Laurence McIntosh Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC206154 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

LAURENCE MCINTOSH LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

D MacDonald

REGISTERED OFFICE:

10 Kings Haugh

Peffermill Road

Edinburgh

EH16 5UY

REGISTERED NUMBER:

SC206154 (Scotland)

ACCOUNTANTS:

MacDonald Morton Ltd

Chartered Accountants

67 March Road

Edinburgh

EH4 3SU

BANKERS:

The Royal Bank of Scotland plc

30 Nicolson Street

Edinburgh

EH8 9DL

SOLICITORS:

Gillespie Macandrew

5 Atholl Crescent

Edinburgh

EH3 8EJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

353,242

328,211

353,242

328,211

CURRENT ASSETS

Stocks

21,134

17,977

Debtors

6

1,970,409

1,354,819

Cash at bank and in hand

232,150

315,579

2,223,693

1,688,375

CREDITORS

Amounts falling due within one year

7

1,896,592

1,618,710

NET CURRENT ASSETS

327,101

69,665

TOTAL ASSETS LESS CURRENT LIABILITIES

680,343

397,876

CREDITORS

Amounts falling due after more than one year

8

(336,003

)

(74,689

)

PROVISIONS FOR LIABILITIES

(49,288

)

(41,123

)

NET ASSETS

295,052

282,064

CAPITAL AND RESERVES

Called up share capital

820

820

Capital redemption reserve

410

410

Retained earnings

293,822

280,834

SHAREHOLDERS' FUNDS

295,052

282,064

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 5 August 2021 and were signed by:

D MacDonald - Director

1.	STATUTORY INFORMATION

Laurence McIntosh 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.

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.

Going Concern

These financial statements have been prepared on the going concern basis. The company experienced a downturn in economic activity due to a 10 week closure during the period, with the impact of Covid-19 having an adverse effect on its operations. During the period the company obtained a loan using the Coronavirus Business Interruption Loan Scheme which has assisted in providing the company with cash to fund operating activities.

The directors have reviewed the current and future trading position of the company and concluded that they are confident that the company will have adequate resources to continue in operational existence for the foreseeable future (period of review limited to a period of less than 12 months from the date of approval of the financial statements). For these reasons, they continue to adopt the going concern basis in preparing the financial statements

Turnover

Turnover consists of the sales value (excluding VAT) of all work done in the period under contracts to supply goods and services to third parties. It includes the relevant proportion of contract values where work is partially performed in the period.

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Government grants

Government grants are recognised in the financial statements using the accrual method. The amount of grant recognised is the fair value of the asset received or receivable. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the useful life of the asset.

Stocks

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

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds the following basic financial instruments.

Financial assets

Cash and cash equivalents - comprise cash in hand and deposits held with banks.

Trade and other debtors are initially measured at the undiscounted amounts receivable from a customer, which is normally the invoiced price. Trade and other debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found an impairment loss is recognised.

Financial liabilities

Trade and other creditors are initially measured at the transaction price, including any transaction costs.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

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.

Long term contracts

Amounts recoverable on long term contract, which are included within debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2019 - 65 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

64,000

AMORTISATION

At 1 January 2020

and 31 December 2020

64,000

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2020

465,362

25,729

181,877

73,834

746,802

Additions

50,620

1,263

33,264

-

85,147

At 31 December 2020

515,982

26,992

215,141

73,834

831,949

DEPRECIATION

At 1 January 2020

233,431

9,534

121,100

54,526

418,591

Charge for year

43,057

3,342

7,345

6,372

60,116

At 31 December 2020

276,488

12,876

128,445

60,898

478,707

NET BOOK VALUE

At 31 December 2020

239,494

14,116

86,696

12,936

353,242

At 31 December 2019

231,931

16,195

60,777

19,308

328,211

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

396,674

386,690

Amounts recoverable on contract

979,675

646,124

Other debtors

594,060

322,005

1,970,409

1,354,819

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

60,797

-

Hire purchase contracts

71,120

67,024

Trade creditors

746,427

505,649

Amounts owed to group undertakings

720,519

896,846

Taxation and social security

261,264

124,780

Other creditors

36,465

24,411

1,896,592

1,618,710

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

216,667

-

Hire purchase contracts

80,786

74,689

Other creditors

38,550

-

336,003

74,689

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank overdraft

27,464

-

Hire purchase contracts

151,906

141,713

179,370

141,713

10.	OTHER FINANCIAL COMMITMENTS

As at 31 December 2020 the company has future operating lease commitments of £25,901 (2019: £32,038).

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Laurence McIntosh Holdings Limited.

Address:- 10 Kings Haugh, Peffermill Road, Edinburgh, EH16 5UY