David Nicol Tree Services Limited Filleted accounts for Companies House (small and micro)

DAVID NICOL TREE SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC345870

David Nicol Tree Services Limited

Filleted Unaudited Financial Statements

For the year ended

31 July 2018

David Nicol Tree Services Limited

Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	80,000	100,000
Tangible assets	6	46,089	52,548
		---------	---------
		126,089	152,548

Current assets

Stocks		500	535
Debtors	7	63,343	29,429
		--------	--------
		63,843	29,964

Creditors: amounts falling due within one year	8	175,698		175,081
		---------		---------
Net current liabilities			111,855	145,117
			---------	---------
Total assets less current liabilities			14,234	7,431

Creditors: amounts falling due after more than one year	9		4,183	11,353

Provisions

Taxation including deferred tax	8,757	6,584
	--------	--------
Net assets/(liabilities)	1,294	( 10,506)
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,194	( 10,606)
	-------	--------
Shareholders funds/(deficit)	1,294	( 10,506)
	-------	--------

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.

For the year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

David Nicol Tree Services Limited

Statement of Financial Position (continued)

31 July 2018

These financial statements were approved by the board of directors and authorised for issue on 29 April 2019 , and are signed on behalf of the board by:

D Nicol
Director

Company registration number: SC345870

David Nicol Tree Services Limited

Notes to the Financial Statements

Year ended 31 July 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 33 Kittoch Street, East Kilbride, G74 4JW.

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.

Going concern

The continuance of trading is dependant on the ongoing support of the company's director. The financial statements have been drawn up on a going concern basis which assumes that this support will continue.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Plant and machinery	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	20% 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 August 2017 and 31 July 2018	200,000
	---------
Amortisation
At 1 August 2017	100,000
Charge for the year	20,000
	---------
At 31 July 2018	120,000
	---------
Carrying amount
At 31 July 2018	80,000
	---------
At 31 July 2017	100,000
	---------

6. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 August 2017	90,236	23,065	1,602	114,903
Additions	5,797	–	852	6,649
Disposals	( 1,830)	–	–	( 1,830)
	--------	--------	-------	---------
At 31 July 2018	94,203	23,065	2,454	119,722
	--------	--------	-------	---------
Depreciation
At 1 August 2017	55,873	5,688	794	62,355
Charge for the year	7,932	4,344	332	12,608
Disposals	( 1,330)	–	–	( 1,330)
	--------	--------	-------	---------
At 31 July 2018	62,475	10,032	1,126	73,633
	--------	--------	-------	---------
Carrying amount
At 31 July 2018	31,728	13,033	1,328	46,089
	--------	--------	-------	---------
At 31 July 2017	34,363	17,377	808	52,548
	--------	--------	-------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	48,001	15,052
Other debtors	15,342	14,377
	--------	--------
	63,343	29,429
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	9,219	9,738
Trade creditors	3,585	4,521
Corporation tax	1,610	–
Social security and other taxes	19,695	24,990
Other creditors	141,589	135,832
	---------	---------
	175,698	175,081
	---------	---------

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

	2018	2017
	£	£
Other creditors	4,183	11,353
	-------	--------

10. Related party transactions

Control:- The company was under the control of D Nicol throughout the period under review. D Nicol is the sole director and majority shareholder. Transactions:- No transactions with related parties were undertaken such as are required to be disclosed under Section 1A of FRS 102.