Bain & Irvine Ltd - Accounts to registrar (filleted) - small 18.2

BAIN & IRVINE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

G Millar

Mrs N K Millar

A T Kerr

SECRETARY:

Mrs N K Millar

REGISTERED OFFICE:

Silverbirch Studios

Cavalry Park

Peebles

Peeblesshire

EH45 9BU

REGISTERED NUMBER:

SC299125 (Scotland)

ACCOUNTANTS:

JRW

Chartered Accountants

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

FIXED ASSETS

Intangible assets

4

84,985

99,149

Tangible assets

5

18,022

24,025

103,007

123,174

CURRENT ASSETS

Stocks

18,458

103,378

Debtors

6

53,408

133,426

71,866

236,804

CREDITORS

Amounts falling due within one year

7

250,345

230,190

NET CURRENT (LIABILITIES)/ASSETS

(178,479

)

6,614

TOTAL ASSETS LESS CURRENT LIABILITIES

(75,472

)

129,788

CREDITORS

Amounts falling due after more than one year

8

(59,163

)

(72,185

)

PROVISIONS FOR LIABILITIES

-

(4,565

)

NET (LIABILITIES)/ASSETS

(134,635

)

53,038

CAPITAL AND RESERVES

Called up share capital

3,800

3,800

Share premium

4,350

4,350

Retained earnings

(142,785

)

44,888

SHAREHOLDERS' FUNDS

(134,635

)

53,038

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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 12th January 2021 and were signed on its behalf by:

G Millar - Director

1.	STATUTORY INFORMATION

Bain & Irvine 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

Going concern

At the balance sheet date there was a net deficit of assets of £134,635 resulting from a loss of £155,865 for the year.

However towards the end of the year the Directors managed to secure additional finance in order to increase working capital and enable the company to continue to trade for the foreseeable future.

The company suffered a relatively minor impact from the coronavirus lockdown and made use of support schemes to mitigate these. Contracts in the current year have seen a significant improvement and the Directors expect to continue as a going concern.

Turnover

Turnover represents the invoiced value of roofing services and associated materials, net of value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty 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.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Equipment

-

25% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial assets

Basic financial assets, including trade trade and other debtors and bank balances, are initially recognised at transaction price.

At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities as payment is due within one year of less. If not they are presented as non-current liabilities.

Financial liabilities are decolonised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

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.

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 14 (2019 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st May 2019

and 30th April 2020

283,290

AMORTISATION

At 1st May 2019

184,141

Charge for year

14,164

At 30th April 2020

198,305

NET BOOK VALUE

At 30th April 2020

84,985

At 30th April 2019

99,149

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Equipment

Totals

£

£

£

£

COST

At 1st May 2019

and 30th April 2020

13,656

131,898

9,646

155,200

DEPRECIATION

At 1st May 2019

11,278

111,567

8,330

131,175

Charge for year

593

5,082

328

6,003

At 30th April 2020

11,871

116,649

8,658

137,178

NET BOOK VALUE

At 30th April 2020

1,785

15,249

988

18,022

At 30th April 2019

2,378

20,331

1,316

24,025

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

Motor

vehicles

£

COST

At 1st May 2019

and 30th April 2020

43,893

DEPRECIATION

At 1st May 2019

30,571

Charge for year

3,330

At 30th April 2020

33,901

NET BOOK VALUE

At 30th April 2020

9,992

At 30th April 2019

13,322

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

17,999

52,685

Other debtors

35,409

80,741

53,408

133,426

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

40,195

27,756

Hire purchase contracts

3,040

4,560

Trade creditors

28,185

70,223

Taxation and social security

66,743

50,181

Other creditors

112,182

77,470

250,345

230,190

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

-

3,040

Other creditors

59,163

69,145

59,163

72,185

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Other loans

161,549

138,355

Hire purchase contracts

3,040

7,600

164,589

145,955

Hire Purchase creditors are secured on the underlying assets.

Other Loans are personally guaranteed by directors G Miller and Mrs N Miller.

10.	OTHER FINANCIAL COMMITMENTS

The company is committed to paying the following amounts in the next twelve months under operating leases expiring:

2020

2019

£

£

Within one year - Equipment

3,670

-

Within one to two years - Equipment

-

12,272

Within two to five years - Equipment

3,263

-

- Land & Buildings

9,500

21,813

34,085

13,580

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end G Millar (Director) was due £222 from the company (2019 £5,033 due to the company), and Mrs N Millar (Director) was due £222 from the company (2019 £15,887 due to the company.

12.	RELATED PARTY DISCLOSURES

G Miller and N Miller are partners of GMRC Partnership. During the year the company provided services to GMRC Partnership £1,360 Subcontractors (2019 £250) and £604 Travel (2019 £Nil).

At the year end GMRC Partnership owes the company £36,520 (2019 £53,917)

The following reproduces the text of the report prepared for the directors 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 Directors 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 Bain & Irvine Ltd for the year ended 30th April 2020 which comprise the Statement of Income and Retained Earnings, 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Bain & Irvine Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bain & Irvine Ltd and state those matters that we have agreed to state to the Board of Directors of Bain & Irvine Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bain & Irvine Ltd 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 loss of Bain & Irvine Ltd. You consider that Bain & Irvine Ltd 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 Bain & Irvine Ltd. 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.

JRW

Chartered Accountants

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

12th January 2021