GW Cockburn Water&Drainage Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC517080 (Scotland)

Unaudited Financial Statements for the Year Ended 31 October 2018

for

G W Cockburn Water & Drainage Services

Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G W Cockburn

Mrs C A Cockburn

REGISTERED OFFICE:

Unit 9-4

U-Stor Business Units

Spylaw Road

Kelso

Roxburghshire

TD5 8DN

REGISTERED NUMBER:

SC517080 (Scotland)

ACCOUNTANTS:

Douglas Home & Co Ltd

Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Intangible assets

4

26,000

39,000

Tangible assets

5

78,456

87,652

104,456

126,652

CURRENT ASSETS

Stocks

31,684

24,404

Debtors

6

222,742

155,012

Cash at bank

52,381

52,582

306,807

231,998

CREDITORS

Amounts falling due within one year

7

123,834

116,368

NET CURRENT ASSETS

182,973

115,630

TOTAL ASSETS LESS CURRENT LIABILITIES

287,429

242,282

CREDITORS

Amounts falling due after more than one year

8

(9,516

)

(22,517

)

PROVISIONS FOR LIABILITIES

(15,000

)

(16,500

)

NET ASSETS

262,913

203,265

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

262,813

203,165

262,913

203,265

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

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

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 15 January 2019 and were signed on its behalf by:

G W Cockburn - Director

1.	STATUTORY INFORMATION

G W Cockburn Water & Drainage Services Ltd 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 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. 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 2015, is being amortised evenly over its estimated useful life of five 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.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2017

and 31 October 2018

65,000

AMORTISATION

At 1 November 2017

26,000

Amortisation for year

13,000

At 31 October 2018

39,000

NET BOOK VALUE

At 31 October 2018

26,000

At 31 October 2017

39,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 November 2017

71,824

39,570

2,608

114,002

Additions

3,031

-

1,928

4,959

Disposals

-

-

(477

)

(477

)

At 31 October 2018

74,855

39,570

4,059

118,484

DEPRECIATION

At 1 November 2017

14,892

10,980

478

26,350

Charge for year

9,020

4,288

441

13,749

Eliminated on disposal

-

-

(71

)

(71

)

At 31 October 2018

23,912

15,268

848

40,028

NET BOOK VALUE

At 31 October 2018

50,943

24,302

3,211

78,456

At 31 October 2017

56,932

28,590

2,130

87,652

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 November 2017

and 31 October 2018

57,450

39,570

97,020

DEPRECIATION

At 1 November 2017

11,550

10,980

22,530

Charge for year

6,885

4,288

11,173

At 31 October 2018

18,435

15,268

33,703

NET BOOK VALUE

At 31 October 2018

39,015

24,302

63,317

At 31 October 2017

45,900

28,590

74,490

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/18

31/10/17

£

£

Trade debtors

222,742

155,012

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/18

31/10/17

£

£

Hire purchase contracts

13,001

21,890

Trade creditors

49,564

26,010

Tax

26,749

23,232

Social security and other taxes

5,164

4,239

VAT

21,976

22,730

Directors' current accounts

7,214

17,221

Accrued expenses

166

1,046

123,834

116,368

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/10/18

31/10/17

£

£

Hire purchase contracts

9,516

22,517

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2018 and

31 October 2017:

31/10/18

31/10/17

£

£

G W Cockburn and Mrs C A Cockburn

Balance outstanding at start of year

(17,221

)

(82,052

)

Amounts advanced

57,920

75,039

Amounts repaid

(47,913

)

(10,208

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(7,214

)

(17,221

)

At the year end 31st October 2018, the company was due to the directors £7,214 (2017 - £17,221) This is an

interest free loan and no fixed terms.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G W Cockburn.