Donside Slating Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC402244 (Scotland)

Donside Slating Limited

Financial Statements For The Year Ended 31 July 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

B G Mackie

REGISTERED OFFICE:

Park House Business Centre

South Street

Elgin

Moray

IV30 1JB

REGISTERED NUMBER:

SC402244 (Scotland)

ACCOUNTANTS:

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

FIXED ASSETS

Intangible assets

4

38,376

51,169

Tangible assets

5

226,590

218,443

264,966

269,612

CURRENT ASSETS

Stocks

6,064

6,053

Debtors

6

52,106

50,027

Cash at bank

105,035

113,706

163,205

169,786

CREDITORS

Amounts falling due within one year

7

120,060

157,074

NET CURRENT ASSETS

43,145

12,712

TOTAL ASSETS LESS CURRENT LIABILITIES

308,111

282,324

CREDITORS

Amounts falling due after more than one year

8

(21,533

)

(41,112

)

PROVISIONS FOR LIABILITIES

9

(43,052

)

(42,968

)

NET ASSETS

243,526

198,244

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

243,426

198,144

SHAREHOLDERS' FUNDS

243,526

198,244

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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

The financial statements were approved by the director on 5 March 2019 and were signed by:

B G Mackie - Director

1.	STATUTORY INFORMATION

Donside Slating 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.

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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Goodwill , being the amount paid in connection with the acquisition of a business in 2011, is being amortised

evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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.

Equipment

-

33% on reducing balance, 25% on reducing balance, 15% on reducing balance and 10% 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.

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 balance sheet date.

Deferred tax

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

sheet 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 7 (2017 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2017

and 31 July 2018

127,927

AMORTISATION

At 1 August 2017

76,758

Charge for year

12,793

At 31 July 2018

89,551

NET BOOK VALUE

At 31 July 2018

38,376

At 31 July 2017

51,169

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 August 2017

290,890

Additions

72,515

Disposals

(33,669

)

At 31 July 2018

329,736

DEPRECIATION

At 1 August 2017

72,447

Charge for year

46,052

Eliminated on disposal

(15,353

)

At 31 July 2018

103,146

NET BOOK VALUE

At 31 July 2018

226,590

At 31 July 2017

218,443

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

Equipment

£

COST

At 1 August 2017

59,450

Additions

12,190

At 31 July 2018

71,640

DEPRECIATION

At 1 August 2017

2,248

Charge for year

9,857

At 31 July 2018

12,105

NET BOOK VALUE

At 31 July 2018

59,535

At 31 July 2017

57,202

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Trade debtors

48,788

49,782

Other debtors

3,318

245

52,106

50,027

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Bank loans and overdrafts

-

6,250

Hire purchase contracts

13,692

7,600

Trade creditors

13,971

35,215

Taxation and social security

26,439

22,356

Other creditors

65,958

85,653

120,060

157,074

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.18

31.7.17

£

£

Bank loans

-

11,979

Hire purchase contracts

21,533

29,133

21,533

41,112

9.	PROVISIONS FOR LIABILITIES

31.7.18

31.7.17

£

£

Deferred tax

43,052

42,968

Deferred

tax

£

Balance at 1 August 2017

42,968

Charge to Income Statement during year

84

Balance at 31 July 2018

43,052

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.18

31.7.17

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 August 2017

198,144

Profit for the year

65,282

Dividends

(20,000

)

At 31 July 2018

243,426

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 (2017 - £23,700) were paid to the director .

B G Mackie

is a director in the company.

A interest free directors loan has been given to the company by the director. The loan is unsecured and is

repayable on demand.

31.7.18

31.7.17

£

£

Amount due to related party at the balance sheet date

54,542

74,936

13.	ULTIMATE CONTROLLING PARTY

The controlling party is B G Mackie.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Donside Slating Limited for the year ended 31 July 2018 which comprise the Income Statement,

Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Donside Slating Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Donside Slating Limited and state those matters that we have agreed to state to the director of Donside Slating Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Donside Slating Limited and its director for our work or for this report.

It is your duty to ensure that Donside Slating Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Donside Slating Limited. You consider that Donside Slating Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Donside Slating Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

5 March 2019