Draintec Solutions Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC303174 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

FOR

DRAINTEC SOLUTIONS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

5

Chartered Accountants' Report

8

DIRECTORS:

S McCallum

Mrs I McCallum

SECRETARY:

Mrs I McCallum

REGISTERED OFFICE:

22 Backbrae Street

Kilsyth

G65 0NH

REGISTERED NUMBER:

SC303174 (Scotland)

ACCOUNTANTS:

Curle & Co

Chartered Accountants

22 Backbrae Street

Kilsyth

G65 0NH

BANKERS:

Royal Bank of Scotland

50 Cadzow Street

Hamilton

ML3 6DU

FIXED ASSETS

Tangible assets

4

594,695

657,131

CURRENT ASSETS

Stocks

104,158

3,761

Debtors

211,256

273,803

Cash at bank

54,287

197,278

369,701

474,842

CREDITORS

Amounts falling due within one year

279,600

369,447

NET CURRENT ASSETS

90,101

105,395

TOTAL ASSETS LESS CURRENT LIABILITIES

684,796

762,526

CREDITORS

Amounts falling due after more than one year

(100,906

)

(163,297

)

PROVISIONS FOR LIABILITIES

(107,445

)

(124,016

)

NET ASSETS

476,445

475,213

CAPITAL AND RESERVES

Called up share capital

1,500

1,500

Revaluation reserve

5

275,054

275,054

Capital redemption reserve

500

500

Retained earnings

199,391

198,159

SHAREHOLDERS' FUNDS

476,445

475,213

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 19 September 2018 and were signed on its behalf by:

S McCallum - Director

1.	STATUTORY INFORMATION

Draintec Solutions 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.

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 as modified by the revaluation of certain assets.

Turnover and revenue recognition

Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when

goods and services are provided to the customer.

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.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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 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 16 (2017 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 June 2017

987,156

Additions

30,525

At 31 May 2018

1,017,681

DEPRECIATION

At 1 June 2017

330,025

Charge for year

92,961

At 31 May 2018

422,986

NET BOOK VALUE

At 31 May 2018

594,695

At 31 May 2017

657,131

Cost or valuation at 31 May 2018 is represented by:

Totals

£

Valuation in 2010

20,000

Valuation in 2012

255,054

Cost

742,627

1,017,681

If Plant and Machinery had not been revalued they would have been included at the following historical cost:

31.5.18

31.5.17

£

£

Cost

79,875

79,875

Aggregate depreciation

47,999

47,999

Plant and Machinery were valued on an open market basis on 31 May 2012 by an independent firm .

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

Totals

£

COST OR VALUATION

At 1 June 2017

398,138

Transfer to ownership

(65,000

)

At 31 May 2018

333,138

DEPRECIATION

At 1 June 2017

88,010

Charge for year

37,456

Transfer to ownership

(45,719

)

At 31 May 2018

79,747

NET BOOK VALUE

At 31 May 2018

253,391

At 31 May 2017

310,128

5.

RESERVES

Revaluation

reserve

£

At 1 June 2017

and 31 May 2018

275,054

6.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Draintec Solutions Limited for the year ended 31 May 2018 which comprise the Income

Statement, Abridged Balance Sheet, and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Draintec Solutions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Draintec Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Draintec Solutions Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Draintec Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Draintec Solutions Limited. You consider that Draintec Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Draintec Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Curle & Co

Chartered Accountants

22 Backbrae Street

Kilsyth

G65 0NH

Date: .............................................