Whighams Young & Saunders Limited - Accounts to registrar (filleted) - small 18.2
Whighams Young & Saunders Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2020 |
| FOR |
| WHIGHAMS YOUNG & SAUNDERS LIMITED |
| WHIGHAMS YOUNG & SAUNDERS LIMITED (REGISTERED NUMBER: SC045983) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| WHIGHAMS YOUNG & SAUNDERS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 24 Beresford Terrace |
| Ayr |
| KA7 2EG |
| BANKERS: |
| 123 High Street |
| Ayr |
| KA7 1QP |
| WHIGHAMS YOUNG & SAUNDERS LIMITED (REGISTERED NUMBER: SC045983) |
| BALANCE SHEET |
| 30 APRIL 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 6 |
| Revaluation reserve | 7 |
| Retained earnings | 7 | ( |
) | ( |
) |
| 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. |
| 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 |
| WHIGHAMS YOUNG & SAUNDERS LIMITED (REGISTERED NUMBER: SC045983) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2020 |
| 1. | STATUTORY INFORMATION |
| Whighams Young & Saunders Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Investment property |
| In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account . |
| The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS 102. The director considers that, because these properties are not held for their consumption, but for their investment potential, depreciation of 0.67% will give a true and fair view. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2019 - NIL). |
| WHIGHAMS YOUNG & SAUNDERS LIMITED (REGISTERED NUMBER: SC045983) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2020 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 May 2019 |
| and 30 April 2020 |
| DEPRECIATION |
| At 1 May 2019 | 65,000 |
| Charge for year | 3,000 |
| At 30 April 2020 | 68,000 |
| NET BOOK VALUE |
| At 30 April 2020 |
| At 30 April 2019 |
| Fair value at 30 April 2020 is represented by: |
| £ |
| Valuation in 1995 | 150,000 |
| Valuation in 2015 | 300,000 |
| 450,000 |
| If the investment property had not been revalued it would have been included at the following historical cost: |
| 2020 | 2019 |
| £ | £ |
| Cost | 150,000 | 150,000 |
| Aggregate depreciation | (68,000 | ) | (65,000 | ) |
| The investment property was valued on a fair value basis on 30 April 2020 by the Director, Mr I G Cumming . |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| 6. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary | £1 | 10,000 | 10,000 |
| WHIGHAMS YOUNG & SAUNDERS LIMITED (REGISTERED NUMBER: SC045983) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2020 |
| 7. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 May 2019 | ( |
) | 360,005 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Transfers to and from Reserves | 1,122 | (1,122 | ) | - |
| At 30 April 2020 | ( |
) | 356,853 |
| 8. | RELATED PARTY DISCLOSURES |
| During the year the Company operated a current account with Director Mr I Cumming. As at the year end the amount owed to the Director was £158 (2019 - £158) |