William M Strachan Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC090671 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 January 2020

for

William M Strachan Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs N Strachan

Mr M R S Strachan

SECRETARY:

Mr M R S Strachan

REGISTERED OFFICE:

11 West High Street

Inverurie

Aberdeenshire

AB51 3SA

REGISTERED NUMBER:

SC090671 (Scotland)

ACCOUNTANTS:

SBP

Accountants

42 Queens Road

Aberdeen

AB15 4YE

FIXED ASSETS

Tangible assets

4

38,486

48,688

Investments

5

17,000

17,000

55,486

65,688

CURRENT ASSETS

Stocks

135,494

144,944

Debtors

6

16,947

13,477

Cash at bank and in hand

99,481

96,818

251,922

255,239

CREDITORS

Amounts falling due within one year

7

103,513

124,075

NET CURRENT ASSETS

148,409

131,164

TOTAL ASSETS LESS CURRENT LIABILITIES

203,895

196,852

PROVISIONS FOR LIABILITIES

6,948

8,976

NET ASSETS

196,947

187,876

CAPITAL AND RESERVES

Called up share capital

60,000

60,000

Retained earnings

136,947

127,876

196,947

187,876

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

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2020 and were signed on its behalf by:

Mr M R S Strachan - Director

1.	STATUTORY INFORMATION

William M Strachan 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.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

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 23 (2019 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2019

and 31 January 2020

408,753

5,195

2,854

416,802

DEPRECIATION

At 1 February 2019

361,558

4,222

2,334

368,114

Charge for year

9,439

243

520

10,202

At 31 January 2020

370,997

4,465

2,854

378,316

NET BOOK VALUE

At 31 January 2020

37,756

730

-

38,486

At 31 January 2019

47,195

973

520

48,688

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 February 2019

and 31 January 2020

15,000

2,000

17,000

NET BOOK VALUE

At 31 January 2020

15,000

2,000

17,000

At 31 January 2019

15,000

2,000

17,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Birchwynd Limited

Registered office: 11 West High Street, Inverurie, Aberdeenshire, AB51 3SA

Nature of business: Property development

%

Class of shares:

holding

Ordinary

33.00

31.7.19

31.7.18

£

£

Aggregate capital and reserves

2,645,426

2,597,505

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Trade debtors

14,562

11,393

Other debtors

2,385

2,084

16,947

13,477

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Trade creditors

45,070

67,777

Taxation and social security

34,203

24,818

Other creditors

24,240

31,480

103,513

124,075

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2020 and 31 January 2019:

31.1.20

31.1.19

£

£

Mr M R S Strachan

Balance outstanding at start of year

(11,189

)

(15,296

)

Amounts advanced

7,887

7,162

Amounts repaid

(6,053

)

(3,055

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(9,355

)

(11,189

)

Mrs N Strachan

Balance outstanding at start of year

(11,189

)

(15,297

)

Amounts advanced

7,887

7,163

Amounts repaid

(6,053

)

(3,055

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(9,355

)

(11,189

)

9.	RELATED PARTY DISCLOSURES

M & N Strachan Pension Fund

During the year rent of £55,000 (2019 - £55,000) was paid to the M & N Strachan Pension Fund, which acquired the commercial premises in July 2017.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors, who own 100% of the share capital.