Barclay Bros. Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: SC129773 (Scotland)

BARCLAY BROS. LIMITED

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

7

DIRECTORS:

J M Barclay

A D Barclay

REGISTERED OFFICE:

Station Industrial Estate

Station Road

Methil

Fife

KY8 3HA

REGISTERED NUMBER:

SC129773 (Scotland)

ACCOUNTANTS:

Harley Hepburn

28 Townsend Place

Kirkcaldy

Fife

KY1 1HB

BANKERS:

The Royal Bank of Scotland plc

23/25 Rosslyn Street

Kirkcaldy

Fife

KY1 3HW

SOLICITORS:

Andrew Baillie

Solicitor & Notary Public

Kingfisher House Auld Mart Business Park

Orwell Road

Kinross

KY13 9DA

FIXED ASSETS

Intangible assets

2

50,000

50,000

Tangible assets

3

25,663

30,316

75,663

80,316

CURRENT ASSETS

Stocks

1,155

1,185

Debtors

129,594

100,276

Cash at bank and in hand

26,103

85,710

156,852

187,171

CREDITORS

Amounts falling due within one year

122,686

124,053

NET CURRENT ASSETS

34,166

63,118

TOTAL ASSETS LESS CURRENT LIABILITIES

109,829

143,434

PROVISIONS FOR LIABILITIES

1,549

2,007

NET ASSETS

108,280

141,427

CAPITAL AND RESERVES

Called up share capital

4

90,000

90,000

Profit and loss account

18,280

51,427

SHAREHOLDERS' FUNDS

108,280

141,427

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 24 July 2014 and were signed on its behalf by:

J M Barclay - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents sale of goods and services provided net of Value Added Tax and trade discounts. Turnover

is recognised when the goods and services are physically provided to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, is not being amortised as the

Directors consider the life of this asset is so long, and residual value is so high, that amortisation is insignificant.

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

-

10% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net

realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow

moving, obsolete or damaged stock where the net realisable value is less than cost.

Deferred tax

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the Balance Sheet date. However,

deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that

there will be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted. Deferred taxation is measured on a non-discounted basis at the average tax rates that are expected to

apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantially

enacted at the Balance Sheet date.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the assets.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

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

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

50,000

NET BOOK VALUE

At 31 March 2014

50,000

At 31 March 2013

50,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

335,707

DEPRECIATION

At 1 April 2013

305,391

Charge for year

4,653

At 31 March 2014

310,044

NET BOOK VALUE

At 31 March 2014

25,663

At 31 March 2013

30,316

No depreciation is provided on properties. The company maintain these assets in a continual state of sound

repair and accordingly the Directors consider that the lives of these assets are so long, and residual values are so

high, that their depreciation is insignificant.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

90,000

Ordinary

£1

90,000

90,000

5.	RELATED PARTY DISCLOSURES

During the year, total dividends of £50,000 (2013 - £50,000) were paid to the directors .

Included in creditors are directors current accounts totalling £1,000.

6.	ULTIMATE CONTROLLING PARTY

The company is under the control of shareholders and directors, J M Barclay and A D Barclay.

7.	BOND AND FLOATING CHARGE

The Royal Bank of Scotland holds a Bond and Floating Charge over the assets of the company together with a

Standard Security.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Barclay Bros. Limited for the year ended 31 March 2014 which comprise the Profit and Loss

Account, the 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 the Institute of Chartered Accountants of Scotland, we are subject to its ethical and

other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Barclay Bros. 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 Barclay

Bros. Limited and state those matters that we have agreed to state to the Board of Directors of Barclay Bros. Limited, as

a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as

detailed at http://www.icas.org.uk/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 Barclay Bros. 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 profit of Barclay Bros.

Limited. You consider that Barclay Bros. 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 Barclay Bros. 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.

Harley Hepburn

28 Townsend Place

Kirkcaldy

Fife

KY1 1HB

24 July 2014