Turnbull & Scott (Engineers) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC334633 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Turnbull & Scott (Engineers) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P T Murphy

Mr I P Burton

SECRETARY:

MBM Secretarial Services Limited

REGISTERED OFFICE:

Unit 1A

Burnfoot Industrial Estate

Hawick

Roxburghshire

TD9 8RW

REGISTERED NUMBER:

SC334633 (Scotland)

ACCOUNTANT:

Douglas Home & Co Limited

St Dunstans House

High Street

Melrose

Borders

TD6 9RU

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

130,682

167,458

Investments

6

214,620

214,620

345,302

382,078

CURRENT ASSETS

Inventories

7

137,330

113,383

Debtors

8

386,593

465,394

Cash at bank and in hand

230

30,153

524,153

608,930

CREDITORS

Amounts falling due within one year

9

533,201

334,639

NET CURRENT (LIABILITIES)/ASSETS

(9,048

)

274,291

TOTAL ASSETS LESS CURRENT LIABILITIES

336,254

656,369

CREDITORS

Amounts falling due after more than one year

10

(76,733

)

(153,058

)

ACCRUALS AND DEFERRED INCOME

(20,401

)

(29,751

)

NET ASSETS

239,120

473,560

CAPITAL AND RESERVES

Called up share capital

547,402

547,402

Capital redemption reserve

2,598

2,598

Retained earnings

(310,880

)

(76,440

)

SHAREHOLDERS' FUNDS

239,120

473,560

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 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 26 September 2019 and were signed on its behalf by:

Mr P T Murphy - Director

Mr I P Burton - Director

1.	STATUTORY INFORMATION

Turnbull & Scott (Engineers) 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 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. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, was fully written off in

2008.

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 the cost less estimated residual value of 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

-

Straight line over 15 years

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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 38 (2017 - 34 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

208,975

AMORTISATION

At 1 January 2018

and 31 December 2018

208,975

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

-

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2018

43,519

337,886

5,907

Additions

-

7,701

-

At 31 December 2018

43,519

345,587

5,907

DEPRECIATION

At 1 January 2018

10,075

232,105

4,638

Charge for year

2,902

32,464

342

Eliminated on disposal

-

-

-

At 31 December 2018

12,977

264,569

4,980

NET BOOK VALUE

At 31 December 2018

30,542

81,018

927

At 31 December 2017

33,444

105,781

1,269

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2018

33,556

54,126

474,994

Additions

-

944

8,645

Disposals

(2,100

)

-

(2,100

)

At 31 December 2018

31,456

55,070

481,539

DEPRECIATION

At 1 January 2018

16,406

44,312

307,536

Charge for year

5,338

4,375

45,421

Eliminated on disposal

(2,100

)

-

(2,100

)

At 31 December 2018

19,644

48,687

350,857

NET BOOK VALUE

At 31 December 2018

11,812

6,383

130,682

At 31 December 2017

17,150

9,814

167,458

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

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2018

and 31 December 2018

139,146

21,000

3,813

163,959

DEPRECIATION

At 1 January 2018

47,697

3,938

1,059

52,694

Charge for year

26,048

5,250

1,271

32,569

At 31 December 2018

73,745

9,188

2,330

85,263

NET BOOK VALUE

At 31 December 2018

65,401

11,812

1,483

78,696

At 31 December 2017

91,449

17,062

2,754

111,265

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2018

and 31 December 2018

214,620

NET BOOK VALUE

At 31 December 2018

214,620

At 31 December 2017

214,620

7.	INVENTORIES

31/12/18

31/12/17

£

£

Stocks

137,330

113,383

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

Trade debtors

142,431

155,886

Amounts owed by group undertakings

198,035

235,502

Other debtors

-

490

Prepayments

46,127

73,516

386,593

465,394

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

Bank loans and overdrafts

69,644

24,876

Other loans

15,822

15,822

Hire purchase contracts

34,290

31,876

Trade creditors

235,247

98,635

Social security and other taxes

45,008

15,275

VAT

13,214

85,477

Other creditors

5,207

13,775

Accruals & deferred income

114,769

48,903

533,201

334,639

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/18

31/12/17

£

£

Bank loans - 2-5 years

2,225

28,439

Other loans - 2-5 years

38,565

54,387

Hire purchase contracts

35,943

70,232

76,733

153,058

11.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/18

31/12/17

£

£

Bank loans

28,438

53,315

The Company has granted a bond and floating charge over its assets in favour of HSBC plc, the Company's

bankers.