D_M_CAMERON_&_COMPANY_LIM - Accounts

D M CAMERON & COMPANY LIMITED - Company Information

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Company Registration No. SC231552 (Scotland)

D M CAMERON & COMPANY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2014

D M CAMERON & COMPANY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

D M CAMERON & COMPANY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2014

- 1 -

2014

2013

Notes

Fixed assets

Intangible assets

3,626

Tangible assets

15,058

50,445

15,058

54,071

Current assets

Stocks

21,500

Debtors

325,477

240,028

325,477

261,528

Creditors: amounts falling due within one year

(437,921)

(449,323)

Net current liabilities

(112,444)

(187,795)

Total assets less current liabilities

(97,386)

(133,724)

Creditors: amounts falling due after more than one year

(24,380)

(97,386)

(158,104)

Capital and reserves

Called up share capital

1,100

Profit and loss account

(98,486)

(159,204)

Shareholders' funds

(97,386)

(158,104)

For the financial year ended 31 May 2014 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 24 February 2015

D M Cameron

Director

Company Registration No. SC231552

D M CAMERON & COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The accounts have been prepared on the going concern basis but this may not be appropriate as the balance sheet shows a deficit of £97,386 at 31 May 2014. The company is therefore reliant on the continuing support of the directors to meet liabilities as they arise.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods, services and long and short term contracts net of VAT.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

20% per annum straight line

Motor vehicles

25% per annum straight line

1.6

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Stock

Work in progress is valued at the lower of cost and net realisable value.

1.8

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

1.9

Deferred taxation

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

D M CAMERON & COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2014

Accounting policies

(Continued)

- 3 -

1.10

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 June 2013

87,000

158,142

245,142

Additions

335

Disposals

(115,356)

At 31 May 2014

87,000

43,121

130,121

Depreciation

At 1 June 2013

83,374

107,697

191,071

On disposals

(85,482)

Charge for the year

3,626

5,848

9,474

At 31 May 2014

87,000

28,063

115,063

Net book value

At 31 May 2014

15,058

At 31 May 2013

3,626

50,445

54,071

Creditors: amounts falling due within one year

The bank overdraft is secured by a director's personal guarantee.

Net obligations under hire purchase contracts are secured against the assets to which they relate.

Share capital

2014

2013

Allotted, called up and fully paid

1,100 Ordinary of £1 each

1,100