Davidsons (Fraserburgh) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC194107 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2019

FOR

DAVIDSONS (FRASERBURGH) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

B Davidson

REGISTERED OFFICE:

Seagate

Peterhead

Aberdeenshire

AB42 1JP

REGISTERED NUMBER:

SC194107 (Scotland)

ACCOUNTANTS:

Goldwells Ltd

37 Broad Street

Peterhead

Aberdeenshire

AB42 1JB

FIXED ASSETS

Tangible assets

4

38,468

27,292

CURRENT ASSETS

Stocks

22,342

20,385

Debtors

5

241,360

224,166

Cash in hand

40

40

263,742

244,591

CREDITORS

Amounts falling due within one year

6

73,778

68,494

NET CURRENT ASSETS

189,964

176,097

TOTAL ASSETS LESS CURRENT LIABILITIES

228,432

203,389

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

228,332

203,289

SHAREHOLDERS' FUNDS

228,432

203,389

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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 Income Statement has not been delivered.

The financial statements were approved by the director on 11th November 2019 and were signed by:

B Davidson - Director

1.	STATUTORY INFORMATION

Davidsons (Fraserburgh) 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

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

added tax and other sales taxes.

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 etc

-

25% on reducing balance

Stocks

Stocks 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

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 12 (2018 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st June 2018

94,713

Additions

24,000

At 31st May 2019

118,713

DEPRECIATION

At 1st June 2018

67,421

Charge for year

12,824

At 31st May 2019

80,245

NET BOOK VALUE

At 31st May 2019

38,468

At 31st May 2018

27,292

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

173,304

87,534

Loan - DBS

15,000

-

Inter company loan

51,056

128,336

Loan - B Smith

2,000

2,000

VAT

-

6,296

241,360

224,166

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

3,463

4,131

Trade creditors

30,089

35,505

Tax

6,293

2,254

Social security and other taxes

9,124

8,015

VAT

2,881

-

Other creditors

1,562

1,498

Directors' current accounts

366

424

Accrued expenses

20,000

16,667

73,778

68,494