Pagan & McQuade (Scarborough) Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03390577

Pagan & McQuade

(Scarborough) Limited

Abbreviated Unaudited Accounts

For The Period

1 September 2013 to 31 December 2013

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTOR:

G A McQuade

SECRETARY:

C M McQuade

REGISTERED OFFICE:

108 Westborough

Scarborough

North Yorkshire

YO11 1LD

REGISTERED NUMBER:

03390577

ACCOUNTANTS:

Ingham & Co.

Chartered Accountants

George Stanley House

2 West Parade Road

Scarborough

North Yorkshire

YO12 5ED

BANKERS:

Barclays Bank Plc

49 High Street

Stockton-on-Tees

Cleveland

TS18 1AH

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to seven)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Pagan & McQuade (Scarborough) Limited for the period ended 31 December 2013 which

comprise the Profit and Loss Account, the Balance Sheet, the Statement of Total Recognised Gains and Losses and the

related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the director of Pagan & McQuade (Scarborough) Limited in accordance with the terms of our engagement letter dated 27 April 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Pagan & McQuade (Scarborough) Limited and state those matters that we have agreed to state to the director of Pagan & McQuade (Scarborough) Limited in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Pagan & McQuade (Scarborough) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pagan & McQuade (Scarborough) Limited. You consider that Pagan & McQuade (Scarborough) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Pagan & McQuade

(Scarborough) Limited. 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

financial statements.

Ingham & Co.

Chartered Accountants

George Stanley House

2 West Parade Road

Scarborough

North Yorkshire

YO12 5ED

19 May 2015

FIXED ASSETS

Intangible assets

2

-

1,922

Tangible assets

3

150,000

183,455

Investments

4

100

100

150,100

185,477

CURRENT ASSETS

Stocks

-

34,530

Debtors

5

637,178

159,000

Cash at bank and in hand

-

51,673

637,178

245,203

CREDITORS

Amounts falling due within one year

6

72,057

109,961

NET CURRENT ASSETS

565,121

135,242

TOTAL ASSETS LESS CURRENT LIABILITIES

715,221

320,719

CREDITORS

Amounts falling due after more than one year

6

(136,212

)

(154,073

)

PROVISIONS FOR LIABILITIES

-

(6,304

)

NET ASSETS

579,009

160,342

CAPITAL AND RESERVES

Called up share capital

7

2

2

Revaluation reserve

(166,002

)

(166,002

)

Profit and Loss Account

745,009

326,342

SHAREHOLDERS' FUNDS

579,009

160,342

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2013 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 19 May 2015 and were signed by:

G A McQuade - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have not been prepared on the going concern basis as the company ceased trading on 31

December 2013 and disposed of its business to a fellow subsidiary of Pagan & McQuade Limited.

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of fifteen years.

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.

Freehold investment property

-

10% on cost

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Assets in the course of construction are not depreciated.

Depreciation is only provided on fixed assets when they are brought into use by the company.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2013

10,975

Disposals

(10,975

)

At 31 December 2013

-

AMORTISATION

At 1 September 2013

9,053

Eliminated on disposal

(9,053

)

At 31 December 2013

-

NET BOOK VALUE

At 31 December 2013

-

At 31 August 2013

1,922

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 September 2013

301,988

Disposals

(151,988

)

At 31 December 2013

150,000

DEPRECIATION

At 1 September 2013

118,533

Eliminated on disposal

(118,533

)

At 31 December 2013

-

NET BOOK VALUE

At 31 December 2013

150,000

At 31 August 2013

183,455

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 September 2013

and 31 December 2013

100

NET BOOK VALUE

At 31 December 2013

100

At 31 August 2013

100

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 0 (2013 - £ 13,097 )

6.

CREDITORS

Creditors include an amount of £ 150,440 (2013 - £ 154,611 ) for which security has been given.

They also include the following debts falling due in more than five years:

2013

2013

£

£

Repayable by instalments

77,530

89,334

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2013

value:

£

£

2

Ordinary Shares

£1

2

2

8.	ULTIMATE PARENT COMPANY

Pagan & McQuade Limited is regarded by the director as being the company's ultimate parent company.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2013 and the

year ended 31 August 2013:

2013

2013

£

£

G A McQuade

Balance outstanding at start of period

52,387

49,692

Amounts advanced

32,459

42,695

Amounts repaid

(84,846

)

(40,000

)

Balance outstanding at end of period

-

52,387