P & F Ross Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC560142 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

P & F Ross Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs F J G Ross

P H Ross

SECRETARY:

P H Ross

REGISTERED OFFICE:

Lenahowe

Tenston

Sandwick

Orkney

KW16 3JA

REGISTERED NUMBER:

SC560142 (Scotland)

ACCOUNTANTS:

Accounts Direct

Daisybrae

Newburgh

Ellon

Aberdeenshire

AB41 6AJ

FIXED ASSETS

Tangible assets

4

483,236

84,797

CURRENT ASSETS

Stocks

214,155

254,636

Debtors

5

24,299

18,935

238,454

273,571

CREDITORS

Amounts falling due within one year

6

316,753

357,238

NET CURRENT LIABILITIES

(78,299

)

(83,667

)

TOTAL ASSETS LESS CURRENT LIABILITIES

404,937

1,130

CREDITORS

Amounts falling due after more than one year

7

397,738

-

NET ASSETS

7,199

1,130

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

6,199

130

7,199

1,130

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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2020 and were signed on its behalf by:

P H Ross - Director

1.	STATUTORY INFORMATION

P & F Ross 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.

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 etc

-

33% on cost, 25% on reducing balance and 10% on 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 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 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

-

108,570

108,570

Additions

378,481

40,130

418,611

Disposals

-

(6,185

)

(6,185

)

At 31 March 2020

378,481

142,515

520,996

DEPRECIATION

At 1 April 2019

-

23,773

23,773

Charge for year

-

14,868

14,868

Eliminated on disposal

-

(881

)

(881

)

At 31 March 2020

-

37,760

37,760

NET BOOK VALUE

At 31 March 2020

378,481

104,755

483,236

At 31 March 2019

-

84,797

84,797

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

11,369

8,685

Other debtors

12,930

10,250

24,299

18,935

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

11,697

88,266

Hire purchase contracts

-

2,333

Trade creditors

214

11,236

Taxation and social security

5,700

12,279

Other creditors

299,142

243,124

316,753

357,238

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans

397,738

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

397,738

-