Goskirk Pettinger Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC159487 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Goskirk Pettinger Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

D K Goskirk

C Pettinger

SECRETARY:

D K Goskirk

REGISTERED OFFICE:

Ground Floor, Lockhart House

Tulloch Street

Dingwall

Ross-Shire

IV15 9JY

REGISTERED NUMBER:

SC159487 (Scotland)

ACCOUNTANTS:

Stewart & Stewart Ltd

Chartered Accountants

Achorn House

34 Millbank Road

Munlochy

Ross-Shire

IV8 8ND

FIXED ASSETS

Tangible assets

5

255,972

287,639

Investment property

6

55,000

55,000

310,972

342,639

CURRENT ASSETS

Stocks

92,464

74,974

Debtors

62,458

74,671

Cash at bank

6,858

3,759

161,780

153,404

CREDITORS

Amounts falling due within one year

129,690

122,696

NET CURRENT ASSETS

32,090

30,708

TOTAL ASSETS LESS CURRENT LIABILITIES

343,062

373,347

CREDITORS

Amounts falling due after more than one year

7

(149,830

)

(170,861

)

PROVISIONS FOR LIABILITIES

(37,517

)

(42,553

)

NET ASSETS

155,715

159,933

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

9

37,624

37,624

Retained earnings

117,091

121,309

SHAREHOLDERS' FUNDS

155,715

159,933

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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 26 July 2019 and were signed on its behalf by:

D K Goskirk - Director

C Pettinger - Director

1.	STATUTORY INFORMATION

Goskirk Pettinger 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.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 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, the amount of revenue can be measured reliably, it is probable that the associated

economic benefits will flow to the company, and the costs incurred or to be incurred in respect of the

transactions can be measured reliably.

Turnover from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract. Turnover is recognised when the amount of turnover

can be measured reliably, it is probable that the company will receive the consideration due under the contract,

the stage of completion of the contract at the end of the reporting period can be measured reliably, and when

the costs to complete the contract can be measured reliably.

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.

Freehold property

-

2% on cost

Short leasehold

-

15% on reducing balance and in accordance with the lease term

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Investment properties

Investment properties are those properties that are held either to earn rental income or for capital appreciation

or both. Investment properties are measured initially at cost including transaction costs and thereafter are

stated at fair value, which reflects market conditions at the balance sheet date. Gains and losses arising from

changes in the fair value of investment properties are recognised in the income statement in the year in which

they arise.

Investment properties are stated at fair value as determined by the Directors. In determining the fair value of

each investment property, the Directors make use of historical and current market data as well as existing lease

agreements.

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.

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.

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2017 - 17 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2018

624,517

Additions

2,186

At 31 December 2018

626,703

DEPRECIATION

At 1 January 2018

336,878

Charge for year

33,853

At 31 December 2018

370,731

NET BOOK VALUE

At 31 December 2018

255,972

At 31 December 2017

287,639

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

and 31 December 2018

55,000

NET BOOK VALUE

At 31 December 2018

55,000

At 31 December 2017

55,000

The investment property is stated at fair value as determined by the Directors.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.12.18

31.12.17

£

£

Repayable by instalments

Bank loan

86,784

95,305

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Bank overdrafts

2,541

34,266

Bank loans

125,348

131,887

Hire purchase contracts

37,548

51,685

165,437

217,838

The bank loans & overdraft are secured by a standard security on property owned by the company, and by a

bond and floating charge, plus directors' guarantees. The hire purchase liabilities are secured on the assets to

which the agreements relate.

9.

RESERVES

Fair

value

reserve

£

At 1 January 2018

and 31 December 2018

37,624

10.	OTHER FINANCIAL COMMITMENTS

The total amount of commitments, guarantees and contingencies is £98,479 (2017: £131,679).

The following reproduces the text of the report prepared for the directors 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 Abridged Income Statement and certain other primary

statements and the Report of the Directors 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 Goskirk Pettinger Limited for the year ended 31 December 2018 which comprise the Abridged

Income Statement, Abridged 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Goskirk Pettinger Limited, as a body, in accordance with the terms of our engagement letter dated 12 April 2006. Our work has been undertaken solely to prepare for your approval the financial statements of Goskirk Pettinger Limited and state those matters that we have agreed to state to the Board of Directors of Goskirk Pettinger Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Goskirk Pettinger 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 Goskirk Pettinger Limited. You consider that Goskirk Pettinger 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 Goskirk Pettinger 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.

Stewart & Stewart Ltd

Chartered Accountants

Achorn House

34 Millbank Road

Munlochy

Ross-Shire

IV8 8ND

26 July 2019