Archibald McAulay & Son Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC103897 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

ARCHIBALD MCAULAY & SON LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Harry McAulay

REGISTERED OFFICE:

4d Auchingramont Road

Hamilton

ML3 6JT

BUSINESS ADDRESS:

Bankend Road

Dumbarton

G82 2RB

REGISTERED NUMBER:

SC103897 (Scotland)

ACCOUNTANTS:

William Duncan (UK) Limited

Chartered Accountants

4d Auchingramont Road

Hamilton

ML3 6JT

BANKERS:

Bank of Scotland

94/102 High Street

Dumbarton

G82 1PQ

SOLICITORS:

McArthur Stanton

Royal Bank Buildings

35 High Street

Dumbarton

G82 1LU

FIXED ASSETS

Tangible assets

4

148,092

155,213

CURRENT ASSETS

Stocks

41,000

26,000

Debtors

5

210,975

195,244

Cash at bank

4,731

17,211

256,706

238,455

CREDITORS

Amounts falling due within one year

6

176,007

162,460

NET CURRENT ASSETS

80,699

75,995

TOTAL ASSETS LESS CURRENT LIABILITIES

228,791

231,208

PROVISIONS FOR LIABILITIES

5,465

6,547

NET ASSETS

223,326

224,661

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Revaluation reserve

7

60,816

62,068

Retained earnings

132,510

132,593

SHAREHOLDERS' FUNDS

223,326

224,661

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 November 2020 and were signed by:

Harry McAulay - Director

1.	STATUTORY INFORMATION

Archibald McAulay & Son Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Rendering of services

Turnover from the rendering of services, namely the provision of structural engineering and metalwork services,

is recognised by reference to the stage of completion of the service at the statement of financial position date.

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.

Land and buildings

-

2% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower,

the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the

income statement.

Raw materials and work in progress

Raw materials are valued at the lower of cost and net realisable value, after making allowance for obsolete and

slow moving items.

Work in progress is valued at lower of cost and net realisable value plus attributable costs.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

Basic financial instruments are recognised as follows:

(i) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method less any impairment.

(ii) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in

liabilities on the statement of financial position.

(iii) Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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 statement of financial

position. 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 shorter.

The interest element of these obligations is charged to the income statement over the relevant period using the

effective interest method. The capital element of future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement 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 the income statement in the period to which they relate.

Provision for liabilities

The company recognises a provision for annual leave accrued by employees as a result of services rendered in

the current period, and which employees are entitled to carry forward and use within the next 12 months. The

provision is measured at the salary cost payable for the period of absence.

3.	AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 9 (2019 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Land and

Plant and

Motor

buildings

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2019

150,000

197,069

32,033

379,102

Additions

-

335

-

335

At 31 March 2020

150,000

197,404

32,033

379,437

DEPRECIATION

At 1 April 2019

18,564

180,357

24,968

223,889

Charge for year

1,428

4,262

1,766

7,456

At 31 March 2020

19,992

184,619

26,734

231,345

NET BOOK VALUE

At 31 March 2020

130,008

12,785

5,299

148,092

At 31 March 2019

131,436

16,712

7,065

155,213

Included in cost of land and buildings is freehold land of £ 78,617 (2019 - £ 78,617 ) which is not depreciated.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

209,242

193,216

Prepaid charges

1,733

2,028

210,975

195,244

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

141,323

116,904

Corporation tax

11,477

13,610

PAYE and NIC

4,846

4,585

VAT

12,684

15,499

Other creditors

809

175

Director's loan

62

150

Accrued charges

4,806

11,537

176,007

162,460

7.

RESERVES

Revaluation

reserve

£

At 1 April 2019

62,068

Profit and loss reserve transfer

(1,252

)

At 31 March 2020

60,816

8.	RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the director amounting to £62 (2019 : £150).