D McDonald Decorators Limited Company accounts

D MCDONALD DECORATORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC253327

D McDonald Decorators Limited

Unaudited Financial Statements

For the year ended

30 November 2018

D McDonald Decorators Limited

Financial Statements

Year ended 30 November 2018

Contents	Page

Officers and professional advisers	1

Directors' report	2

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	3

Statement of income and retained earnings	4

Statement of financial position	5

Notes to the financial statements	7

D McDonald Decorators Limited

Officers and Professional Advisers

The board of directors	D B McDonald
	Mrs J G McDonald

Company secretary	Mrs J G McDonald

Registered office	Allandale
	29 Dave Barrie Avenue
	Larkhall
	ML9 1DW

Accountants	Nelson Gilmour Smith
	Chartered Accountants
	47 Cadzow Street
	Hamilton
	ML3 6ED

Bankers	The Royal Bank of Scotland
	108 Union Street
	Larkhall
	ML9 1EG

D McDonald Decorators Limited

Directors' Report

Year ended 30 November 2018

The directors present their report and the unaudited financial statements of the company for the year ended 30 November 2018 .

Directors

The directors who served the company during the year were as follows:

D B McDonald
Mrs J G McDonald

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 22 July 2019 and signed on behalf of the board by:

D B McDonald

Director

Registered office:

Allandale

29 Dave Barrie Avenue

Larkhall

ML9 1DW

D McDonald Decorators Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of D McDonald Decorators Limited

Year ended 30 November 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of D McDonald Decorators Limited for the year ended 30 November 2018, which comprise the statement of income and retained earnings, statement of financial position 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 www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of D McDonald Decorators Limited, as a body, in accordance with the terms of our engagement letter dated 19 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of D McDonald Decorators Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D McDonald Decorators Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that D McDonald Decorators 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 D McDonald Decorators Limited. You consider that D McDonald Decorators 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 D McDonald Decorators 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.

Nelson Gilmour Smith Chartered Accountants

47 Cadzow Street Hamilton ML3 6ED

22 July 2019

D McDonald Decorators Limited

Statement of Income and Retained Earnings

Year ended 30 November 2018

	2018	2017
Note	£	£
Turnover	1,490,560	1,407,210

Cost of sales	1,165,906	1,045,798
	------------	------------
Gross profit	324,654	361,412

Administrative expenses	232,565	203,310
	---------	---------
Operating profit	92,089	158,102

Interest payable and similar expenses		851	500
		---------	---------
Profit before taxation	5	91,238	157,602

Tax on profit	19,608	37,471
	--------	---------
Profit for the financial year and total comprehensive income	71,630	120,131
	--------	---------

Dividends paid and payable	( 87,000)	( 107,000)

Retained earnings at the start of the year	494,320	481,189
	---------	---------
Retained earnings at the end of the year	478,950	494,320
	---------	---------

All the activities of the company are from continuing operations.

D McDonald Decorators Limited

Statement of Financial Position

30 November 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	6	109,000	109,000
Tangible assets	7	27,955	20,123
		---------	---------
		136,955	129,123

Current assets

Stocks		26,522	–
Debtors	8	246,126	282,447
Cash at bank and in hand		145,564	165,374
		---------	---------
		418,212	447,821

Creditors: amounts falling due within one year	9	67,191		76,254
		---------		---------
Net current assets			351,021	371,567
			---------	---------
Total assets less current liabilities			487,976	500,690

Creditors: amounts falling due after more than one year	10		3,611	2,443

Provisions

Taxation including deferred tax	5,311	3,823
	---------	---------
Net assets	479,054	494,424
	---------	---------

Capital and reserves

Called up share capital	104	104
Profit and loss account	478,950	494,320
	---------	---------
Shareholders funds	479,054	494,424
	---------	---------

These financial statements have been prepared 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'.

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 .

D McDonald Decorators Limited

Statement of Financial Position (continued)

30 November 2018

These financial statements were approved by the board of directors and authorised for issue on 22 July 2019 , and are signed on behalf of the board by:

D B McDonald

Director

Company registration number: SC253327

D McDonald Decorators 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 is Allandale, 29 Dave Barrie Avenue, Larkhall, ML9 1DW.

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.

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 & Fittings	-	25% reducing balance
Motor Vehicles	-	25% 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.

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 as a finance cost in profit or loss in the period it arises.

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 8 (2017: 6 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	9,319	6,707
	-------	-------

6. Intangible assets

	Goodwill
	£
Cost
At 1 December 2017 and 30 November 2018	109,000
	---------
Amortisation
At 1 December 2017 and 30 November 2018	–
	---------
Carrying amount
At 30 November 2018	109,000
	---------
At 30 November 2017	109,000
	---------

7. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 December 2017	14,528	62,752	77,280
Additions	–	17,151	17,151
	--------	--------	--------
At 30 November 2018	14,528	79,903	94,431
	--------	--------	--------
Depreciation
At 1 December 2017	12,728	44,429	57,157
Charge for the year	450	8,869	9,319
	--------	--------	--------
At 30 November 2018	13,178	53,298	66,476
	--------	--------	--------
Carrying amount
At 30 November 2018	1,350	26,605	27,955
	--------	--------	--------
At 30 November 2017	1,800	18,323	20,123
	--------	--------	--------

8. Debtors

	2018	2017
	£	£
Trade debtors	73,824	162,251
Other debtors	172,302	120,196
	---------	---------
	246,126	282,447
	---------	---------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	17,970	21,990
Corporation tax	18,120	33,648
Social security and other taxes	18,301	15,468
Other creditors	12,800	5,148
	--------	--------
	67,191	76,254
	--------	--------

10. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	3,611	2,443
	-------	-------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
D B McDonald	67,803	87,841	( 68,568)	87,076
	--------	--------	--------	--------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
D B McDonald	109,656	68,008	( 109,861)	67,803
	---------	--------	---------	--------

12. Related party transactions

Control:- The company was under the control of the directors throughout the current and previous year. The directors, together with members of their close family, hold 100% of the issued share capital of the company. Transactions:- No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.