Advanced Building Contractors Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC193698 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 May 2020

for

ADVANCED BUILDING CONTRACTORS LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G W Cattanach

E T Heron

REGISTERED OFFICE:

Unit 1

Possilpark Trading Centre

Lomond Street

Glasgow

G22 6JJ

REGISTERED NUMBER:

SC193698 (Scotland)

ACCOUNTANTS:

SD Business Management

Suite 411 Baltic Chambers

50 Wellington Street

Glasgow

Strathclyde

G2 6HJ

FIXED ASSETS

Intangible assets

4

21,600

-

Tangible assets

5

119,518

106,860

Investments

6

538,124

630,474

679,242

737,334

CURRENT ASSETS

Debtors

1,188,724

1,349,819

Cash at bank and in hand

2,484,354

1,571,683

3,673,078

2,921,502

CREDITORS

Amounts falling due within one year

1,550,131

1,504,197

NET CURRENT ASSETS

2,122,947

1,417,305

TOTAL ASSETS LESS CURRENT LIABILITIES

2,802,189

2,154,639

CREDITORS

Amounts falling due after more than one year

(60,041

)

-

PROVISIONS FOR LIABILITIES

(5,174

)

(8,323

)

NET ASSETS

2,736,974

2,146,316

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,736,874

2,146,216

SHAREHOLDERS' FUNDS

2,736,974

2,146,316

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 18 November 2020 and were signed on its behalf by:

G W Cattanach - Director

1.	STATUTORY INFORMATION

Advanced Building Contractors Ltd 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.

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

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 initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off 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

-

33% on cost and 25% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2019 - 45 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

Additions

24,000

At 31 May 2020

24,000

AMORTISATION

Amortisation for year

2,400

At 31 May 2020

2,400

NET BOOK VALUE

At 31 May 2020

21,600

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2019

375,357

Additions

93,194

Disposals

(99,092

)

At 31 May 2020

369,459

DEPRECIATION

At 1 June 2019

268,497

Charge for year

49,183

Eliminated on disposal

(67,739

)

At 31 May 2020

249,941

NET BOOK VALUE

At 31 May 2020

119,518

At 31 May 2019

106,860

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

Totals

£

COST

At 1 June 2019

99,092

Additions

78,300

Disposals

(99,092

)

At 31 May 2020

78,300

DEPRECIATION

At 1 June 2019

37,903

Charge for year

19,574

Eliminated on disposal

(67,739

)

At 31 May 2020

(10,262

)

NET BOOK VALUE

At 31 May 2020

88,562

At 31 May 2019

61,189

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 June 2019

630,474

Additions

217,199

Disposals

(309,549

)

At 31 May 2020

538,124

NET BOOK VALUE

At 31 May 2020

538,124

At 31 May 2019

630,474

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2020 and 31 May 2019:

31.5.20

31.5.19

£

£

G W Cattanach

Balance outstanding at start of year

107,284

121,823

Amounts advanced

57,376

107,035

Amounts repaid

(8,995

)

(121,574

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

155,665

107,284

No interest was charged on director's loan.