Company Registration No. SC466193 (Scotland)
GEOGHEGANS ACCOUNTANCY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
GEOGHEGANS ACCOUNTANCY LIMITED
COMPANY INFORMATION
Directors
Iain Binnie
Euan Fernie
Lachlan Fernie
Donald Maclean
Paul Marshall
Company number
SC466193
Registered office
6 St Colme Street
Edinburgh
EH3 6AD
Accountants
Geoghegans
Chartered Accountants
6 St Colme Street
Edinburgh
EH3 6AD
GEOGHEGANS ACCOUNTANCY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GEOGHEGANS ACCOUNTANCY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
63,365
119,109
Tangible assets
4
207
1,449
Investments
5
1
1
63,573
120,559
Current assets
Stocks
99,682
85,240
Debtors
7
129,434
172,504
Cash at bank and in hand
18,926
46,455
248,042
304,199
Creditors: amounts falling due within one year
8
(227,500)
(282,425)
Net current assets
20,542
21,774
Total assets less current liabilities
84,115
142,333
Creditors: amounts falling due after more than one year
9
-
(40,000)
Net assets
84,115
102,333
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
84,015
102,233
Total equity
84,115
102,333
The directors of the company have elected not to include a copy of the profit and loss 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 Companies Act 2006 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.
GEOGHEGANS ACCOUNTANCY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2018 and are signed on its behalf by:
Euan Fernie
Director
Company Registration No. SC466193
GEOGHEGANS ACCOUNTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Geoghegans Accountancy Limited is a private company limited by shares incorporated in Scotland. The registered office is 6 St Colme Street, Edinburgh, EH3 6AD.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 4 years.
1.4
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:
Fixtures, fittings & equipment
25% straight line
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 profit or loss.
The carrying value of tangible fixed assets is reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
GEOGHEGANS ACCOUNTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Stocks
Stock represents work in progress valued at expected recoverable value.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Debtors with no stated interest rate and receivable within one year are recorded at transaction price.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GEOGHEGANS ACCOUNTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2017 - 9).
GEOGHEGANS ACCOUNTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2017
274,867
Revaluation
(3,305)
At 31 March 2018
271,562
Amortisation and impairment
At 1 April 2017
155,758
Amortisation charged for the year
52,439
At 31 March 2018
208,197
Carrying amount
At 31 March 2018
63,365
At 31 March 2017
119,109
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017 and 31 March 2018
4,969
Depreciation and impairment
At 1 April 2017
3,520
Depreciation charged in the year
1,242
At 31 March 2018
4,762
Carrying amount
At 31 March 2018
207
At 31 March 2017
1,449
5
Fixed asset investments
2018
2017
£
£
Investments
1
1
GEOGHEGANS ACCOUNTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Danzig Limited
1
Dormant
Ordinary
100.00
Registered Office addresses:
1
6 St Colme Street, Edinburgh, EH3 6AD
7
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
129,434
142,276
Other debtors
-
30,228
129,434
172,504
8
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
11,146
8,122
Other taxation and social security
41,061
62,447
Other creditors
175,293
211,856
227,500
282,425
9
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
-
40,000
10
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
GEOGHEGANS ACCOUNTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 8 -
11
Related party transactions
The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis, and therefore do not need to be disclosed under FRS102 section 1A appendix C.
2018-03-312017-04-01falseCCH SoftwareCCH Accounts Production 2018.220No description of principal activity20 December 2018Iain BinnieMichael CrerarEuan FernieLachlan FernieDonald MacleanPaul MarshallSC4661932017-04-012018-03-31SC466193bus:Director12017-04-012018-03-31SC466193bus:Director32017-04-012018-03-31SC466193bus:Director42017-04-012018-03-31SC466193bus:Director52017-04-012018-03-31SC466193bus:Director62017-04-012018-03-31SC466193bus:Director22017-04-012018-03-31SC466193bus:RegisteredOffice2017-04-012018-03-31SC4661932018-03-31SC4661932017-03-31SC466193core:NetGoodwill2018-03-31SC466193core:NetGoodwill2017-03-31SC466193core:OtherPropertyPlantEquipment2018-03-31SC466193core:OtherPropertyPlantEquipment2017-03-31SC466193core:CurrentFinancialInstruments2018-03-31SC466193core:CurrentFinancialInstruments2017-03-31SC466193core:Non-currentFinancialInstruments2017-03-31SC466193core:ShareCapital2018-03-31SC466193core:ShareCapital2017-03-31SC466193core:RetainedEarningsAccumulatedLosses2018-03-31SC466193core:RetainedEarningsAccumulatedLosses2017-03-31SC466193core:Goodwill2017-04-012018-03-31SC466193core:FurnitureFittings2017-04-012018-03-31SC466193core:NetGoodwill2017-03-31SC466193core:NetGoodwill2017-04-012018-03-31SC466193core:OtherPropertyPlantEquipment2017-03-31SC466193core:OtherPropertyPlantEquipment2017-04-012018-03-31SC466193core:Subsidiary12017-04-012018-03-31SC466193core:Subsidiary112017-04-012018-03-31SC466193core:Subsidiary122017-04-012018-03-31SC466193bus:OrdinaryShareClass12018-03-31SC466193bus:OrdinaryShareClass12017-04-012018-03-31SC466193bus:PrivateLimitedCompanyLtd2017-04-012018-03-31SC466193bus:FRS1022017-04-012018-03-31SC466193bus:AuditExemptWithAccountantsReport2017-04-012018-03-31SC466193bus:SmallCompaniesRegimeForAccounts2017-04-012018-03-31SC466193bus:FullAccounts2017-04-012018-03-31xbrli:purexbrli:sharesiso4217:GBP