Stevie Walker Plant Sales Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC606252

STEVIE WALKER PLANT SALES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 24 AUGUST 2018 TO 31 MARCH 2019

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

35,943

CURRENT ASSETS

Debtors

5

31,529

Cash at bank and in hand

34,851

66,380

CREDITORS

Amounts falling due within one year

6

97,072

NET CURRENT LIABILITIES

(30,692

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,251

CREDITORS

Amounts falling due after more than one year

7

7,917

NET LIABILITIES

(2,666

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(2,766

)

(2,666

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2019 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 23 September 2019 and were signed by:

S Walker - Director

1.	STATUTORY INFORMATION

Stevie Walker Plant Sales Ltd is a private company, limited by shares, registered in Scotland. The company's

registered office is 2 Balquharn House, Alva, Clackmannanshire, FK12 5NZ.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The

financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The validity of this is dependant on

continued support from the director. If support was to be withdrawn, adjustments may have to be made to

reduce the value of the assets to their recoverable amount and to provide for any further liabilities that may

arise. The director considers however, that it is still appropriate to prepare the financial statements on a going

concern basis despite this uncertainty.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. The company's policy is to

recognise a sale when substantively all risks and rewards in connection with the goods have been passed to the

buyer.

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.

Plant and machinery etc

-

25% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and impairment.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and

equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is

an indication of possible impairment, the recoverable amount which is the higher in use and the fair value less

cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the

carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised

immediately in profit and loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans to

related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value

of the future payments and subsequently at amortised cost using the effective interest method. Debt

instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are

measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be

paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for

evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. 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.

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 director considers 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 tax rates that are expected to

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

substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is

presented either in profit or loss, other comprehensive income or statement of changes in equity depending on

the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its

significant accounting policies that would have the most significant effect on amounts that are recognised in

the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

46,419

Disposals

(5,750

)

At 31 March 2019

40,669

DEPRECIATION

Charge for period

4,726

At 31 March 2019

4,726

NET BOOK VALUE

At 31 March 2019

35,943

Included in fixed assets above are assets on which security is provided with a net book value of £24,877.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

31,529

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Hire purchase contracts

5,000

Trade creditors

1,530

Taxation and social security

4,790

Other creditors

85,752

97,072

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Hire purchase contracts

7,917

8.	SECURED DEBTS

The following secured debts are included within creditors:

£

Hire purchase contracts

12,917

The hire purchase contracts are secured over the assets to which they relate.

9.	RELATED PARTY DISCLOSURES