Napier and Company (Painters) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC025424 (Scotland)

Financial Statements

for the Year Ended 31 March 2018

for

Napier and Company (Painters) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Mooney

T Mooney

SECRETARY:

J Mooney

REGISTERED OFFICE:

Victoria Chambers

142 West Nile Street

Glasgow

G61 2SL

REGISTERED NUMBER:

SC025424 (Scotland)

ACCOUNTANTS:

Armstrongs Accounting Services Limited

Victoria Chambers

142 West Nile Street

Glasgow

G1 2RQ

FIXED ASSETS

Tangible assets

4

26,673

22,774

CURRENT ASSETS

Stocks

8,922

3,374

Debtors

5

4,173

6,319

Cash at bank and in hand

54,450

64,213

67,545

73,906

CREDITORS

Amounts falling due within one year

6

22,657

32,882

NET CURRENT ASSETS

44,888

41,024

TOTAL ASSETS LESS CURRENT LIABILITIES

71,561

63,798

PROVISIONS FOR LIABILITIES

782

-

NET ASSETS

70,779

63,798

CAPITAL AND RESERVES

Called up share capital

900

900

Capital reserve

8,109

8,495

Retained earnings

61,770

54,403

SHAREHOLDERS' FUNDS

70,779

63,798

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

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

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 13 November 2018 and were signed on its behalf by:

T Mooney - Director

1.	STATUTORY INFORMATION

Napier and Company (Painters) Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Where there is a contract which is only partially completed at the balance sheet date turnover represents the value

of service provided to date based on a proportion of the total contract value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

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.

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 7 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2017

35,000

20,692

55,692

Additions

-

6,250

6,250

Disposals

-

(10,500

)

(10,500

)

At 31 March 2018

35,000

16,442

51,442

DEPRECIATION

At 1 April 2017

12,600

20,318

32,918

Charge for year

700

1,650

2,350

Eliminated on disposal

-

(10,499

)

(10,499

)

At 31 March 2018

13,300

11,469

24,769

NET BOOK VALUE

At 31 March 2018

21,700

4,973

26,673

At 31 March 2017

22,400

374

22,774

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

4,173

5,927

Other debtors

-

392

4,173

6,319

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade creditors

2,301

6,920

Taxation and social security

16,653

19,966

Other creditors

3,703

5,996

22,657

32,882

7.	TRANSACTIONS WITH DIRECTORS

Remuneration (including benefits in kind) of £8,376 (2017- £8,323) was paid to the directors during the year.

They also received dividends of £21,900 (2017 - £25,200).

8.	ULTIMATE CONTROLLING PARTY