George Taylor & Co (Hamilton) Limited 30/11/2018 iXBRL

George Taylor & Co (Hamilton) Limited 30/11/2018 iXBRL

GEORGE TAYLOR & CO (HAMILTON) LIMITED - Company Information

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30/11/2018 2018-11-30 false false false false false false false false false false true false false true false false false false false false true false No description of principal activities is disclosed 2017-12-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP SC221506 2017-12-01 2018-11-30 SC221506 2018-11-30 SC221506 2017-11-30 SC221506 2016-12-01 2017-11-30 SC221506 2017-11-30 SC221506 core:PlantMachinery 2017-12-01 2018-11-30 SC221506 core:MotorVehicles 2017-12-01 2018-11-30 SC221506 bus:OrdinaryShareClass1 2017-12-01 2018-11-30 SC221506 bus:Director3 2017-12-01 2018-11-30 SC221506 core:WithinOneYear 2018-11-30 SC221506 core:WithinOneYear 2017-11-30 SC221506 core:LandBuildings core:OwnedOrFreeholdAssets 2017-11-30 SC221506 core:PlantMachinery 2017-11-30 SC221506 core:MotorVehicles 2017-11-30 SC221506 core:LandBuildings core:OwnedOrFreeholdAssets 2018-11-30 SC221506 core:PlantMachinery 2018-11-30 SC221506 core:MotorVehicles 2018-11-30 SC221506 core:LandBuildings core:OwnedOrFreeholdAssets 2017-12-01 2018-11-30 SC221506 core:ShareCapital 2018-11-30 SC221506 core:ShareCapital 2017-11-30 SC221506 core:RetainedEarningsAccumulatedLosses 2018-11-30 SC221506 core:RetainedEarningsAccumulatedLosses 2017-11-30 SC221506 bus:OrdinaryShareClass1 core:ShareCapital 2018-11-30 SC221506 bus:OrdinaryShareClass1 core:ShareCapital 2017-11-30 SC221506 core:BetweenOneFiveYears 2018-11-30 SC221506 core:BetweenOneFiveYears 2017-11-30 SC221506 core:MoreThanFiveYears 2017-11-30 SC221506 core:CostValuation core:Non-currentFinancialInstruments 2017-11-30 SC221506 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2018-11-30 SC221506 core:CostValuation core:Non-currentFinancialInstruments 2018-11-30 SC221506 core:Non-currentFinancialInstruments 2018-11-30 SC221506 core:Non-currentFinancialInstruments 2017-11-30 SC221506 core:LandBuildings core:OwnedOrFreeholdAssets 2017-11-30 SC221506 core:PlantMachinery 2017-11-30 SC221506 core:MotorVehicles 2017-11-30 SC221506 bus:SmallEntities 2017-12-01 2018-11-30 SC221506 bus:AuditExempt-NoAccountantsReport 2017-12-01 2018-11-30 SC221506 bus:FullAccounts 2017-12-01 2018-11-30 SC221506 bus:SmallCompaniesRegimeForAccounts 2017-12-01 2018-11-30 SC221506 bus:PrivateLimitedCompanyLtd 2017-12-01 2018-11-30
Company registration number: SC221506
Companies House
George Taylor & Co (Hamilton) Limited
Unaudited filleted financial statements
30 November 2018
George Taylor & Co (Hamilton) Limited
Contents
Statement of financial position
Notes to the financial statements
George Taylor & Co (Hamilton) Limited
Statement of financial position
30 November 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 887,367 920,523
Investments 6 450,000 400,000
_______ _______
1,337,367 1,320,523
Current assets
Stocks 177,165 201,977
Debtors 7 661,653 948,503
Cash at bank and in hand 814,155 504,508
_________ _________
1,652,973 1,654,988
Creditors: amounts falling due
within one year 8 ( 555,523) ( 654,616)
_______ _______
Net current assets 1,097,450 1,000,372
_________ _________
Total assets less current liabilities 2,434,817 2,320,895
Provisions for liabilities - deferred tax ( 27,100) ( 32,500)
_________ _________
Net assets 2,407,717 2,288,395
_________ _________
Capital and reserves
Called up share capital 9 20,000 20,000
Profit and loss account 2,387,717 2,268,395
_________ _________
Shareholders funds 2,407,717 2,288,395
_________ _________
For the year ending 30 November 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.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 February 2019 , and are signed on behalf of the board by:
Mr J A Burn Mr D B Kerr
Director Director
Company registration number: SC221506
George Taylor & Co (Hamilton) Limited
Notes to the financial statements
Year ended 30 November 2018
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office and the business address is Kemp Street, Hamilton, Lanarkshire, ML3 6PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity and are rounded to the nearest £1.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Land and buildings - No depreciation
Plant and machinery - 20 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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 in finance costs 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 63 (2017: 60 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 December 2017 731,097 803,839 82,812 1,617,748
Additions - 27,454 - 27,454
Disposals - ( 1,907) - ( 1,907)
_______ _______ _______ _________
At 30 November 2018 731,097 829,386 82,812 1,643,295
_______ _______ _______ _________
Depreciation
At 1 December 2017 - 649,188 48,037 697,225
Charge for the year - 44,020 16,590 60,610
Disposals - ( 1,907) - ( 1,907)
_______ _______ _______ _______
At 30 November 2018 - 691,301 64,627 755,928
_______ _______ _______ _______
Carrying amount
At 30 November 2018 731,097 138,085 18,185 887,367
_______ _______ _______ _______
At 30 November 2017 731,097 154,651 34,775 920,523
_______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 December 2017 400,000 400,000
Additions 50,000 50,000
_______ _______
At 30 November 2018 450,000 450,000
_______ _______
Impairment
At 1 December 2017 and 30 November 2018 - -
_______ _______
Carrying amount
At 30 November 2018 450,000 450,000
_______ _______
At 30 November 2017 400,000 400,000
_______ _______
7. Debtors
2018 2017
£ £
Trade debtors 624,474 934,746
Other debtors 37,179 13,757
_______ _______
661,653 948,503
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 381,594 442,206
Accruals and deferred income 39,931 38,053
Corporation tax 36,000 41,787
Social security and other taxes 96,465 132,147
Other creditors 1,533 423
_______ _______
555,523 654,616
_______ _______
9. Called up share capital
Issued, called up and fully paid
2018 2017
No £ No £
Ordinary shares shares of £ 1.00 each 20,000 20,000 20,000 20,000
_______ _______ _______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years 40,334 38,189
Later than 5 years - 16,629
_______ _______
40,334 54,818
_______ _______