Sutherland Brothers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC090161 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2020

for

Sutherland Brothers Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D G Sutherland

Ms R Sutherland

Mr E G Sutherland

SECRETARY:

Ms R Sutherland

REGISTERED OFFICE:

Unit 11

Industrial Estate

Wick

Caithness

KW1 4QS

REGISTERED NUMBER:

SC090161 (Scotland)

ACCOUNTANTS:

Reid & Fraser

Chartered Accountants

15 Princes Street

Thurso

Caithness

KW14 7BQ

FIXED ASSETS

Intangible assets

4

18,383

4,045

Tangible assets

5

269,165

287,845

Investments

6

-

-

287,548

291,890

CURRENT ASSETS

Stocks

7

1,333,532

1,797,626

Debtors

8

299,903

968,072

Investments

9

981,070

-

Cash at bank

574,212

1,138,990

3,188,717

3,904,688

CREDITORS

Amounts falling due within one year

10

(417,280

)

(1,135,376

)

NET CURRENT ASSETS

2,771,437

2,769,312

TOTAL ASSETS LESS CURRENT LIABILITIES

3,058,985

3,061,202

ACCRUALS AND DEFERRED INCOME

(41,555

)

(29,669

)

NET ASSETS

3,017,430

3,031,533

CAPITAL AND RESERVES

Called up share capital

142,500

142,500

Share premium

6,000

6,000

Capital redemption reserve

87,500

87,500

Fair value reserve

11

(18,930

)

-

Retained earnings

2,800,360

2,795,533

SHAREHOLDERS' FUNDS

3,017,430

3,031,533

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 25 August 2020 and were signed on its behalf by:

Mr D G Sutherland - Director

1.	STATUTORY INFORMATION

Sutherland Brothers 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.

The presentation currency is £.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

INTANGIBLE ASSETS

Intangible assets are stated at acquisition or development cost, less accumulated depreciation.

Computer software

Computer software comprises software purchased from third parties as well as the cost of internally generated

software. Costs that are directly associated with the production of identifiable software products used and

controlled by the company and are probable of producing future economic benefits are recognised as intangible

assets. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives

from the date the software is available for use. The estimated useful life is 3 years.

TANGIBLE FIXED ASSETS AND DEPRECIATION

Assets are initially recorded at cost. Depreciation is provided on all tangible fixed assets at rates calculated to

write off the cost or valuation, less estimated residual value, of each asset evenly over its expected useful life,

as follows:

Leasehold property

2% straight line

Plant & machinery

10 %, 25% and 33% straight line

Motor vehicles

20% straight line

STOCKS

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

slow moving items.

FINANCIAL INSTRUMENTS

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price, including transaction

costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement

constitutes a financing transaction, where the transaction is measure at the present value of the future receipts

discounted at a market rate of interest. Financial assets classified as receivable within one year are not

amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through the profit and loss account, are assessed for

indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value

of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was

recognised, the impairment is reversed. the reversal is such that the current current carrying amount does not

exceed what the carrying amount would have been, had the impairment not previously been recognised. The

impairment reversal is recognised in the profit and loss account.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or

joint ventures are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss,

except that investments in equity instruments that are not publicly traded and whose fair values cannot be

measured reliably are measured at cost less impairment.

Derecognition of financial asset

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or

are settled, or when the company transfers the financial asset and substantially all the risks and rewards of

ownership to another entity, or if some significant risks and rewards of ownership are retained but control of

the asset has transferred to another party that is able to sell the asset in its entirety to a third party.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the

arrangement constitutes a financing transactions, where the the debt instrument is measure at the present value

of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within

one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at

transaction price and subsequently measure at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire, are discharged or are

cancelled.

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.

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.

GOVERNMENT GRANTS

Government grants in respect of capital expenditure are credited to a deferred income account and are released

to profit over the expected useful lives of the relevant assets by annual instalments.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they

relate.

OPERATING LEASE RENTALS

Rentals payable under operating leases are charged to the profit and loss account as they fall due.

INVESTMENTS

Fixed asset investments are stated at cost unless, in the opinion of the directors, there has been an permanent

diminution in value, in which case an appropriate adjustment is made.

Current asset investments are stated at fair value with gains and losses recorded through the profit and loss

account in the period in which they arise. The fair value reserve has been ring-fenced as a non-distributable

reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2019 - 37 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 May 2019

163,754

Additions

27,574

At 30 April 2020

191,328

AMORTISATION

At 1 May 2019

159,709

Amortisation for year

13,236

At 30 April 2020

172,945

NET BOOK VALUE

At 30 April 2020

18,383

At 30 April 2019

4,045

5.	TANGIBLE FIXED ASSETS

Long

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 May 2019

481,140

431,764

26,000

938,904

Additions

-

17,872

13,495

31,367

Disposals

-

-

(30,793

)

(30,793

)

At 30 April 2020

481,140

449,636

8,702

939,478

DEPRECIATION

At 1 May 2019

256,023

369,036

26,000

651,059

Charge for year

11,256

25,296

-

36,552

Eliminated on disposal

-

-

(17,298

)

(17,298

)

At 30 April 2020

267,279

394,332

8,702

670,313

NET BOOK VALUE

At 30 April 2020

213,861

55,304

-

269,165

At 30 April 2019

225,117

62,728

-

287,845

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 May 2019

and 30 April 2020

8,800

PROVISIONS

At 1 May 2019

and 30 April 2020

8,800

NET BOOK VALUE

At 30 April 2020

-

At 30 April 2019

-

7.

STOCKS

2020

2019

£

£

Stocks

1,333,532

1,797,626

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

271,347

947,566

Other debtors

28,556

20,506

299,903

968,072

9.	CURRENT ASSET INVESTMENTS

2020

2019

£

£

Listed investments

981,070

-

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

333,564

1,058,033

Corporation tax

24,708

27,881

Other taxation and social security

54,821

28,526

Other creditors

1,687

2,436

Accrued expenses

2,500

18,500

417,280

1,135,376

11.

RESERVES

Fair

value

reserve

£

Transfer between reserves

(18,930

)

At 30 April 2020

(18,930

)

The amounts transferred between retained earnings and the fair value reserve comprises the fair value

revaluation of current asset investments.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2020 and

30 April 2019:

2020

2019

£

£

Mr E G Sutherland

Balance outstanding at start of year

4,200

4,200

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,200

4,200