REGISTERED NUMBER: SC298583(Scotland)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
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 Profit and Loss Account has not been delivered.
The financial statements were approved by the Board of Directors on 25 October 2017and were signed on its behalf by:
Derek Brewster Engineering 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.
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.
The financial statements have been prepared under the going concern concept as in the opinion of the Director
there is adequate finance available to allow the company to continue in operation for at least the next year.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has
affected the reported financial position and financial performance is given in note 7.
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 etc
15% on reducing balance
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax
rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial
statements of current and previous periods. It is recognised in respect of all timing differences, with certain
exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated
in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods
different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the
balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued,
non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that
apply to the sale of the assets.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1
No transitional adjustments were required in equity or profit or loss for the year.