Company Registration No. SC265956 (Scotland)
SCOTTISH FENCING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
SCOTTISH FENCING LIMITED
COMPANY INFORMATION
Directors
Mr G D Liston - Chair
Mr D W Carson
Miss S Anderson
Mr W Steele
Mr H D Kernohan
Mr M J Foley
Mr R Morrison
Ms G Prince
(Appointed 26 April 2017)
Company number
SC265956
Registered office
Caledonia House
1 Redheughs Rigg
South Gyle
EDINBURGH
United Kingdom
EH12 9BQ
Accountants
French Duncan LLP
Macfarlane Gray House
Castlecraig Business Park
Springbank Road
Stirling
Scotland
FK7 7WT
SCOTTISH FENCING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SCOTTISH FENCING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
21,731
23,143
Current assets
Debtors
3
9,687
3,384
Cash at bank and in hand
37,512
70,169
47,199
73,553
Creditors: amounts falling due within one year
4
(18,766)
(27,062)
Net current assets
28,433
46,491
Total assets less current liabilities
50,164
69,634
Provisions for liabilities
(4,346)
(4,417)
Net assets
45,818
65,217
Reserves
Income and expenditure account
45,818
65,217
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 28 November 2018 and are signed on its behalf by:
Mr G D Liston - Chair
Company Registration No. SC265956
SCOTTISH FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
Scottish Fencing Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Caledonia House, 1 Redheughs Rigg, South Gyle, EDINBURGH, United Kingdom, EH12 9BQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenditure are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fencing equipment
20% on cost and 10% on cost
Computer equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to income and expenditure account
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Any impairment loss is recognised immediately in income and expenditure account
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SCOTTISH FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors and trade creditors.
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income and expenditure account.
The company has obtained exemption from the Revenue Commissioners in respect of corporation tax, it being a company not carrying on a business for the purposes of making a profit. Deposit interest retention tax is payable on any interest income received in excess of £32.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.8
Grants are credited to income and expenditure account in the same period as the related expenditure.
Outstanding grant claims for expenditure incurred in the year are accrued and included within debtors.
Deferred grants are expected to be spent in the twelve months following the company's year end.
Government grants in respect of capital expenditure are treated as deferred income and are credited to income and expenditure account over the useful life of the assets to which they relate.
1.9
Subscriptions are credited to income and expenditure account in the same period of membership that the subscription covers.
1.10
All other income is accounted for on the accrual basis.
SCOTTISH FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
2
Tangible fixed assets
Fencing equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2017
64,487
4,383
68,870
Additions
-
2,886
2,886
Disposals
(370)
(1,083)
(1,453)
At 31 March 2018
64,117
6,186
70,303
Depreciation and impairment
At 1 April 2017
42,176
3,551
45,727
Depreciation charged in the year
3,165
862
4,027
Eliminated in respect of disposals
(370)
(812)
(1,182)
At 31 March 2018
44,971
3,601
48,572
Carrying amount
At 31 March 2018
19,146
2,585
21,731
At 31 March 2017
22,312
831
23,143
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
1,067
-
Corporation tax recoverable
4,630
-
Prepayments and accrued income
3,990
3,384
9,687
3,384
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
12,083
13,149
Corporation tax
-
4,935
Other creditors
1,769
1,418
Accruals and deferred income
4,914
7,560
18,766
27,062
SCOTTISH FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.