Boswell Mitchell & Johnston Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: SC258273 (Scotland)

Financial Statements For The Year Ended 31 December 2016

for

Boswell Mitchell & Johnston Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G S Grier

N Benn

S M Scott

R Deb

D G Leach

REGISTERED OFFICE:

The Hub

70 Pacific Quay

GLASGOW

G51 1DZ

REGISTERED NUMBER:

SC258273 (Scotland)

ACCOUNTANTS:

Robb Ferguson

Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Intangible assets

4

152,000

171,000

Tangible assets

5

169,977

215,729

321,977

386,729

CURRENT ASSETS

Debtors

6

932,101

897,091

Cash at bank and in hand

1,146,983

871,043

2,079,084

1,768,134

CREDITORS

Amounts falling due within one year

7

524,023

346,141

NET CURRENT ASSETS

1,555,061

1,421,993

TOTAL ASSETS LESS CURRENT LIABILITIES

1,877,038

1,808,722

CREDITORS

Amounts falling due after more than one year

8

(101,466

)

(44,929

)

PROVISIONS FOR LIABILITIES

(17,808

)

(29,393

)

NET ASSETS

1,757,764

1,734,400

CAPITAL AND RESERVES

Called up share capital

10

928

1,077

Share premium

10,980

10,980

Capital redemption reserve

1,360

1,230

Retained earnings

1,744,496

1,721,113

SHAREHOLDERS' FUNDS

1,757,764

1,734,400

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 16 May 2017 and were signed on its behalf by:

G S Grier - Director

S M Scott - Director

1.	STATUTORY INFORMATION

Boswell Mitchell & Johnston 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover & revenue recognition

Turnover represents net invoiced sales of services, excluding value added tax, and accrued income which is

recognised as the right to a consideration arises (measured at fair value of the right to consideration). Included in

debtors as prepayments & accrued income are amounts in respect of income that has been recognised but not

billed by the end of the year.

Goodwill

Goodwill of £380,000 was paid in connection with the acquisition of a business in 2005, and is being amortised

evenly over its estimated useful life of twenty years. At the balance sheet date the directors have reviewed the

carrying value and consider that no impairment in necessary.

Goodwill of £13,000 was paid in connection with the acquisition of a business in 2010, and is being amortised

evenly over its estimated useful life of five years. At the balance sheet date this has been fully written off.

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.

Leasehold improvements

-

over the period of lease

London Fixtures & fittings

-

20% on reducing balance

Glasgow fixtures & fittings

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

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 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

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 profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2015 - 43 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

393,000

AMORTISATION

At 1 January 2016

222,000

Charge for year

19,000

At 31 December 2016

241,000

NET BOOK VALUE

At 31 December 2016

152,000

At 31 December 2015

171,000

5.	TANGIBLE FIXED ASSETS

London

Glasgow

Leasehold

Fixtures

fixtures

Computer

improvements

& fittings

& fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2016

and 31 December 2016

153,675

42,615

64,307

373,513

634,110

DEPRECIATION

At 1 January 2016

38,481

31,288

54,063

294,549

418,381

Charge for year

15,367

2,266

2,049

26,070

45,752

At 31 December 2016

53,848

33,554

56,112

320,619

464,133

NET BOOK VALUE

At 31 December 2016

99,827

9,061

8,195

52,894

169,977

At 31 December 2015

115,194

11,327

10,244

78,964

215,729

The directors have elected to depreciate the improvements to leasehold property over the term of the lease

agreement.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Computer

equipment

£

COST

At 1 January 2016

and 31 December 2016

93,939

DEPRECIATION

At 1 January 2016

32,730

Charge for year

20,199

At 31 December 2016

52,929

NET BOOK VALUE

At 31 December 2016

41,010

At 31 December 2015

61,209

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

573,396

665,191

Directors' current accounts

7,183

9,243

Tax

1,971

1,093

Prepayments and accrued income

349,551

221,564

932,101

897,091

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Hire purchase contracts (see note 9)

24,944

22,998

Trade creditors

36,181

17,079

Tax

4,511

57,604

Social security and other taxes

25,222

29,693

VAT

91,829

89,929

Proposed dividends

100,040

-

Other creditors

43,176

-

Accrued expenses

198,120

128,838

524,023

346,141

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts (see note 9)

19,985

44,929

Other creditors

81,481

-

101,466

44,929

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2016

2015

£

£

Gross obligations repayable:

Within one year

27,620

27,620

Between one and five years

20,715

48,335

48,335

75,955

Finance charges repayable:

Within one year

2,676

4,622

Between one and five years

730

3,406

3,406

8,028

Net obligations repayable:

Within one year

24,944

22,998

Between one and five years

19,985

44,929

44,929

67,927

Non-cancellable

operating leases

2016

2015

£

£

Within one year

114,001

150,199

Between one and five years

35,266

139,767

149,267

289,966

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

61,000

Ordinary

£0.01

610

740

(2015 - 74,000 )

31,831

Dividend

£0.01

318

337

(2015 - 33,735 )

928

1,077

During the year 13,000 Ordinary £0.01 shares were repurchased for a consideration of £164,840 and 1,904

Dividend £0.01 shares were cancelled.

11.	PENSION COMMITMENTS

The company participated in a money purchase scheme during the year ended 31 December 2016. The

contributions for the period totalled £54,364 (2015 - £53,121). At the year end, £22,192 was outstanding (2015

- £nil).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2016 and

31 December 2015:

2016

2015

£

£

G S Grier

Balance outstanding at start of year

4,887

417

Amounts advanced

-

5,000

Amounts repaid

(1,060

)

(530

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,827

4,887

R Deb

Balance outstanding at start of year

4,356

1,416

Amounts advanced

-

3,940

Amounts repaid

(1,000

)

(1,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,356

4,356

Directors' loans are interest free and repayable on demand.

13.	FIRST YEAR ADOPTION

The company has adopted FRS 102 section 1A for the year ended 31 December 2016. There were no

restatements required to comparative figures.