S J McGuckin Limited - Period Ending 2014-08-31

Registration number: 05195521

S J McGuckin Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2014
 

S J McGuckin Limited
(Registration number: 05195521)
Abbreviated Balance Sheet at 31 August 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			35,523			20,672
Current assets
Stocks					181,226			164,176
Debtors					40,899			50,356
Cash at bank and in hand					-			58,434
					222,125			272,966
Creditors: Amounts falling due within one year					(214,470)			(238,088)
Net current assets					7,655			34,878
Total assets less current liabilities					43,178			55,550
Creditors: Amounts falling due after more than one year					(13,324)			-
Provisions for liabilities					(1,698)			(3,837)
Net assets					28,156			51,713
Capital and reserves
Called up share capital		4			10			10
Profit and loss account					28,146			51,703
Shareholders' funds					28,156			51,713

For the year ending 31 August 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the director on 17 April 2015

.........................................
Mr S J McGuckin
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

S J McGuckin Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. It includes the relevant proportion of contract values where work is partially performed in the year.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% Reducing balance basis
Motor vehicles	20% Straight line basis
Computer equipment	33% Straight line basis

Stock and work in progress

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is valued as a proportion of the contract value of work being undertaken at the year end.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

S J McGuckin Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2013		52,617			52,617
Additions		28,907			28,907
Disposals		(28,615)			(28,615)
At 31 August 2014		52,909			52,909
Depreciation
At 1 September 2013		31,945			31,945
Charge for the year		9,090			9,090
Eliminated on disposals		(23,649)			(23,649)
At 31 August 2014		17,386			17,386
Net book value
At 31 August 2014		35,523			35,523
At 31 August 2013		20,672			20,672

Page 3

S J McGuckin Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		10,511			-
Amounts falling due after more than one year		9,420			-
Total secured creditors		19,931			-

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		10			10			10			10

Page 4