James Reid & Son (Haulage Contractors) L - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC023437 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 May 2019

for

James Reid & Son (Haulage Contractors)

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Reid

Ms S C Reid

SECRETARY:

Masson Glennie LLP

REGISTERED OFFICE:

Broad House

Broad Street

Peterhead

Aberdeenshire

AB42 1HY

REGISTERED NUMBER:

SC023437 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Tangible assets

4

2,893

3,214

Investment property

5

985,000

960,000

987,893

963,214

CURRENT ASSETS

Debtors

6

8,154

6,428

Investments

7

80

80

Cash at bank and in hand

51,944

111,459

60,178

117,967

CREDITORS

Amounts falling due within one year

8

10,242

10,190

NET CURRENT ASSETS

49,936

107,777

TOTAL ASSETS LESS CURRENT LIABILITIES

1,037,829

1,070,991

PROVISIONS FOR LIABILITIES

3,015

1,400

NET ASSETS

1,034,814

1,069,591

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Other reserves

148,213

148,213

Retained earnings

881,601

916,378

SHAREHOLDERS' FUNDS

1,034,814

1,069,591

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

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

The financial statements were approved by the Board of Directors on 21 February 2020 and were signed on its behalf by:

Ms S C Reid - Director

1.	STATUTORY INFORMATION

James Reid & Son (Haulage Contractors) 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 as modified by the revaluation of certain assets.

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

-

10% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Investment property is included at fair value. Gains are recognised in the statement of income and retained

earnings. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Debtors and creditors receivable /payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 June 2018

and 31 May 2019

11,264

DEPRECIATION

At 1 June 2018

8,050

Charge for year

321

At 31 May 2019

8,371

NET BOOK VALUE

At 31 May 2019

2,893

At 31 May 2018

3,214

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at

the end of each accounting period.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2018

960,000

Fair value adjustment

25,000

At 31 May 2019

985,000

NET BOOK VALUE

At 31 May 2019

985,000

At 31 May 2018

960,000

Fair value at 31 May 2019 is represented by:

£

Valuation in 2017

814,481

Valuation in 2019

25,000

Cost

145,519

985,000

The investment properties were valued at their fair value on 31 May 2019 by the directors of the company .

Gains are recognised in the statement of income and retained earnings . Deferred tax is provided on these gains

at the rate expected to apply when the property is sold.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Trade debtors

8,154

6,428

7.	CURRENT ASSET INVESTMENTS

31.5.19

31.5.18

£

£

Unlisted investments

80

80

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Taxation and social security

3,812

3,760

Other creditors

6,430

6,430

10,242

10,190