Donside Slating Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC402244 (Scotland)

Donside Slating Limited

Financial Statements For The Year Ended 31 July 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

B G Mackie

REGISTERED OFFICE:

Park House Business Centre

South Street

Elgin

Moray

IV30 1JB

REGISTERED NUMBER:

SC402244 (Scotland)

ACCOUNTANTS:

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

FIXED ASSETS

Intangible assets

4

25,583

38,376

Tangible assets

5

264,538

226,590

290,121

264,966

CURRENT ASSETS

Stocks

12,103

6,064

Debtors

6

39,655

52,106

Cash at bank

100,937

105,035

152,695

163,205

CREDITORS

Amounts falling due within one year

7

89,722

120,060

NET CURRENT ASSETS

62,973

43,145

TOTAL ASSETS LESS CURRENT LIABILITIES

353,094

308,111

CREDITORS

Amounts falling due after more than one year

8

(40,136

)

(21,533

)

PROVISIONS FOR LIABILITIES

9

(49,793

)

(43,052

)

NET ASSETS

263,165

243,526

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

263,065

243,426

SHAREHOLDERS' FUNDS

263,165

243,526

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.

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 and authorised for issue on 4 June 2020 and were signed by:

B G Mackie - Director

1.	STATUTORY INFORMATION

Donside Slating 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, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Equipment

-

33% on reducing balance, 25% on reducing balance, 15% on reducing balance and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

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 7 (2018 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2018

and 31 July 2019

127,927

AMORTISATION

At 1 August 2018

89,551

Charge for year

12,793

At 31 July 2019

102,344

NET BOOK VALUE

At 31 July 2019

25,583

At 31 July 2018

38,376

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 August 2018

329,736

Additions

103,637

Disposals

(21,337

)

At 31 July 2019

412,036

DEPRECIATION

At 1 August 2018

103,146

Charge for year

49,852

Eliminated on disposal

(5,500

)

At 31 July 2019

147,498

NET BOOK VALUE

At 31 July 2019

264,538

At 31 July 2018

226,590

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Equipment

£

COST

At 1 August 2018

71,640

Additions

53,837

Transfer to ownership

(12,190

)

At 31 July 2019

113,287

DEPRECIATION

At 1 August 2018

12,105

Charge for year

15,324

Transfer to ownership

(1,277

)

At 31 July 2019

26,152

NET BOOK VALUE

At 31 July 2019

87,135

At 31 July 2018

59,535

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Trade debtors

38,655

48,788

Other debtors

1,000

3,318

39,655

52,106

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Hire purchase contracts

18,182

13,692

Trade creditors

18,321

13,971

Taxation and social security

16,553

26,439

Other creditors

36,666

65,958

89,722

120,060

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.19

31.7.18

£

£

Hire purchase contracts

40,136

21,533

9.	PROVISIONS FOR LIABILITIES

31.7.19

31.7.18

£

£

Deferred tax

49,793

43,052

Deferred

tax

£

Balance at 1 August 2018

43,052

Charge to Income Statement during year

6,741

Balance at 31 July 2019

49,793

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.19

31.7.18

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 August 2018

243,426

Profit for the year

40,639

Dividends

(21,000

)

At 31 July 2019

263,065

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £21,000 (2018 - £20,000) were paid to the director .

B G Mackie

is a director in the company.

A interest free directors loan has been given to the company by the director. The loan is unsecured and is

repayable on demand.

31.7.19

31.7.18

£

£

Amount due to related party at the balance sheet date

22,702

54,542

13.	ULTIMATE CONTROLLING PARTY

The controlling party is B G Mackie.