D S Dalgleish & Son (Coldstream) Limited - Accounts to registrar (filleted) - small 18.2

D S DALGLEISH & SON (COLDSTREAM) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

A S Dalgleish

B S Dalgleish

C S Dalgleish

G S Dalgleish

S Cameron

SECRETARY:

A S Dalgleish

REGISTERED OFFICE:

111 Melrose Road

Galashiels

TD1 2BY

REGISTERED NUMBER:

SC160703 (Scotland)

ACCOUNTANTS:

JRW

Chartered Accountants

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

FIXED ASSETS

Tangible assets

4

562,884

567,987

CURRENT ASSETS

Stocks

613,129

480,212

Debtors

5

167,571

178,846

Cash at bank and in hand

184,692

272,043

965,392

931,101

CREDITORS

Amounts falling due within one year

6

660,299

618,053

NET CURRENT ASSETS

305,093

313,048

TOTAL ASSETS LESS CURRENT LIABILITIES

867,977

881,035

PROVISIONS FOR LIABILITIES

8

5,135

-

NET ASSETS

862,842

881,035

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Undistributable reserves

206,582

206,582

Retained earnings

606,260

624,453

SHAREHOLDERS' FUNDS

862,842

881,035

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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 14th November 2018 and were signed on its behalf by:

A S Dalgleish - Director

1.	STATUTORY INFORMATION

D S Dalgleish & Son (Coldstream) 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.

The company has cross company guarantees with the parent company, D S Dalgleish & Son (Hawick)

Limited and D S Dalgleish & Son Limited. As a consequence, the directors believe that the company

is able to manage its business risks successfully despite the current uncertain economic outlook.

The directors, therefore, continue to adopt the going concern basis of accounting in preparing the

annual financial statements.

Preparation of consolidated financial statements

The financial statements contain information about D S Dalgleish & Son (Coldstream) Limited as an

individual company and do not contain consolidated financial information as the parent of a group.

The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to

prepare consolidated financial statements.

Turnover

Turnover represents the invoiced value of sales of new and used vehicles and from the servicing and

repairs of vehicles, net of value added tax.

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.

Freehold property

-

4% on cost

Fixed Plant

-

5% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stock is valued at lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

Financial assets

Basic financial assets, including trade trade and other debtors and bank balances, are initially

recognised at transaction price.

At the end of each reporting period financial assets measured at cost are assessed for evidence of

impairment. Any impairment loss is recognised in the Income Statement.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire

or are settled.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction

price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. These are classed as current liabilities as payment is due within one

year of less. If not they are presented as non-current liabilities.

Financial liabilities are decolonised when the liability is extinguished, that is when the contractual

obligation is discharged, cancelled or expires.

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 19 (2017 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Fixed

Plant and

property

Plant

machinery

£

£

£

COST

At 1st May 2017

533,195

117,193

90,446

At 30th April 2018

533,195

117,193

90,446

DEPRECIATION

At 1st May 2017

-

105,489

85,474

Charge for year

-

1,617

1,242

Eliminated on disposal

-

-

-

At 30th April 2018

-

107,106

86,716

NET BOOK VALUE

At 30th April 2018

533,195

10,087

3,730

At 30th April 2017

533,195

11,704

4,972

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st May 2017

23,872

38,418

803,124

Additions

-

2,844

2,844

Disposals

-

(8,480

)

(8,480

)

At 30th April 2018

23,872

32,782

797,488

DEPRECIATION

At 1st May 2017

20,009

24,165

235,137

Charge for year

963

3,800

7,622

Eliminated on disposal

-

(8,155

)

(8,155

)

At 30th April 2018

20,972

19,810

234,604

NET BOOK VALUE

At 30th April 2018

2,900

12,972

562,884

At 30th April 2017

3,863

14,253

567,987

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

109,816

128,425

Other debtors

57,755

50,421

167,571

178,846

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

446,133

326,010

Taxation and social security

17,517

86,797

Other creditors

196,649

205,246

660,299

618,053

7.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Interest in Consignment Stock

93,231

88,182

AIB Group (UK) PLC hold a floating charge and standard security over all property and assets of the

company present and future, including any uncalled capital.

8.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

5,135

-

Deferred

tax

£

Provided during year

5,135

Balance at 30th April 2018

5,135

9.	CONTINGENT LIABILITIES

The company has entered into an unlimited cross guarantee in respect of its own bank overdraft and

the bank overdraft of its fellow subsidiary D S Dalgleish & Son Limited with their parent company D

S Dalgleish & Son (Hawick) Limited.

D S Dalgleish & Son (Hawick) Limited had an overdraft of £22,267 at this year end (2017 £13,089).

The overdraft of D S Dalgleish & Son Ltd was £Nil (2017 £153,794).

All amounts are secured by a fixed charge over the land and buildings, and by a bond and floating

charge over the remaining assets of the company.

10.	RELATED PARTY DISCLOSURES

A S Dalgleish controls the company through his shareholding in the company's parent company, D S

Dalgleish & Son (Hawick) Limited, a company incorporated in Scotland.

All the directors are also directors of the company's fellow subsidiary, D S Dalgleish & Son Limited,

and of the parent company.

C S Dalgleish is the director of Dalgleish Motorcycles Limited.

30.4.18

30.4.17

£

£

Sales and overheads recharged to related parties

61,357

11,332

Purchases and overheads recharged from related parties

89,444

138,925

At the year end the following balances were outstanding,

Owed from group undertakings

46

193

Owed from Dalgleish Motorcycles Limited

1,886

1,886

Owed to group undertakings

51,967

32,128

Owed to Dalgleish Motorcycles Limited

-

-

B S Dalgleish, son of A S Dalgleish, before becoming a director on 13.07.17, received a salary from

the company of £7,905 in the year to 30.04.18 (2017: £31,977).

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 D S Dalgleish & Son (Coldstream) Limited for the year ended

30th April 2018 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 D S Dalgleish & Son (Coldstream) 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 D S Dalgleish & Son (Coldstream) Limited and state those matters that we have agreed to state to the Board of Directors of D S Dalgleish & Son (Coldstream) 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 D S Dalgleish & Son (Coldstream) 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 D S Dalgleish & Son (Coldstream) Limited. You consider that D S Dalgleish & Son (Coldstream) 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 D S Dalgleish & Son (Coldstream) 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.

JRW

Chartered Accountants

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

14th November 2018