James Kingan and Sons Limited - Accounts to registrar (filleted) - small 18.2
James Kingan and Sons Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31st May 2020 |
| for |
| James Kingan and Sons Limited |
| James Kingan and Sons Limited (Registered number: SC024140) |
| Contents of the Financial Statements |
| for the Year Ended 31st May 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 6 |
| Report of the Accountants | 7 |
| James Kingan and Sons Limited |
| Company Information |
| for the Year Ended 31st May 2020 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Dumfries Enterprise Park |
| Heathhall |
| Dumfries |
| DUMFRIESSHIRE |
| DG1 3SJ |
| BANKERS: |
| 91 High Street |
| Dumfries |
| Dumfries & Galloway |
| DG1 2BN |
| James Kingan and Sons Limited (Registered number: SC024140) |
| Balance Sheet |
| 31st May 2020 |
| 2020 | 2019 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 8 |
| Retained earnings | 1,995,761 | 1,913,958 |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 |
| James Kingan and Sons Limited (Registered number: SC024140) |
| Notes to the Financial Statements |
| for the Year Ended 31st May 2020 |
| 1. | STATUTORY INFORMATION |
| James Kingan and Sons Limited is a |
| number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable from sawmill and timber sales, excluding |
| discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Amounts written off each asset over the estimated useful life represent cost less residual value. The assets' residual values and |
| useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| Pension costs and other post-retirement benefits |
| The company makes contributions into a recognised UK defined contribution pension scheme. Contributions payable to this |
| scheme are charged to the income statement in the period to which they relate. |
| James Kingan and Sons Limited (Registered number: SC024140) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st May 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are |
| readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
| Trade debtors |
| Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business. |
| Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to |
| customers, including any amounts charged on for third parties. |
| Trade creditors |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from |
| suppliers. |
| Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the |
| reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional |
| right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities. |
| Borrowings |
| Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are |
| subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on |
| redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. |
| Provisions and contingencies |
| Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is |
| probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated |
| reliably. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st June 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31st May 2020 |
| DEPRECIATION |
| At 1st June 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31st May 2020 |
| NET BOOK VALUE |
| At 31st May 2020 |
| At 31st May 2019 |
| James Kingan and Sons Limited (Registered number: SC024140) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st May 2020 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31st May 2020 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2004 | 201,588 | - | 201,588 |
| Cost | 389,312 | 2,427,167 | 2,816,479 |
| 590,900 | 2,427,167 | 3,018,067 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 2020 | 2019 |
| £ | £ |
| Cost | 389,312 | 389,312 |
| Aggregate depreciation | 145,383 | 139,298 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST OR VALUATION |
| At 1st June 2019 |
| Transfer to ownership | (383,650 | ) |
| At 31st May 2020 |
| DEPRECIATION |
| At 1st June 2019 |
| Transfer to ownership | (148,045 | ) |
| At 31st May 2020 |
| NET BOOK VALUE |
| At 31st May 2020 |
| At 31st May 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Prepayments |
| James Kingan and Sons Limited (Registered number: SC024140) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st May 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts | - | 27,778 |
| The Bank of Scotland holds a security over a company property in respect of the bank overdraft. |
| The hire purchase creditors are secured on the assets on which the finance is actually outstanding. |
| 8. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1st June 2019 |
| Amortisation of revaluation |
| reserve | (4,920 | ) |
| At 31st May 2020 |
| James Kingan and Sons Limited |
| Report of the Accountants to the Director of |
| James Kingan and Sons Limited |
| 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 Income Statement and certain other primary statements and the Report of the Director are not required to be |
| filed with the Registrar of Companies. |
| As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st May 2020 set out on pages three to nine and you consider that the company is exempt from an audit. |
| In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
| Dumfries Enterprise Park |
| Heathhall |
| Dumfries |
| DUMFRIESSHIRE |
| DG1 3SJ |