J Watson Smith Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC263732 (Scotland)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

FOR

J WATSON SMITH LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

to

4

DIRECTORS:

Mr J W Smith

Mrs L S Smith

SECRETARY:

Mrs L S Smith

REGISTERED OFFICE:

38 Craigpark Place

Ellon

Aberdeenshire

AB41 9FG

REGISTERED NUMBER:

SC263732 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

Chartered Accountants

28 Broad Street

Peterhead

Aberdeenshire

AB42 1BY

BANKERS:

Bank of Scotland

The Direct Business Bank

600 Gorgie Road

Edinburgh

EH11 3PX

FIXED ASSETS

Tangible assets

2

2,230

2,970

CURRENT ASSETS

Stocks

300

250

Debtors

-

1,450

Cash at bank

16,915

18,387

17,215

20,087

CREDITORS

Amounts falling due within one year

(15,151

)

(16,176

)

NET CURRENT ASSETS

2,064

3,911

TOTAL ASSETS LESS CURRENT LIABILITIES

4,294

6,881

CAPITAL AND RESERVES

Called up share capital

3

10

10

Profit and loss account

4,284

6,871

SHAREHOLDERS' FUNDS

4,294

6,881

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 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 Board of Directors on 16 September 2015 and were signed on its behalf by:

Mr J W Smith - Director

1.	ACCOUNTING POLICIES

Accounting convention

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

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 etc

-

25% on reducing balance

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 arises as a result of including items of income and expenditure in taxation computations in periods different

from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences

which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when

the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment

to sell the asset.

Deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the

lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

and 31 March 2015

15,919

DEPRECIATION

At 1 April 2014

12,949

Charge for year

740

At 31 March 2015

13,689

NET BOOK VALUE

At 31 March 2015

2,230

At 31 March 2014

2,970

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

10

Ordinary

1

10

10

4.	DIRECTORS LOANS

Details of directors loan account transactions and the year end balance are as follows:

2015

2014

£

£

Mr J W Smith and Mrs L S Smith:

Amount due to directors at 31st August 2014

12,945

12,357

Received from directors during year

12,776

10,857

Paid to directors during the year

(13,470

)

(10,269

)

Amount due to directors at 31st August 2015

12,251

12,945

The loan is interest free and there are no fixed terms of repayment.

5.	DIVIDENDS PAID TO DIRECTORS

Ordinary dividends paid to directors in their capacity as shareholders during the year included £10,000 to Mr J W Smith

(2014 - £6,000).