GEORGE_CAMPBELL_&_SONS_(F - Accounts
GEORGE_CAMPBELL_&_SONS_(F - Accounts
Company Registration No. SC062864 (Scotland)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
ABBREVIATED BALANCE SHEET
AS AT
29 FEBRUARY 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
Tangible assets
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(428,181 )
(432,159 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
(143,409 )
(192,093 )
Provisions for liabilities
(50,548 )
(46,151 )
Accruals and deferred income
(32,988 )
(36,722 )
273,735
266,743
Capital and reserves
Called up share capital
4
Share premium account
Other reserves
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2016
- 2 -
Director's responsibilities:
-
-
Approved by the Board for issue on 24 June 2016
Director
Company Registration No. SC062864
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Goodwill
1.5
Tangible fixed assets and depreciation
Land and buildings Leasehold
Plant and machinery
Motor vehicles
1.6
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
Revenue recognition
Revenue is recognised once sales invoices are raised and upon transfer of significant risks and rewards of ownership. Revenue is recognised net of VAT where VAT has been charged.
1.9
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2016
1
Accounting policies
(Continued)
- 4 -
1.10
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on an non-discounted basis.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on an non-discounted basis.
1.11
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 March 2015
1,084,125
Additions
-
113,175
Disposals
-
(54,722 )
(54,722)
At 29 February 2016
1,142,578
Depreciation
At 1 March 2015
631,018
On disposals
-
(54,722 )
(54,722)
Charge for the year
129,328
At 29 February 2016
705,624
Net book value
At 29 February 2016
-
436,954
At 28 February 2015
453,107
3
Creditors: amounts falling due within one year
The amount of secured creditors falling due within one year is £35,831 (2015: £34,075).
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 5 -
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
5
Ultimate parent company
In the opinion of the director, the ultimate controlling party is I G Campbell due to his majority shareholding in the company.
6
Related party relationships and transactions
Advances and credits to directors
Advances and credits granted to the directors during the year are outlined in the table below:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
-
75,601
-
-
75,601
-
-
There are no fixed repayment terms or interest charged on amounts advanced to the director.