Spraydown Solutions Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC413195 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

SPRAYDOWN SOLUTIONS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Ms R S Baggaley

C P Gill

REGISTERED OFFICE:

c/o Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

REGISTERED NUMBER:

SC413195 (Scotland)

ACCOUNTANTS:

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

1,598

Tangible assets

4

2,048

CURRENT ASSETS

8,534

Stocks

5,306

40,516

Debtors

5

31,480

26,190

Cash at bank

31,044

75,240

67,830

CREDITORS

26,100

Amounts falling due within one year

6

28,742

49,140

NET CURRENT ASSETS

39,088

50,738

TOTAL ASSETS LESS CURRENT LIABILITIES

41,136

CAPITAL AND RESERVES

20

Called up share capital

20

80

Capital redemption reserve

80

50,638

Retained earnings

41,036

50,738

SHAREHOLDERS' FUNDS

41,136

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 12 February 2019 and were signed on its behalf by:

Ms R S Baggaley - Director

C P Gill - Director

1.	STATUTORY INFORMATION

Spraydown Solutions Ltd is a private company, limited by shares, registered in Scotland, registration number

SC413195. The registered office is c/o Thomas Barrie & Co LLP, 1A Cadogan Street, Glasgow, G2 6QE.

The principal activity of the company is the manufacture and sale of vehicle spray suppression systems.

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

Significant judgements and estimates

In preparing these financial statements, the directors are required to make judgements, estimates and

assumptions that affect the application of the Company’s accounting policies and the reported amounts of assets,

liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying

assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the

financial statements:

Plant and equipment

The estimates and assumptions made to determine asset lives require judgements to be made as regards useful

lives and residual values. The useful lives and residual values of the company's financial assets are determined

by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based

on management experience with similar assets. The depreciation rates applied are outlined below.

Turnover

Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of

any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Sale of Goods

Revenue is recognised when the significant risks and rewards of ownership have been transferred to the

customer, recovery of the consideration is probable, the associated costs and possible return of goods can be

estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue

can be measured reliably.

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.

Plant and machinery etc

-

50% on cost and 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprises cash balances.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, are measured subsequently at amortised cost using

the effective interest method.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current

market assessments of the time value of money and the risks specific to the liability. The unwinding of the

discount is recognised as finance cost.

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

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

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.

Short-term employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in profit and loss in the

period in which they are incurred. A liability is recognised for the amount expected to be paid if the company

has a present legal or constructive obligation to pay this amount as a result of past service provided by the

employee, and the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

11,299

Additions

2,100

At 31 December 2018

13,399

DEPRECIATION

At 1 January 2018

9,701

Charge for year

1,650

At 31 December 2018

11,351

NET BOOK VALUE

At 31 December 2018

2,048

At 31 December 2017

1,598

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

28,452

40,364

Other debtors

3,028

152

31,480

40,516

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

14,629

13,292

Taxation and social security

11,172

9,629

Other creditors

2,941

3,179

28,742

26,100

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £48,600 (2017 - £54,500) were paid to the directors .