W. Christie (Industrial) Limited - Accounts to registrar (filleted) - small 18.2
W. Christie (Industrial) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2019 |
| for |
| W. Christie (Industrial) Limited |
| W. Christie (Industrial) Limited (Registered number: SC035247) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| W. Christie (Industrial) Limited |
| Company Information |
| for the Year Ended 30 September 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 147 Bath Street |
| Glasgow |
| G2 4SN |
| W. Christie (Industrial) Limited (Registered number: SC035247) |
| Balance Sheet |
| 30 September 2019 |
| 2019 | 2018 |
| 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 |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium | 11 |
| Capital redemption reserve | 11 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| 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. |
| W. Christie (Industrial) Limited (Registered number: SC035247) |
| Balance Sheet - continued |
| 30 September 2019 |
| The financial statements were approved by the Board of Directors and authorised for issue on were signed on its behalf by: |
| W. Christie (Industrial) Limited (Registered number: SC035247) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2019 |
| 1. | STATUTORY INFORMATION |
| W. Christie (Industrial) Limited is a private company, limited by shares, registered in Scotland. The company's |
| registered number is SC035247 and its registered office address is Unit F7, Festival Business Centre, 150 Brand |
| Street, Glasgow, G51 1DH. |
| The functional currency of the company is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The company has cash resources and has no requirement for external funding. The Directors have a reasonable |
| expectation that the company has adequate resources to continue in operational existence for the foreseeable |
| future. They continue to believe the going concern basis of accountancy appropriate in preparing the annual |
| financial statements. |
| Significant judgements and estimates |
| The Directors have made judgements, estimates and assumptions that affect the amounts reported within the |
| financial statements during the year. Actual results may differ from these estimates. Estimates and underlying |
| assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a |
| significant risk of causing material adjustment to the carrying amount of assets and liabilities within the financial |
| statements are addressed and detail is provided in the associated notes. |
| Turnover |
| Turnover represents net sales of goods and services, excluding value added tax, and recognised when the |
| company becomes entitled to the income. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| 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 |
| The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, |
| debtors and creditors. |
| Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with |
| banks and other short-term highly liquid investments with original maturities of three months or less and bank |
| overdrafts. A bank overdraft would be shown within current liabilities. |
| Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using |
| the effective interest method, less losses for bad debts except where the effect of discounting would be |
| immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts. |
| Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using |
| the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other |
| creditors are stated at cost. |
| W. Christie (Industrial) Limited (Registered number: SC035247) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
| 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| 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 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. |
| Employment benefits |
| The total cost of employee benefits to which employees have become entitled as a result of service rendered to |
| the entity during the reporting period are recognised and charged to the profit and loss account in the period to |
| which they relate. |
| Provisions for liabilities |
| A provision for liabilities is initially recognised when there is an obligation at the balance sheet date as the result |
| of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the |
| obligation can be estimated readily. The provision is subsequently measured by placing a charge against the |
| provision only for expenditure for which the provision was originally recognised. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| W. Christie (Industrial) Limited (Registered number: SC035247) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2019 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 October 2018 |
| Additions |
| Disposals | ( |
) |
| At 30 September 2019 |
| DEPRECIATION |
| At 1 October 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 September 2019 |
| NET BOOK VALUE |
| At 30 September 2019 |
| At 30 September 2018 |
| Fixtures |
| and | Motor | Exhibition |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2018 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 September 2019 |
| DEPRECIATION |
| At 1 October 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 September 2019 |
| NET BOOK VALUE |
| At 30 September 2019 |
| At 30 September 2018 |
| W. Christie (Industrial) Limited (Registered number: SC035247) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2019 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 October 2018 | 75,750 |
| Transfer to ownership | (75,750 | ) |
| At 30 September 2019 | - |
| DEPRECIATION |
| At 1 October 2018 | 43,793 |
| Charge for year | 7,989 |
| Transfer to ownership | (51,782 | ) |
| At 30 September 2019 | - |
| NET BOOK VALUE |
| At 30 September 2019 |
| At 30 September 2018 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT |
| Sundry creditors |
| Accrued expenses |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans - more than 5 years |
| W. Christie (Industrial) Limited (Registered number: SC035247) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2019 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 2019 | 2018 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans - more than 5 years | 250,965 | - |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2019 | 2018 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Non-cancellable operating |
| leases |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank overdraft |
| Bank loans |
| Hire purchase contracts | - | 17,044 |
| The bank overdraft facility is secured by a bond and floating charge for all monies. The premises, Christie |
| House, at Meadowbank Road was purchased in the year and there is a legal charge delivered over the mortgage. |
| The hire purchase liability is secured over the assets to which they relate. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary | £1 | 27,750 | 27,750 |
| Ordinary shares rank equally for voting rights, dividends declared and distributions on winding up, and are not |
| redeemable. |
| W. Christie (Industrial) Limited (Registered number: SC035247) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2019 |
| 11. | RESERVES |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 October 2018 | 702,256 |
| Profit for the year |
| At 30 September 2019 | 994,791 |