Adam (Scotland) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC405821 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

ADAM (SCOTLAND) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

C Nelson

REGISTERED OFFICE:

13 Glasgow Road

Paisley

PA1 3QS

REGISTERED NUMBER:

SC405821 (Scotland)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

FIXED ASSETS

24,047

Tangible assets

5

4,737

CURRENT ASSETS

1,081,457

Stocks

6

-

20,367

Debtors

7

41,896

221,465

Cash at bank

254,098

1,323,289

295,994

CREDITORS

747,479

Amounts falling due within one year

8

45,996

575,810

NET CURRENT ASSETS

249,998

599,857

TOTAL ASSETS LESS CURRENT LIABILITIES

254,735

CAPITAL AND RESERVES

20,000

Called up share capital

10

20,000

579,857

Retained earnings

234,735

599,857

SHAREHOLDERS' FUNDS

254,735

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 24 September 2019 and were signed by:

C Nelson - Director

1.	STATUTORY INFORMATION

Adam (Scotland) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents the total invoice value, less credit notes, excluding value added tax of sales made during the

period.

Revenue is recognised when goods or services are received by the customer and the risks and rewards of

ownership have been passed to them. Revenue is measured at the fair value of consideration received or

receivable and represents amounts receivable for goods and services provided in the normal course of business,

net of discounts and value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and

accumulated impairment losses.

Assets held under finance leases are depreciated in the same way as owned assets.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine

whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks

Work in progress is valued at the lower of cost and estimated selling price less costs to sell, and represents the

building costs of houses incomplete at the balance sheet date.

Stock is the remaining development land at purchase cost.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation

Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively

enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the

financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying

amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is

no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the

liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or

substantively enacted by the end of the reporting period.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised

when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which

the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in

equity.

Financial instruments

Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when

the company becomes a party to the contractual provisions of the instrument and are classified in accordance

with their underlying economic reality.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Cash & cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks,

other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank

overdrafts are shown withing borrowings in current liabilities.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

Totals

fittings

vehicles

equipment

£

£

£

£

COST

At 1 January 2018

39,621

666

35,610

3,345

Additions

562

562

-

-

Disposals

(23,360

)

-

(23,360

)

-

At 31 December 2018

16,823

1,228

12,250

3,345

DEPRECIATION

At 1 January 2018

15,574

325

11,904

3,345

Charge for year

1,184

180

1,004

-

Eliminated on disposal

(4,672

)

-

(4,672

)

-

At 31 December 2018

12,086

505

8,236

3,345

NET BOOK VALUE

At 31 December 2018

4,737

723

4,014

-

At 31 December 2017

24,047

341

23,706

-

6.

STOCKS

31.12.18

31.12.17

£

£

Land & Work-in-progress

-

1,081,457

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

304

-

Deferred tax

3,932

3,180

Corporation tax

35,017

-

VAT

148

14,584

Prepayments and accrued income

2,495

2,603

41,896

20,367

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Other loans

-

600,000

Trade creditors

239

13,383

Corporation Tax

22,049

117,963

Social security and other taxes

1,208

9,024

Pension provider

-

59

Accruals and deferred income

22,500

7,050

45,996

747,479

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Other loans

-

600,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

20,000

Ordinary

£1

20,000

20,000

11.	ULTIMATE CONTROLLING PARTY