Odour and Dust Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC316599

ODOUR AND DUST SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

37,392

66,185

CURRENT ASSETS

Stocks

1,600

1,600

Debtors

5

94,027

225,831

Cash at bank

239,380

292,149

335,007

519,580

CREDITORS

Amounts falling due within one year

6

106,462

281,317

NET CURRENT ASSETS

228,545

238,263

TOTAL ASSETS LESS CURRENT LIABILITIES

265,937

304,448

CREDITORS

Amounts falling due after more than one year

7

(10,350

)

(30,627

)

PROVISIONS FOR LIABILITIES

(7,104

)

(6,205

)

NET ASSETS

248,483

267,616

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

248,481

267,614

SHAREHOLDERS' FUNDS

248,483

267,616

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 August 2020 and were signed by:

G Thomson - Director

1.	STATUTORY INFORMATION

Odour And Dust Solutions Limited is a private company, limited by shares, registered in Scotland. The

registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial

statements have been prepared under the historical cost convention.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its

significant accounting policies that would have the most significant effect on amounts that are recognised in the

financial statements. The director considers there are no such significant judgements.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax. The company's policy

is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have

been passed to the buyer.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and

equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an

indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value

less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the

carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised

immediately in profit and loss.

Stocks

Stocks are valued at the lower of cost and estimated selling price less cost to sell.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable and loans from other third parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of

the future payments and subsequently at amortised cost using the effective interest method. Debt instruments

that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially

and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence

of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid

investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when

applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is

calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date. However,

deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that

there will be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in

the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted

at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is

presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the

transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Research and development

Expenditure on research and development is written off to profit and loss in the year in which it is incurred.

Hire purchase and leasing commitments

Assets held under hire purchase agreements are capitalised with the capital element of the future payments

treated as a liability and interest charged to the profit and loss account on a straight line basis.

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 pension contributions to employees' defined contribution pension schemes. The assets are

held separately from those of the company. Contributions payable are recognised in the profit and loss account

when due.

Government grants

Government grants are received in two forms. Grants relating to the purchase of fixed assets are accounted for as

deferred income and amortised over the term of the expected useful life of the asset to which they relate.

Grants receivable for expenditure taken place during the financial year are shown as other operating income in

the financial statements.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to

settle the obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

and 31 December 2019

217,317

DEPRECIATION

At 1 January 2019

151,132

Charge for year

28,793

At 31 December 2019

179,925

NET BOOK VALUE

At 31 December 2019

37,392

At 31 December 2018

66,185

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

Plant and

machinery

etc

£

COST

At 1 January 2019

119,830

Transfer to ownership

(13,595

)

At 31 December 2019

106,235

DEPRECIATION

At 1 January 2019

56,629

Charge for year

28,198

Transfer to ownership

(12,745

)

At 31 December 2019

72,082

NET BOOK VALUE

At 31 December 2019

34,153

At 31 December 2018

63,201

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

88,007

223,374

Other debtors

6,020

2,457

94,027

225,831

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

20,334

31,217

Trade creditors

34,407

113,066

Taxation and social security

41,492

118,064

Other creditors

10,229

18,970

106,462

281,317

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

10,350

30,627

Hire purchase contracts are secured over the assets to which they relate.

8.	COMMITMENTS

At the year end, the company had operating lease commitments of £5,518 (2018: £5,518).

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019 and

31 December 2018:

2019

2018

£

£

G Thomson

Balance outstanding at start of year

(8,654

)

(5,156

)

Amounts advanced

12,366

(3,498

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,712

(8,654

)

The above loan is interest free and is payable on demand.