R.S.Erskine & Company Limited - Period Ending 2019-12-31

Registration number: SC059514

R.S.Erskine & Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

R.S.Erskine & Company Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9
Accountants' Report	10

R.S.Erskine & Company Limited

Company Information

Directors

Mrs A T Erskine Mr N A Erskine

Company secretary

Mrs A T Erskine

Registered office

8 High Street Dunblane FK15 0AD

Accountants

Yates & Co CA Unit 4B Gateway Business Park Beancross Road Grangemouth FK3 8WX

Page 1

R.S.Erskine & Company Limited

(Registration number: SC059514)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	5	57,542	72,227
Investment property	6	120,000	120,000
		177,542	192,227
Current assets
Stocks		60,287	54,431
Debtors	7	76,722	84,843
Cash at bank and in hand		54,095	35,779
		191,104	175,053
Creditors: Amounts falling due within one year	8	(121,786)	(113,512)
Net current assets		69,318	61,541
Total assets less current liabilities		246,860	253,768
Creditors: Amounts falling due after more than one year	8	(50,668)	(53,834)
Provisions for liabilities		(7,642)	(10,009)
Net assets		188,550	189,925
Capital and reserves
Called up share capital		18,790	18,790
Revaluation reserve		37,322	37,322
Profit and loss account		132,438	133,813
Total equity		188,550	189,925

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 March 2020 and signed on its behalf by:
 

Page 2

R.S.Erskine & Company Limited

(Registration number: SC059514)
Balance Sheet as at 31 December 2019

.........................................

Mr N A Erskine
Director

Page 3

R.S.Erskine & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 4

R.S.Erskine & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Improvements to property	Straight line over lease term
Plant and machinery	Straight line at 20%
Fixtures and fittings	Straight line at 10%
Computer equipment	Straight line at 33%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 
 

3	Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 29 (2018 - 24).

Directors' remuneration

The directors' remuneration for the year was as follows:

	2019 £	2018 £
Remuneration	22,786	16,718
Contributions paid to money purchase schemes	30,000	30,000
	52,786	46,718

4

Taxation

The tax charge on the profit for the year was as follows:
 

	2019  £	2018  £
UK corporation tax	24,915	27,446
Deferred tax	(2,367)	(2,087)
Tax on profit	22,548	25,359

Page 5

R.S.Erskine & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

5	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £
Cost or valuation
At 1 January 2019	32,854	79,323	340,763	29,853
Additions	-	-	8,835	-
At 31 December 2019	32,854	79,323	349,598	29,853
Depreciation
At 1 January 2019	11,900	61,635	308,312	28,719
Charge for the year	2,629	7,932	12,375	584
At 31 December 2019	14,529	69,567	320,687	29,303
Carrying amount
At 31 December 2019	18,325	9,756	28,911	550
At 31 December 2018	20,954	17,688	32,451	1,134

	Total £
Cost or valuation
At 1 January 2019	482,793
Additions	8,835
At 31 December 2019	491,628
Depreciation
At 1 January 2019	410,566
Charge for the year	23,520
At 31 December 2019	434,086
Carrying amount
At 31 December 2019	57,542
At 31 December 2018	72,227

Included within the net book value of land and buildings above is £18,325 (2018 - £20,954) in respect of freehold land and buildings.
 

6	Investment properties

	2019 £
At 1 January	120,000

Page 6

R.S.Erskine & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

There has been no valuation of investment property by an independent valuer.

7

Debtors

	2019 £	2018 £
Trade debtors	24,172	28,499
Prepayments	5,757	5,877
Other debtors	46,793	50,467
	76,722	84,843

Page 7

R.S.Erskine & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

8

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	9	14,520	14,050
Trade creditors		68,823	63,048
Taxation and social security		33,761	36,214
Other creditors		4,682	200
		121,786	113,512

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	9	50,668	53,834

9	Loans and borrowings

	2019 £	2018 £
Non-current loans and borrowings
Bank borrowings	33,799	36,597
Hire purchase contracts	16,869	17,237
	50,668	53,834

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	5,123	5,123
Hire purchase contracts	9,397	8,927
	14,520	14,050

10	Leasing agreements

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

Page 8

R.S.Erskine & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

	2019  £	2018  £
Within one year	9,589	2,359
Between one and five years	28,274	48,180
	37,863	50,539

11	Related party transactions

Transactions with directors Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2019	At 1 January 2019 £	Repayments by director £	At 31 December 2019 £
Mr N A Erskine
Loan	9,901	(2,305)	7,596
Mrs A T Erskine
Loan	9,901	(2,305)	7,596

2018	At 1 January 2018 £	Advances to directors £	At 31 December 2018 £
Mr N A Erskine
Loan	1,906	7,995	9,901
Mrs A T Erskine
Loan	-	9,901	9,901

Loans to related parties

Terms of loans to related parties

The directors Mr N A Erskine and Mrs A T Erskine are also directors of Erskine Mobile Eyecare Ltd. Included within other debtors is a loan to Erskine Mobile Eyecare Ltd amounting to £19,250 (2018: £26,563). This loan is repayable on demand.

Other creditors includes an amount owed to shareholders, Ailsa and Cora Erskine, of £250 (2018: £nil). These loans are repayable on demand.

Page 9

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
R.S.Erskine & Company Limited
for the Year Ended 31 December 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R.S.Erskine & Company Limited for the year ended 31 December 2019 as set out on pages 2 to 9 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 Board of Directors of R.S.Erskine & Company 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 accounts of R.S.Erskine & Company Limited and state those matters that we have agreed to state to the Board of Directors of R.S.Erskine & Company Limited, 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 R.S.Erskine & Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that R.S.Erskine & Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of R.S.Erskine & Company Limited. You consider that R.S.Erskine & Company 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 accounts of R.S.Erskine & Company 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 accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

18 March 2020

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