Border Timberguard Limited - Accounts to registrar (filleted) - small 18.2

BORDER TIMBERGUARD LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

W B Gray

Mrs M L Gray

A Gray

SECRETARY:

Mrs M L Gray

REGISTERED OFFICE:

Riverside House

Ladhope Vale

Galashiels

Borders

TD1 1BT

REGISTERED NUMBER:

SC348411 (Scotland)

ACCOUNTANTS:

JRW

Chartered Accountants

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

FIXED ASSETS

Intangible assets

4

44,314

48,745

Tangible assets

5

28,542

36,150

72,856

84,895

CURRENT ASSETS

Stocks

32,452

41,372

Debtors

6

22,723

60,355

Cash at bank

15,168

36,326

70,343

138,053

CREDITORS

Amounts falling due within one year

7

74,071

130,497

NET CURRENT (LIABILITIES)/ASSETS

(3,728

)

7,556

TOTAL ASSETS LESS CURRENT LIABILITIES

69,128

92,451

CREDITORS

Amounts falling due after more than one year

8

-

(4,945

)

PROVISIONS FOR LIABILITIES

(4,630

)

(6,662

)

NET ASSETS

64,498

80,844

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

64,398

80,744

SHAREHOLDERS' FUNDS

64,498

80,844

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 27th March 2019 and were signed on its behalf by:

W B Gray - Director

Mrs M L Gray - Director

1.	STATUTORY INFORMATION

Border Timberguard 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.

Turnover

Turnover represents the invoiced value of woodworm and dry rot specialist services, excluding value

added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of twenty 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.

Motor vehicles

-

25% on reducing balance

Equipment

-

15% 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.

Financial assets

Basic financial assets, including trade trade and other debtors and bank balances, are initially

recognised at transaction price.

At the end of each reporting period financial assets measured at cost are assessed for evidence of

impairment. Any impairment loss is recognised in the Income Statement.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire

or are settled.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction

price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. These are classed as current liabilities as payment is due within one

year of less. If not they are presented as non-current liabilities.

Financial liabilities are decolonised when the liability is extinguished, that is when the contractual

obligation is discharged, cancelled or expires.

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.

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 11 (2017 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st November 2017

and 31st October 2018

88,630

AMORTISATION

At 1st November 2017

39,885

Charge for year

4,431

At 31st October 2018

44,316

NET BOOK VALUE

At 31st October 2018

44,314

At 31st October 2017

48,745

5.	TANGIBLE FIXED ASSETS

Motor

vehicles

Equipment

Totals

£

£

£

COST

At 1st November 2017

82,695

7,092

89,787

Additions

-

1,281

1,281

At 31st October 2018

82,695

8,373

91,068

DEPRECIATION

At 1st November 2017

49,946

3,691

53,637

Charge for year

8,187

702

8,889

At 31st October 2018

58,133

4,393

62,526

NET BOOK VALUE

At 31st October 2018

24,562

3,980

28,542

At 31st October 2017

32,749

3,401

36,150

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

Motor

vehicles

£

COST

At 1st November 2017

and 31st October 2018

24,440

DEPRECIATION

At 1st November 2017

10,693

Charge for year

3,436

At 31st October 2018

14,129

NET BOOK VALUE

At 31st October 2018

10,311

At 31st October 2017

13,747

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

22,723

60,355

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

4,945

7,000

Trade creditors

10,657

9,488

Taxation and social security

10,422

35,323

Other creditors

48,047

78,686

74,071

130,497

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

-

4,945

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company was due £16,766 to W G Gray (Director) (2017 £32,995), and £24,101

to Mrs M G Gray (Director) (2017 £30,177)).

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 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 Border Timberguard Limited for the year ended 31st October 2018

which comprise the Statement of Income and Retained Earnings, 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 Border Timberguard Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Border Timberguard Limited and state those matters that we have agreed to state to the Board of Directors of Border Timberguard 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 Border Timberguard 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 loss of Border Timberguard Limited. You consider that Border Timberguard 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 Border Timberguard 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.

JRW

Chartered Accountants

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

27th March 2019