ELLIOT_HENDERSON_LIMITED - Accounts
ELLIOT_HENDERSON_LIMITED - Accounts
Company Registration No. SC207550 (Scotland)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2014
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ELLIOT HENDERSON LIMITED FOR THE PERIOD ENDED 30 SEPTEMBER 2014
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 6 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elliot Henderson Limited for the period ended 30 September 2014 set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.org.uk/accountspreparationguidance.
As a practising member firm of the the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.org.uk/accountspreparationguidance.
This report is made solely to the Board of Directors of Elliot Henderson Limited, as a body, in accordance with the terms of our engagement letter dated 20 December 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Elliot Henderson Limited and state those matters that we have agreed to state to the Board of Directors of Elliot Henderson Limited, as a body, in this report in accordance with AAF 2/10 as detailed at www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elliot Henderson Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Elliot Henderson 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 Elliot Henderson Limited. You consider that Elliot Henderson Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Elliot Henderson 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.
Hogg & Thorburn
Chartered Accountants
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2014
- 2 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
Debtors
3
Cash at bank and in hand
Creditors: amounts falling due within one year
4
(2,264,956 )
(2,718,963 )
Net current liabilities
(662,758 )
(1,418,418 )
Total assets less current liabilities
Creditors: amounts falling due after more than one year
5
(2,045,622 )
(588,327 )
Provisions for liabilities
(465,076 )
(418,526 )
3,789,431
2,781,301
Capital and reserves
Called up share capital
6
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2014
- 3 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 30 June 2015
Director
Company Registration No. SC207550
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2014
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have reasonable expectation that the company has adequate resources to cintinue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Tangible fixed assets and depreciation
Plant and machinery
Motor vehicles
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock and work in progress
Stock of fuel, oil, plant spares etc is valued at the lower of cost and net realisable value.
1.7
Revenue recognition
Sales is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Therefore all work in progress is included in sales at the full realisable value at the rate agreed with the customer as per the contract.
1.8
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2014
1
Accounting policies
(Continued)
- 5 -
1.9
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2013
9,918,259
Additions
4,578,822
Disposals
(3,698,683)
At 30 September 2014
10,798,398
Depreciation
At 1 April 2013
4,711,687
On disposals
(2,688,186)
Charge for the period
1,812,010
At 30 September 2014
3,835,511
Net book value
At 30 September 2014
6,962,887
At 31 March 2013
5,206,572
3
Debtors
Debtors include an amount of £0 (2013 - £447,031) which is due after more than one year.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2014
- 6 -
4
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £1,443,502 (2013 - £2,018,616).
The bank overdraft is secured by an unlimited guarantee between Elliot Henderson Limited and Elliot Henderson Holdings Limited, and a bond and floating charge over the whole property and undertakings of the company. A guarantee is also held by the bank from the directors for £50,000.
The directors' loan is unsecured and subject to a £500,000 letter of postponement from The Royal Bank of Scotland plc.
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
5
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £2,045,622 (2013 - £588,327).
6
Share capital
2014
2013
£
£
Allotted, called up and fully paid
7
Ultimate parent company
The company's parent company is Elliot Henderson Holdings Limited, a company registered in Scotland.
8
Related party relationships and transactions
Loans to directors
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Elliot Henderson - Loan
4.00
140,806
122,168
3,000
256,866
9,108
140,806
122,168
3,000
256,866
9,108
This loan charges the directors interest at a rate of 4% per annum and this amounted to £3,000 for the period and £4,919 for the year ended 31 March 2013. There is no fixed repayment date. The loan will be repaid in full by 30 June 2015.