Ross MacArthur Contractor Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC299720 (Scotland)

Financial Statements For The Year Ended 31 March 2018

for

Ross MacArthur Contractor Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

I R MacArthur

REGISTERED OFFICE:

Blairmore Farm

Blairmore

Dunoon

PA23 8TN

REGISTERED NUMBER:

SC299720 (Scotland)

ACCOUNTANTS:

Robb Ferguson

Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Intangible assets

4

96,545

111,398

Tangible assets

5

445,775

472,858

542,320

584,256

CURRENT ASSETS

Stocks

34,173

76,750

Debtors

226,621

106,761

Cash at bank

17,321

34,576

278,115

218,087

CREDITORS

Amounts falling due within one year

243,623

212,190

NET CURRENT ASSETS

34,492

5,897

TOTAL ASSETS LESS CURRENT LIABILITIES

576,812

590,153

CREDITORS

Amounts falling due after more than one year

(346,930

)

(397,754

)

PROVISIONS FOR LIABILITIES

(84,697

)

(74,270

)

NET ASSETS

145,185

118,129

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

145,085

118,029

SHAREHOLDERS' FUNDS

145,185

118,129

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 director acknowledges his 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 Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 12 December 2018 and were signed by:

I R MacArthur - Director

1.	STATUTORY INFORMATION

Ross MacArthur Contractor 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are

physically delivered to the customer. Turnover from the supply of services represents the value of services provided under

contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a

contract has only been partially completed at the statement of financial position date turnover represents the value of the

service provided to the date based on a proportion of the total contract value. Where payments are received from customers

in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within

one year.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

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.

Fixed plant and equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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

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

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and

non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative

financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position 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.

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 9 (2017 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

and 31 March 2018

148,532

AMORTISATION

At 1 April 2017

37,134

Amortisation for year

14,853

At 31 March 2018

51,987

NET BOOK VALUE

At 31 March 2018

96,545

At 31 March 2017

111,398

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

860,625

Additions

180,075

Disposals

(300,148

)

At 31 March 2018

740,552

DEPRECIATION

At 1 April 2017

387,767

Charge for year

91,166

Eliminated on disposal

(184,156

)

At 31 March 2018

294,777

NET BOOK VALUE

At 31 March 2018

445,775

At 31 March 2017

472,858

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

Totals

£

COST

At 1 April 2017

510,570

Additions

170,707

Disposals

(77,621

)

Transfer to ownership

(81,905

)

At 31 March 2018

521,751

DEPRECIATION

At 1 April 2017

169,142

Charge for year

80,485

Eliminated on disposal

(34,052

)

Transfer to ownership

(38,230

)

At 31 March 2018

177,345

NET BOOK VALUE

At 31 March 2018

344,406

At 31 March 2017

341,428

6.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

147,728

185,732

7.	RELATED PARTY DISCLOSURES

Ross MacArthur Plant Hire Limited

A company in which I R MacArthur is a shareholder.

Amount due to related party at balance sheet date is £11,831 (2017 - £nil).

Glenfinnart Hydro Limited

A company in which I R MacArthur is a shareholder.

Amount due from related party at balance sheet date is £5,962 (2017 - £nil).

Blairmore Hydro Limited

A company in which I R MacArthur is a shareholder.

Amount due from related party at balance sheet date is £22,813 (2017 - £nil).