Philip Gill Contracting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC403778 (Scotland)

Unaudited Financial Statements for the Year Ended 31 July 2019

for

Philip Gill Contracting Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

6

DIRECTOR:

P Gill

REGISTERED OFFICE:

Wester Raddery

Fortrose

Ross-Shire

IV10 8RA

REGISTERED NUMBER:

SC403778 (Scotland)

ACCOUNTANTS:

Stewart & Stewart Ltd

Chartered Accountants

Achorn House

34 Millbank Road

Munlochy

Ross-Shire

IV8 8ND

FIXED ASSETS

Tangible assets

4

118,889

79,650

CURRENT ASSETS

Stocks

850

700

Debtors

18,200

16,577

19,050

17,277

CREDITORS

Amounts falling due within one year

65,623

56,997

NET CURRENT LIABILITIES

(46,573

)

(39,720

)

TOTAL ASSETS LESS CURRENT LIABILITIES

72,316

39,930

CREDITORS

Amounts falling due after more than one year

(45,551

)

(16,352

)

PROVISIONS FOR LIABILITIES

(18,277

)

(15,134

)

NET ASSETS

8,488

8,444

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

8,388

8,344

SHAREHOLDERS' FUNDS

8,488

8,444

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 16 March 2020 and were signed by:

P Gill - Director

1.	STATUTORY INFORMATION

Philip Gill Contracting 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 for services rendered , net of

discounts and Value Added Tax.

Turnover from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract. Turnover is recognised when the amount of turnover

can be measured reliably, it is probable that the Company will receive the consideration due under the contract,

the stage of completion of the contract at the end of the reporting period can be measured reliably and when the

costs incurred and the costs to complete the contract can be measured reliably.

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

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

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 stock to its present

location and condition.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2018

240,944

Additions

97,016

Disposals

(43,800

)

At 31 July 2019

294,160

DEPRECIATION

At 1 August 2018

161,294

Charge for year

39,631

Eliminated on disposal

(25,654

)

At 31 July 2019

175,271

NET BOOK VALUE

At 31 July 2019

118,889

At 31 July 2018

79,650

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.19

31.7.18

£

£

Hire purchase contracts

74,442

44,912

Hire purchase liabilities are secured on the assets to which they relate.

Bank of Scotland PLC holds a floating charge over all the property or undertaking of the company.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary

statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Philip Gill Contracting Limited for the year ended 31 July 2019 which comprise the Abridged

Income Statement, Abridged Balance Sheet and the 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 Philip Gill Contracting Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Philip Gill Contracting Limited and state those matters that we have agreed to state to the director of Philip Gill Contracting Limited 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 the company and its director for our work or for this report.

It is your duty to ensure that Philip Gill Contracting 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 Philip Gill Contracting Limited. You consider that Philip Gill Contracting 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 Philip Gill Contracting 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.

Stewart & Stewart Ltd

Chartered Accountants

Achorn House

34 Millbank Road

Munlochy

Ross-Shire

IV8 8ND

16 March 2020