnover is recognised when and to the extent that the company obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of the right to consideration.

Tangible fixed assets

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

Plant & machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Financial instruments

The company mainly enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties and loans to and from related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and setlle the liability simultaneously.

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

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within creditors, where applicable.

Debtors

Debtors includes the value of amounts recoverable on contracts.

Amounts recoverable on contracts

Amounts recoverable on contracts includes the value of contractual work in progress. Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 8 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant &

and

Computer

Totals

machinery

fittings

equipment

£

£

£

£

COST

At 1 January 2019

2,296

1,181

652

463

Additions

300

300

-

-

At 31 December 2019

2,596

1,481

652

463

DEPRECIATION

At 1 January 2019

725

433

176

116

Charge for year

650

370

164

116

At 31 December 2019

1,375

803

340

232

NET BOOK VALUE

At 31 December 2019

1,221

678

312

231

At 31 December 2018

1,571

748

476

347

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

245,659

212,125

Other debtors

1,506

652

247,165

212,777

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

27,036

31,522

Amounts owed to group undertakings

69,605

65,495

Taxation and social security

98,081

79,886

Other creditors

85,795

80,092

280,517

256,995

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

1,000

Ordinary

£1

1,000

1,000

9.	POST BALANCE SHEET EVENTS

Subsequent to the year end a global health crisis caused by COVID-19 emerged which has had a significant impact on all businesses. The directors have assessed the potential impact of this uncertain situation on the company with the information available and do not consider that it will lead to any subsequent impairment of the carrying amount of reported assets. Plans have been put in place in order to mitigate the negative effects of a period of interrupted trading which will enable the company to continue as a going concern. At the date of the signing of these financial statements all of the company's employees are back working full-time.

10.	ULTIMATE CONTROLLING PARTY

The immediate parent of the company is DALS Properties Limited.

The ultimate controlling party is Colin Beattie, Director, as a result of his ownership of the whole of the issued share capital of the parent company.