Downie Allison Downie Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC274269 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Downie Allison Downie Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L Mitchell

R A Mitchell

J Allison

SECRETARY:

J Allison

REGISTERED OFFICE:

Unit H Purdon Street

Partick

Glasgow

G11 6AF

REGISTERED NUMBER:

SC274269 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Tangible assets

4

5,149

11,928

CURRENT ASSETS

Stock

6,120

6,120

Debtors

5

23,819

15,754

Cash at bank and in hand

33,336

29,992

63,275

51,866

CREDITORS

Amounts falling due within one year

6

23,703

33,751

NET CURRENT ASSETS

39,572

18,115

TOTAL ASSETS LESS CURRENT LIABILITIES

44,721

30,043

PROVISIONS FOR LIABILITIES

7

978

1,981

NET ASSETS

43,743

28,062

CAPITAL AND RESERVES

Called up share capital

8

5,000

5,000

Retained earnings

38,743

23,062

SHAREHOLDERS' FUNDS

43,743

28,062

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2021 and were signed on its behalf by:

Mrs L Mitchell - Director

1.	STATUTORY INFORMATION

Downie Allison Downie Limited 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.	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 cost

Fittings and equipment

-

20% on cost

Motor vehicles

-

20% on cost

Stocks

Stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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 settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Grant income

Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fittings

Plant and

and

Motor

machinery

equipment

vehicles

Totals

£

£

£

£

COST

At 1 January 2020

and 31 December 2020

71,438

14,397

8,738

94,573

DEPRECIATION

At 1 January 2020

68,663

8,738

5,244

82,645

Charge for year

2,152

2,879

1,748

6,779

At 31 December 2020

70,815

11,617

6,992

89,424

NET BOOK VALUE

At 31 December 2020

623

2,780

1,746

5,149

At 31 December 2019

2,775

5,659

3,494

11,928

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

19,674

10,307

Other debtors

4,145

5,447

23,819

15,754

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

4,017

24,524

Taxation and social security

11,445

6,278

Other creditors

8,241

2,949

23,703

33,751

7.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

978

1,981

Deferred

tax

£

Balance at 1 January 2020

1,981

Provided during year

(1,003

)

Balance at 31 December 2020

978

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

4,998

A ordinary

£1

4,998

4,998

1

B ordinary

£1

1

1

1

C ordinary

£1

1

1

5,000

5,000

9.	RELATED PARTY DISCLOSURES

Moorfoot Ventures Limited holds 90%of the issued share capital of the company. During the year under review the company paid £72,000 in consultancy fees to Moorfoot Ventures Limited (2019 - £72,000).

10.	ULTIMATE CONTROLLING PARTY

The controlling party is R A Mitchell.