Michael Findlay Peterhead Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC308214 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2021

FOR

MICHAEL FINDLAY PETERHEAD LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTORS:

Mr R A Findlay

Mrs P S Findlay

REGISTERED OFFICE:

19A Blackhouse Circle

Blackhouse Industrial Estate

Peterhead

Aberdeenshire

AB42 1BN

REGISTERED NUMBER:

SC308214 (Scotland)

ACCOUNTANTS:

Goldwells

Acumen House

Grange Road

Peterhead

Aberdeenshire

AB42 1WN

FIXED ASSETS

Tangible assets

4

3,110

4,122

CURRENT ASSETS

Stocks

4,000

4,000

Debtors

5

14,388

23,693

Cash at bank

3,223

-

21,611

27,693

CREDITORS

Amounts falling due within one year

6

24,533

29,962

NET CURRENT LIABILITIES

(2,922

)

(2,269

)

TOTAL ASSETS LESS CURRENT LIABILITIES

188

1,853

CREDITORS

Amounts falling due after more than one year

7

-

1,747

NET ASSETS

188

106

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

88

6

SHAREHOLDERS' FUNDS

188

106

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2021 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 21st July 2022 and were signed on its behalf by:

Mr R A Findlay - Director

1.	STATUTORY INFORMATION

Michael Findlay Peterhead 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Government grants

Income in respect of the Job Retention Scheme is recognised in the period to which the underlying furloughed staff costs relate to

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 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.

Going concern

The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1st November 2020

5,148

11,650

1,050

17,848

Disposals

-

-

(405

)

(405

)

At 31st October 2021

5,148

11,650

645

17,443

DEPRECIATION

At 1st November 2020

4,735

7,964

1,027

13,726

Charge for year

83

922

7

1,012

Eliminated on disposal

-

-

(405

)

(405

)

At 31st October 2021

4,818

8,886

629

14,333

NET BOOK VALUE

At 31st October 2021

330

2,764

16

3,110

At 31st October 2020

413

3,686

23

4,122

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

Motor

vehicles

£

COST

At 1st November 2020

and 31st October 2021

11,650

DEPRECIATION

At 1st November 2020

and 31st October 2021

7,964

NET BOOK VALUE

At 31st October 2021

3,686

At 31st October 2020

3,686

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

7,747

11,372

Other debtors

3,311

3,311

Directors' current accounts

3,330

9,010

14,388

23,693

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

2,529

Hire purchase contracts

1,747

2,330

Trade creditors

10,494

6,914

Tax

7,198

6,747

Social security and other taxes

4,627

7,477

Other creditors

467

1,439

Accrued expenses

-

2,526

24,533

29,962

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

-

1,747

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st October 2021 and 31st October 2020:

2021

2020

£

£

Mr R A Findlay

Balance outstanding at start of year

9,010

22,280

Amounts advanced

12,220

12,990

Amounts repaid

(17,900

)

(26,260

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,330

9,010

The Director's Loan is interest free and there is no fixed repayment date.

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 Michael Findlay Peterhead Ltd for the year ended 31st October 2021 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Michael Findlay Peterhead 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 Michael Findlay Peterhead Ltd and state those matters that we have agreed to state to the Board of Directors of Michael Findlay Peterhead Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. 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 Michael Findlay Peterhead 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 profit of Michael Findlay Peterhead Ltd. You consider that Michael Findlay Peterhead 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 Michael Findlay Peterhead 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.

Goldwells

Acumen House

Grange Road

Peterhead

Aberdeenshire

AB42 1WN

21st July 2022