McManus & Scott Holytown Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC486012 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 July 2018

for

McManus & Scott Holytown Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L Scott

Mr J McManus

REGISTERED OFFICE:

15 Gladstone Place

Stirling

FK8 2NN

BUSINESS ADDRESS:

5 Main Street

Holytown

Motherwell

ML1 4TA

REGISTERED NUMBER:

SC486012 (Scotland)

ACCOUNTANTS:

Campbell Dallas Limited

Accountants

15 Gladstone Place

Stirling

FK8 2NN

FIXED ASSETS

Intangible assets

4

36,450

40,500

Tangible assets

5

63,644

75,980

100,094

116,480

CURRENT ASSETS

Stocks

5,403

6,000

Debtors

6

43,304

28,947

Cash at bank and in hand

13,413

40

62,120

34,987

CREDITORS

Amounts falling due within one year

7

114,092

106,481

NET CURRENT LIABILITIES

(51,972

)

(71,494

)

TOTAL ASSETS LESS CURRENT LIABILITIES

48,122

44,986

CREDITORS

Amounts falling due after more than one year

8

(6,811

)

(8,640

)

ACCRUALS AND DEFERRED INCOME

(5,000

)

-

NET ASSETS

36,311

36,346

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

36,211

36,246

SHAREHOLDERS' FUNDS

36,311

36,346

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 30 April 2019 and were signed on its behalf by:

Mrs L Scott - Director

Mr J McManus - Director

1.	STATUTORY INFORMATION

McManus & Scott Holytown 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Significant judgements and estimates

The preparation of Financial Statements required management to make judgements, estimates and

assumptions that affect the application of accounting policies and reported amounts of assets,

liabilities, income and expenses. Actual results may differ from these estimates. Estimates and

assumptions are reviewed on an ongoing basis and revisions to estimates are recognised in the period

in which the estimate is revised and in any future periods affected.

The directors are of the opinion there are no matters of significant judgement and estimation which

are material to the financial statements.

Turnover

Turnover consists of the sales value in the period for the supply of services and goods to third parties.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten 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.

Plant and machinery etc

-

20% on reducing balance

Stocks

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

obsolete and slow moving items.

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

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

of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2017 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2017

and 31 July 2018

40,500

AMORTISATION

Charge for year

4,050

At 31 July 2018

4,050

NET BOOK VALUE

At 31 July 2018

36,450

At 31 July 2017

40,500

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 August 2017

271,398

Additions

3,575

At 31 July 2018

274,973

DEPRECIATION

At 1 August 2017

195,418

Charge for year

15,911

At 31 July 2018

211,329

NET BOOK VALUE

At 31 July 2018

63,644

At 31 July 2017

75,980

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

39,804

28,947

Other debtors

3,500

-

43,304

28,947

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

360

927

Hire purchase contracts

1,925

2,021

Trade creditors

2,359

22,395

Tax

46,439

43,387

Social security and other taxes

1,572

1,948

Pension creditor

342

-

Other creditors

23,178

5,000

Directors' current accounts

10,775

20,339

Accrued expenses

27,142

10,464

114,092

106,481

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

6,811

8,640

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary A

£1.00

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed Ms L Scott £10,488 and Mr J McManus £287. The loans

are unsecured, interest free and repayable on demand.