Macleod Roofing Limited 31/03/2019 iXBRL

MACLEOD ROOFING LIMITED - Company Information

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Company registration number: SC204501

Macleod Roofing Limited

Unaudited filleted financial statements

31 March 2019

Macleod Roofing Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Macleod Roofing Limited

Directors and other information


	Director	Alexander Macleod


	Secretary	Rachel Macleod


	Company number	SC204501


	Registered office	37 Henderson Drive
		Inverness
		IV1 1TR

	Accountants	Frame Kennedy
		Metropolitan House
		31-33 High Street
		Inverness
		IV1 1HT

Macleod Roofing Limited

Report to the director on the preparation of the

unaudited statutory financial statements of Macleod Roofing Limited

Year ended 31 March 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Macleod Roofing Limited for the year ended 31 March 2019 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Macleod Roofing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Macleod Roofing Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Macleod Roofing Limited and its director as a body for our work or for this report.

It is your duty to ensure that Macleod Roofing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Macleod Roofing Limited. You consider that Macleod Roofing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Macleod Roofing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Frame Kennedy

Chartered Accountants

Metropolitan House

31-33 High Street

Inverness

IV1 1HT

19 December 2019

Macleod Roofing Limited

Statement of financial position

31 March 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Tangible assets	5	187,084		178,207
		_______		_______
			187,084		178,207

Current assets
Stocks		5,000		26,075
Debtors	6	745,037		407,320
Cash at bank and in hand		621,783		360,611
		_______		_______
		1,371,820		794,006
Creditors: amounts falling due
within one year	7	( 976,348)		( 485,512)
		_______		_______
Net current assets			395,472		308,494
			_______		_______
Total assets less current liabilities			582,556		486,701

Creditors: amounts falling due
after more than one year	8		( 35,307)		( 63,476)

Provisions for liabilities			( 21,098)		( 16,428)

			_______		_______
Net assets			526,151		406,797
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			526,051		406,697
			_______		_______
Shareholders funds			526,151		406,797
			_______		_______

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 19 December 2019 , and are signed on behalf of the board by:

Alexander Macleod

Director

Company registration number: SC204501

Macleod Roofing Limited

Statement of changes in equity

Year ended 31 March 2019

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2017	100	379,259	379,359

Profit for the year		127,438	127,438
	_______	_______	_______
Total comprehensive income for the year	-	127,438	127,438

Dividends paid and payable		( 100,000)	( 100,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 100,000)	( 100,000)

	_______	_______	_______
At 31 March 2018 and 1 April 2018	100	406,697	406,797

Profit for the year		169,354	169,354
	_______	_______	_______
Total comprehensive income for the year	-	169,354	169,354

Dividends paid and payable		( 50,000)	( 50,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 50,000)	( 50,000)

	_______	_______	_______
At 31 March 2019	100	526,051	526,151
	_______	_______	_______

Macleod Roofing Limited

Notes to the financial statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 37 Henderson Drive, Inverness, IV1 1TR.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

There were no material departures from the standard.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by including in the statement of comprehensive income turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of contract value which costs to date bear in proportion to the total expected costs for the contract.

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Fair values

Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 50 (2018: 54 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2018	16,294	411,773	428,067
Additions	-	82,531	82,531
Disposals	-	( 34,288)	( 34,288)
	_______	_______	_______
At 31 March 2019	16,294	460,016	476,310
	_______	_______	_______
Depreciation
At 1 April 2018	10,041	239,819	249,860
Charge for the year	1,563	60,835	62,398
Disposals	-	( 23,032)	( 23,032)
	_______	_______	_______
At 31 March 2019	11,604	277,622	289,226
	_______	_______	_______
Carrying amount
At 31 March 2019	4,690	182,394	187,084
	_______	_______	_______
At 31 March 2018	6,253	171,954	178,207
	_______	_______	_______

6. Debtors

	2019	2018
	£	£
Trade debtors	108,167	149,814
Other debtors	636,870	257,506
	_______	_______
	745,037	407,320
	_______	_______

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	823,800	316,164
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10,135	28,331
Corporation tax	38,019	29,088
Social security and other taxes	48,339	41,928
Other creditors	56,055	70,001
	_______	_______
	976,348	485,512
	_______	_______

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	35,307	63,476
	_______	_______

Amounts due under hire purchase agreements are secured against the assets to which they relate.

9. Related party transactions

During the year the director received remuneration of £51,303 (2018 - £27,288).The company has taken advantage of the exemption within FRS 102 Section 1A paragraph 1AC.35 from the requirement to disclose transactions with wholly owned group companies.