Interbild Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: SC027097

Interbild Limited

Filleted Unaudited Abridged Financial Statements

31 October 2019

Interbild Limited

Abridged Financial Statements

Year ended 31 October 2019

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Interbild Limited

Abridged Statement of Financial Position

31 October 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	6	443,489	410,104
Investments	7	11,813	11,813
		---------	---------
		455,302	421,917

Current assets

Stocks	62,157	65,682
Debtors	152,776	160,216
Cash at bank and in hand	146,176	188,136
	---------	---------
	361,109	414,034

Creditors: amounts falling due within one year	168,352	205,502
	---------	---------
Net current assets	192,757	208,532
	---------	---------
Total assets less current liabilities	648,059	630,449

Creditors: amounts falling due after more than one year	–	9,464

Provisions

Taxation including deferred tax	19,706	7,201
	---------	---------
Net assets	628,353	613,784
	---------	---------

Interbild Limited

Abridged Statement of Financial Position (continued)

31 October 2019

	2019	2018
Note	£	£

Capital and reserves

Called up share capital	8	10,375	10,375
Share premium account		11,375	11,375
Profit and loss account		606,603	592,034
		---------	---------
Shareholders funds		628,353	613,784
		---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 October 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2019 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 29 June 2020 , and are signed on behalf of the board by:

J.F. Paterson

Director

Company registration number: SC027097

Interbild Limited

Notes to the Abridged Financial Statements

Year ended 31 October 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Tayview, South Union Street, Monifieth, Angus, DD5 4GH.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and Machinery	-	20% - 33% Reducing balance

No depreciation has been provided for in respect of land and buildings as, in the opinion of the directors, the current market value of these assets exceeds the amounts at which they are carried in the financial statements.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

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

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2018: 10 ).

5. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	–	12,607
Adjustments in respect of prior periods	( 5,982)	–
	-------	--------
Total current tax	( 5,982)	12,607
	-------	--------

Deferred tax:

Origination and reversal of timing differences	12,505	( 5,603)
	--------	-------
Tax on profit	6,523	7,004
	--------	-------

6. Tangible assets

	£
Cost
At 1 November 2018	652,812
Additions	92,757
Disposals	( 66,939)
	---------
At 31 October 2019	678,630
	---------
Depreciation
At 1 November 2018	242,708
Charge for the year	29,678
Disposals	( 37,245)
	---------
At 31 October 2019	235,141
	---------
Carrying amount
At 31 October 2019	443,489
	---------
At 31 October 2018	410,104
	---------

7. Investments

	£
Cost
At 1 November 2018 and 31 October 2019	21,397
	--------
Impairment
At 1 November 2018 and 31 October 2019	9,584
	--------
Carrying amount
At 31 October 2019	11,813
	--------
At 31 October 2018	11,813
	--------

8. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	10,375	10,375	10,375	10,375
	--------	--------	--------	--------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	5,817	6,307
Later than 1 year and not later than 5 years	29,003	34,820
	--------	--------
	34,820	41,127
	--------	--------

10. Related party transactions

The company was under the control of the directors throughout the current and previous year. During the year the company paid £1,276 (2018 - £1,200) to The Fairmuir Property Investment Company Limited, a subsidiary company. Interbild Limited also paid expenses amounting to £1,059 (2018 - £945) on behalf of the subsidiary company. At the year end the balance owing from The Fairmuir Property Investment Company Limited was £145,133 (2018 - £142,798). At the year end, the directors were due £58,707 (2018 - £64,725) disclosed within Creditors; Amounts falling due within one year. These loans are interest free, unsecured, and have no set repayment terms. Dividends of £5,134 (2018 - £6,021) were paid to the directors in the year.