D M Cameron & Company Limited Filleted accounts for Companies House (small and micro)

D M CAMERON & COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC231552

D M Cameron & Company Limited

Filleted Unaudited Financial Statements

For the period ended

31 May 2018

D M Cameron & Company Limited

Statement of Financial Position

31 May 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		33,612	28,870

Current assets

Stocks		165,684	85,366
Debtors	7	832,529	815,832
		---------	---------
		998,213	901,198

Creditors: amounts falling due within one year	8	1,028,226		919,678
		------------		---------
Net current liabilities			30,013	18,480
			--------	--------
Total assets less current liabilities			3,599	10,390
			-------	--------
Net assets			3,599	10,390
			-------	--------

Capital and reserves

Called up share capital	9	1,100	1,100
Profit and loss account		2,499	9,290
		-------	--------
Shareholders funds		3,599	10,390
		-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

D M Cameron & Company Limited

Statement of Financial Position (continued)

31 May 2018

These financial statements were approved by the board of directors and authorised for issue on 14 February 2019 , and are signed on behalf of the board by:

Mr P Smillie

Director

Company registration number: SC231552

D M Cameron & Company Limited

Notes to the Financial Statements

Year ended 31 May 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Aldour Industrial Site, Pitlochry, Perth & Kinross, PH16 5LY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2017: 12 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 June 2017 and 31 May 2018	87,000
	--------
Amortisation
At 1 June 2017 and 31 May 2018	87,000
	--------
Carrying amount
At 31 May 2018	–
	--------
At 31 May 2017	–
	--------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 June 2017	414	74,919	4,698	80,031
Additions	–	15,635	142	15,777
	----	--------	-------	--------
At 31 May 2018	414	90,554	4,840	95,808
	----	--------	-------	--------
Depreciation
At 1 June 2017	414	48,448	2,299	51,161
Charge for the year	–	10,527	508	11,035
	----	--------	-------	--------
At 31 May 2018	414	58,975	2,807	62,196
	----	--------	-------	--------
Carrying amount
At 31 May 2018	–	31,579	2,033	33,612
	----	--------	-------	--------
At 31 May 2017	–	26,471	2,399	28,870
	----	--------	-------	--------

7. Debtors

	2018	2017
	£	£
Trade debtors	301,401	376,481
Other debtors	531,128	439,351
	---------	---------
	832,529	815,832
	---------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	71,689	232,707
Trade creditors	336,189	219,133
Corporation tax	10,505	12,430
Social security and other taxes	249,488	189,951
Other creditors	360,355	265,457
	------------	---------
	1,028,226	919,678
	------------	---------

9. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	1,100	1,100	1,100	1,100
	-------	-------	-------	-------

10. Directors' advances, credits and guarantees

There were no director advances, credits or guarantees undertaken during the year which require to be disclosed under FRS102.

11. Related party transactions

Throughout the current year the company was under the control of D M Cameron, Mrs H A Cameron, P M Cameron, P Smillie and Mrs J Smillie who each hold 20% of the issued share capital.