Ferguson & Rippin Limited - Accounts to registrar (filleted) - small 18.2
Ferguson & Rippin Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
FOR |
FERGUSON & RIPPIN LIMITED |
FERGUSON & RIPPIN LIMITED (REGISTERED NUMBER: SC059422) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FERGUSON & RIPPIN LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Stanley House |
69/71 Hamilton Road |
Motherwell |
ML1 3DG |
FERGUSON & RIPPIN LIMITED (REGISTERED NUMBER: SC059422) |
BALANCE SHEET |
29 FEBRUARY 2020 |
29.2.20 | 28.2.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
FERGUSON & RIPPIN LIMITED (REGISTERED NUMBER: SC059422) |
BALANCE SHEET - continued |
29 FEBRUARY 2020 |
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 |
FERGUSON & RIPPIN LIMITED (REGISTERED NUMBER: SC059422) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
1. | STATUTORY INFORMATION |
Ferguson & Rippin Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Trade debtors |
Trade debtors are amounts due from customers for goods or services performed in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
Trade Creditors |
Trade creditors are amounts due to suppliers for goods or services obtained in the ordinary course of business. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
Cash |
Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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. |
FERGUSON & RIPPIN LIMITED (REGISTERED NUMBER: SC059422) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
2. | ACCOUNTING POLICIES - continued |
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. |
Other investments |
Investments are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recongnised in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 March 2019 |
Fair value movement |
At 29 February 2020 |
NET BOOK VALUE |
At 29 February 2020 |
At 28 February 2019 |
Cost or valuation at 29 February 2020 is represented by: |
Other |
investments |
£ |
Valuation in 2016 | (2,727 | ) |
Valuation in 2017 | 25,306 |
Valuation in 2018 | 6,430 |
Valuation in 2019 | (641 | ) |
Valuation in 2020 | 3,798 |
Cost | 197,000 |
229,166 |
FERGUSON & RIPPIN LIMITED (REGISTERED NUMBER: SC059422) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
4. | FIXED ASSET INVESTMENTS - continued |
If other investments had not been valued at fair value they would have been included at the following historic cost:- |
29.2.20 | 28.2.19 |
£ | £ |
Cost | 197,000 | 197,000 |
Other investments were valued at fair value on 29 February 2020 by 1825 Active Wealth Management. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2019 |
and 29 February 2020 |
NET BOOK VALUE |
At 29 February 2020 |
At 28 February 2019 |
Fair value at 29 February 2020 is represented by: |
£ |
Valuation in 2019 | 132,645 |
Cost | 117,355 |
250,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
29.2.20 | 28.2.19 |
£ | £ |
Cost | 117,355 | 117,355 |
Investment property was valued on an open market basis on 29 February 2020 by the director . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
£ | £ |
Taxation and social security |
Other creditors |
FERGUSON & RIPPIN LIMITED (REGISTERED NUMBER: SC059422) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
A floating charge is in place over the company's property and assets. |
8. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 March 2019 |
and 29 February 2020 |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29 February 2020 and 28 February 2019: |
29.2.20 | 28.2.19 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The directors loan is given interest free and is repayable on demand. |