Kestrel Engineering Services Ltd. - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC300810 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MAY 2014

FOR

KESTREL ENGINEERING SERVICES LTD.

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr G J Smith

Mrs L Smith

SECRETARY:

Mrs L Smith

REGISTERED OFFICE:

48 Queens Road

Aberdeen

AB15 4YE

REGISTERED NUMBER:

SC300810 (Scotland)

ACCOUNTANTS:

Henderson Loggie

Chartered Accountants

48 Queens Road

Aberdeen

AB15 4YE

FIXED ASSETS

Tangible assets

2

602,911

480,039

CURRENT ASSETS

Stocks

134,331

222,107

Debtors

1,269,405

1,150,145

Cash at bank and in hand

205,939

289,711

1,609,675

1,661,963

CREDITORS

Amounts falling due within one year

3

400,260

455,384

NET CURRENT ASSETS

1,209,415

1,206,579

TOTAL ASSETS LESS CURRENT LIABILITIES

1,812,326

1,686,618

CREDITORS

Amounts falling due after more than one year

3

(169,987

)

(99,419

)

PROVISIONS FOR LIABILITIES

(74,936

)

(40,342

)

NET ASSETS

1,567,403

1,546,857

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

1,567,303

1,546,757

SHAREHOLDERS' FUNDS

1,567,403

1,546,857

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 27 February 2015 and were signed on its behalf by:

Mr G J Smith - Director

Mrs L Smith - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis. The directors have reviewed the

company's current contracts, future potential opportunities and liabilities likely to arise in the next 12 months

and has deemed the going concern basis to be appropriate in the preparation of these accounts.

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 net invoiced sales of goods, excluding value added tax.

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.

Improvements to property

-

10% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

33% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

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

Taxation

The tax expense represents the sum of the corporation tax and deferred tax charge for the year.

The tax currently payable is based on taxable profit for the year. The company's liability for current tax is

calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is measured on differences between carrying amounts of assets and liabilities in the accounts and

the corresponding tax bases, as used on the computation of taxable profit. Deferred tax liabilities are generally

recognised for all taxable timing differences and deferred tax assets are recognised to the extent that it is

probable that taxable profits will be available. Deferred tax is calculated at the tax rates that are expected to

apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the

profit and loss accounts, except when it related to items charged or credited directly to equity, in which case the

deferred tax is also dealt with in equity.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

1,058,756

Additions

275,071

At 31 May 2014

1,333,827

DEPRECIATION

At 1 June 2013

578,717

Charge for year

152,199

At 31 May 2014

730,916

NET BOOK VALUE

At 31 May 2014

602,911

At 31 May 2013

480,039

3.

CREDITORS

Creditors include an amount of £ 302,084 (31.5.13 - £ 190,296 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.14

31.5.13

value:

£

£

100

Ordinary

£1

100

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2014 and

31 May 2013:

31.5.14

31.5.13

£

£

Mr G J Smith

Balance outstanding at start of year

13,740

5,686

Amounts advanced

11,192

18,054

Amounts repaid

-

(10,000

)

Balance outstanding at end of year

24,932

13,740

This loan is interest free and has no fixed repayment terms.