Ductform HVAC Fabrication & Engineering - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC581147 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2019

for

Ductform HVAC Fabrication & Engineering

Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms S Ferry

R Ferry

G Ferry

A Mathieson

REGISTERED OFFICE:

17 Faraday Road

Southfield Industrial Estate

Glenrothes

Fife

KY6 2RU

REGISTERED NUMBER:

SC581147 (Scotland)

ACCOUNTANTS:

Eden Fyfe Accounts Limited

H5, Newark Business Park

Newark Road South

Glenrothes

Fife

KY7 4NS

FIXED ASSETS

Tangible assets

4

56,297

-

CURRENT ASSETS

Stocks

179,569

-

Debtors

5

840,261

-

Cash at bank and in hand

160,709

230

1,180,539

230

CREDITORS

Amounts falling due within one year

6

607,399

499

NET CURRENT ASSETS/(LIABILITIES)

573,140

(269

)

TOTAL ASSETS LESS CURRENT LIABILITIES

629,437

(269

)

CREDITORS

Amounts falling due after more than one year

7

(618,534

)

-

PROVISIONS FOR LIABILITIES

(1,271

)

-

NET ASSETS/(LIABILITIES)

9,632

(269

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

9,631

(270

)

SHAREHOLDERS' FUNDS

9,632

(269

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 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 Board of Directors on 30 January 2020 and were signed on its behalf by:

Ms S Ferry - Director

G Ferry - Director

R Ferry - Director

1.	STATUTORY INFORMATION

Ductform HVAC Fabrication & Engineering Ltd 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

With the exception of long term contracts, turnover represents amounts receivable during the year , excluding

Value Added Tax.

Revenue from long term contracts is recognised by reference to the stage of completion of contract activity at the

balance sheet date. This is normally determined by the proportion that contract costs incurred to date bear to the

estimated total contract costs, except where this would not be representative of the stage of completion. If the

nature of a particular contract means that costs incurred do not accurately reflect the progress of contract activity,

an alternative approach is used such as the achievement of pre-determined contract milestones.

Profit attributable to contract activity is recognised if the final outcome of such contracts can be reliably

assessed. On all contracts, full provision is made for any losses in the year in which they are first foreseen.

Revenue from services provided on a short-term or one-off basis is recognised when the service is complete.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Fixed assets are stated at cost, being purchase price less accumulated depreciation.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Work in progress

Applications applied for are recognised as turnover. The attributable profit on contracts is recognised once their

outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of the work

completed to date on the project.

Costs associated with contracts are included in work in progress to the extent that they cannot be matched with

contract work accounted for as turnover. Costs are defined as direct costs plus attributable overheads based on

normal level of activity.

Full provision is made for losses on all contracts in the year in which the loss is foreseen.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 87 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

Additions

56,504

3,142

2,906

62,552

At 30 April 2019

56,504

3,142

2,906

62,552

DEPRECIATION

Charge for year

5,650

314

291

6,255

At 30 April 2019

5,650

314

291

6,255

NET BOOK VALUE

At 30 April 2019

50,854

2,828

2,615

56,297

Clydesdale Bank Plc hold a floating charge over all property and undertakings of the Company.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

639,076

-

Amounts owed by group undertakings

139,888

-

Other debtors

51,747

-

Directors' current accounts

1,172

-

Tax

381

-

Prepayments

7,997

-

840,261

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade creditors

307,188

-

Amounts owed to group undertakings

-

249

Tax

4,602

-

Social security and other taxes

44,950

-

VAT

131,602

-

Other creditors

33,578

-

Accruals and deferred income

85,479

250

607,399

499

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.19

30.4.18

£

£

Amounts owed to group undertakings

618,534

-

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.4.19

30.4.18

£

£

Within one year

101,601

-

Between one and five years

35,417

-

137,018

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.19

30.4.18

value:

£

£

1

Ordinary

£1

1

1

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 30 April 2019 and the period

ended 30 April 2018:

30.4.19

30.4.18

£

£

Ms S Ferry

Balance outstanding at start of year

-

-

Amounts advanced

380

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

380

-

R Ferry

Balance outstanding at start of year

-

-

Amounts advanced

792

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

792

-

There are no fixed repayment terms for overdrawn directors loan balances and no interest is charged.