Engineering Supply Co (Scotland) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC333925 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Engineering Supply Co (Scotland) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A G McMorris

J E McMorris

D W McMorris

A Liddell

Mrs C Connie

SECRETARY:

J E McMorris

REGISTERED OFFICE:

Unit 5, Block 3

Thornliebank Industrial Estate

Nitshill Road

Glasgow

G46 8TU

REGISTERED NUMBER:

SC333925 (Scotland)

ACCOUNTANTS:

MacMillan Craig

Chartered Accountants

Festival Business Centre

150 Brand Street

Glasgow

G51 1DH

FIXED ASSETS

Intangible assets

4

107,000

145,000

Tangible assets

5

35,383

8,254

142,383

153,254

CURRENT ASSETS

Stocks

343,269

336,516

Debtors

6

812,566

772,207

Cash at bank and in hand

203,268

235,782

1,359,103

1,344,505

CREDITORS

Amounts falling due within one year

7

632,737

698,812

NET CURRENT ASSETS

726,366

645,693

TOTAL ASSETS LESS CURRENT LIABILITIES

868,749

798,947

CREDITORS

Amounts falling due after more than one year

8

(10,315

)

-

PROVISIONS FOR LIABILITIES

(5,500

)

-

NET ASSETS

852,934

798,947

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

852,834

798,847

SHAREHOLDERS' FUNDS

852,934

798,947

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 19 December 2019 and were signed on its behalf by:

D W McMorris - Director

1.	STATUTORY INFORMATION

Engineering Supply Co (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.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

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.

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 20% on cost

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 balance sheet date.

Deferred tax

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

sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

380,000

30,361

410,361

AMORTISATION

At 1 April 2018

235,000

30,361

265,361

Charge for year

38,000

-

38,000

At 31 March 2019

273,000

30,361

303,361

NET BOOK VALUE

At 31 March 2019

107,000

-

107,000

At 31 March 2018

145,000

-

145,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

181,928

Additions

42,144

Disposals

(27,055

)

At 31 March 2019

197,017

DEPRECIATION

At 1 April 2018

173,674

Charge for year

15,015

Eliminated on disposal

(27,055

)

At 31 March 2019

161,634

NET BOOK VALUE

At 31 March 2019

35,383

At 31 March 2018

8,254

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

Plant and

machinery

etc

£

COST

Additions

19,658

At 31 March 2019

19,658

DEPRECIATION

Charge for year

4,914

At 31 March 2019

4,914

NET BOOK VALUE

At 31 March 2019

14,744

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

811,839

771,487

Other debtors

387

387

Prepayments

340

333

812,566

772,207

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

4,268

-

Trade creditors

448,219

467,970

Tax

25,000

46,000

Social security and other taxes

9,274

9,810

VAT

40,188

43,279

Directors' loan accounts

93,281

118,857

Accrued expenses

12,507

12,896

632,737

698,812

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

10,315

-

9.	OTHER FINANCIAL COMMITMENTS

The company has total commitments at the balance sheet date of £16,640 (2018 - £39,316).

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J E and A G McMorris.