Clydeforth Engineers & Contractors Limited Filleted accounts for Companies House (small and micro)

CLYDEFORTH ENGINEERS & CONTRACTORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC130143

Clydeforth Engineers & Contractors Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

31 March 2019

Clydeforth Engineers & Contractors Limited

Abridged Financial Statements

Year ended 31 March 2019

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Clydeforth Engineers & Contractors Limited

Abridged Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		30,563	38,959

Current assets

Debtors	289,071	181,575
Cash at bank and in hand	31,030	75,933
	---------	---------
	320,101	257,508

Creditors: amounts falling due within one year	168,803		114,137
	---------		---------
Net current assets		151,298	143,371
		---------	---------
Total assets less current liabilities		181,861	182,330

Creditors: amounts falling due after more than one year		7,500	15,000

Provisions

Taxation including deferred tax	671	1,755
	---------	---------
Net assets	173,690	165,575
	---------	---------

Clydeforth Engineers & Contractors Limited

Abridged Statement of Financial Position (continued)

31 March 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	200	200
Profit and loss account	173,490	165,375
	---------	---------
Shareholders funds	173,690	165,575
	---------	---------

These abridged 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 abridged statement of comprehensive income has not been delivered.

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 abridged financial statements for the year in question in accordance with section 476 ;

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

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 23 December 2019 , and are signed on behalf of the board by:

Mr A Gilchrist
Director

Company registration number: SC130143

Clydeforth Engineers & Contractors Limited

Notes to the Abridged 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 Barclay Curle Complex, Enterprise House, 739 South Street, Unit 20, Glasgow, G14 0BX.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	15% reducing balance

Impairment of fixed assets

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plans

Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2018: 16 ).

5. Tangible assets

	£
Cost
At 1 April 2018 and 31 March 2019	204,675
	---------
Depreciation
At 1 April 2018	165,716
Charge for the year	8,396
	---------
At 31 March 2019	174,112
	---------
Carrying amount
At 31 March 2019	30,563
	---------
At 31 March 2018	38,959
	---------

6. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	3,615	20,568
Later than 1 year and not later than 5 years	52,525	13,793
	--------	--------
	56,140	34,361
	--------	--------

7. Related party transactions

Management fees of £61,020 (2018 - £102,420) were paid to Lilybank Trading Company Limited in the year. The company owed Lilybank Trading Company Limited £7,500 at 31 March 2019 (2018 - £15,000).

8. Controlling party

Lilybank Trading Company Limited , a company incorporated in Scotland, holds a 50% shareholding in the company. Lilybank Trading Company Limited is controlled by Mr A G Gilchrist, a director, and members of his close family.