Donside Slating Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC402244 (Scotland)

Donside Slating Limited

Financial Statements For The Year Ended 31 July 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

B G Mackie

REGISTERED OFFICE:

Park House Business Centre

South Street

Elgin

Moray

IV30 1JB

REGISTERED NUMBER:

SC402244 (Scotland)

ACCOUNTANTS:

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

FIXED ASSETS

Intangible assets

4

12,790

25,583

Tangible assets

5

240,663

264,538

253,453

290,121

CURRENT ASSETS

Stocks

3,084

12,103

Debtors

6

69,047

39,655

Cash at bank

77,024

100,937

149,155

152,695

CREDITORS

Amounts falling due within one year

7

84,098

89,722

NET CURRENT ASSETS

65,057

62,973

TOTAL ASSETS LESS CURRENT LIABILITIES

318,510

353,094

CREDITORS

Amounts falling due after more than one year

8

(19,802

)

(40,136

)

PROVISIONS FOR LIABILITIES

9

(45,327

)

(49,793

)

NET ASSETS

253,381

263,165

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

253,281

263,065

SHAREHOLDERS' FUNDS

253,381

263,165

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 14 April 2021 and were signed by:

B G Mackie - Director

1.	STATUTORY INFORMATION

Donside Slating 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Equipment

-

33% on reducing balance, 25% on reducing balance, 15% 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 7 (2019 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2019

and 31 July 2020

127,927

AMORTISATION

At 1 August 2019

102,344

Charge for year

12,793

At 31 July 2020

115,137

NET BOOK VALUE

At 31 July 2020

12,790

At 31 July 2019

25,583

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 August 2019

412,036

Additions

48,801

Disposals

(31,665

)

At 31 July 2020

429,172

DEPRECIATION

At 1 August 2019

147,498

Charge for year

50,881

Eliminated on disposal

(9,870

)

At 31 July 2020

188,509

NET BOOK VALUE

At 31 July 2020

240,663

At 31 July 2019

264,538

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Equipment

£

COST

At 1 August 2019

and 31 July 2020

113,287

DEPRECIATION

At 1 August 2019

26,152

Charge for year

17,652

At 31 July 2020

43,804

NET BOOK VALUE

At 31 July 2020

69,483

At 31 July 2019

87,135

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

66,780

38,655

Other debtors

2,267

1,000

69,047

39,655

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Hire purchase contracts

16,383

18,182

Trade creditors

13,025

18,321

Taxation and social security

25,571

16,553

Other creditors

29,119

36,666

84,098

89,722

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.20

31.7.19

£

£

Hire purchase contracts

19,802

40,136

9.	PROVISIONS FOR LIABILITIES

31.7.20

31.7.19

£

£

Deferred tax

45,327

49,793

Deferred

tax

£

Balance at 1 August 2019

49,793

Credit to Income Statement during year

(4,466

)

Balance at 31 July 2020

45,327

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.20

31.7.19

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 August 2019

263,065

Profit for the year

22,216

Dividends

(32,000

)

At 31 July 2020

253,281

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £32,000 (2019 - £21,000) were paid to the director .

B G Mackie

is a director in the company.

A interest free directors loan has been given to the company by the director. The loan is unsecured and is repayable on demand.

31.7.20

31.7.19

£

£

Amount due to related party at the balance sheet date

17,968

22,702

13.	ULTIMATE CONTROLLING PARTY

The controlling party is B G Mackie.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Donside Slating Limited for the year ended 31 July 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Donside Slating Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Donside Slating Limited and state those matters that we have agreed to state to the director of Donside Slating Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Donside Slating Limited and its director for our work or for this report.

It is your duty to ensure that Donside Slating Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Donside Slating Limited. You consider that Donside Slating Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Donside Slating Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

14 April 2021