Ferguson Contracts Property Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC595826 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2021

for

Ferguson Contracts Property Ltd

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Property, plant and equipment

4

9,375

-

CURRENT ASSETS

Investments

5

38,262

-

Cash at bank

180

13

38,442

13

CREDITORS

Amounts falling due within one year

6

57,141

14,210

NET CURRENT LIABILITIES

(18,699

)

(14,197

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(9,324

)

(14,197

)

CREDITORS

Amounts falling due after more than one year

7

3,996

-

NET LIABILITIES

(13,320

)

(14,197

)

CAPITAL AND RESERVES

Called up share capital

8

20

20

Retained earnings

(13,340

)

(14,217

)

SHAREHOLDERS' FUNDS

(13,320

)

(14,197

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2022 and were signed on its behalf by:

Mr Andrew James Mcgroarty - Director

1.	STATUTORY INFORMATION

Ferguson Contracts Property Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number:

SC595826

Registered office:

Strathleven House

Vale Of Leven Industrial Estate

Dumbarton

G82 3PD

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

Revenue 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.

Motor vehicles

-

25% on reducing balance

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.

Going concern

The company has net liabilities of £13,320. The accounts have been prepared on going concern basis as the Directors have confirmed that they will continue to provide financial support to the company for the foreseeable future

3.	EMPLOYEES AND DIRECTORS

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

4.	PROPERTY, PLANT AND EQUIPMENT

Motor

vehicles

£

COST

Additions

12,500

At 31 May 2021

12,500

DEPRECIATION

Charge for year

3,125

At 31 May 2021

3,125

NET BOOK VALUE

At 31 May 2021

9,375

5.	CURRENT ASSET INVESTMENTS

31.5.21

31.5.20

£

£

Other

38,262

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Hire purchase contracts

3,167

-

Other creditors

53,974

14,210

57,141

14,210

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.21

31.5.20

£

£

Hire purchase contracts

3,996

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.21

31.5.20

value:

£

£

20

Ordinary

£1

20

20

9.	RELATED PARTY DISCLOSURES

The company owes £49,742 to its director, Mr Ross Ferguson who is a 50% shareholder of the company as at accounting year end date.

The company owes £302 to its director, Mr Andrew Mcgroarty who is a 50% shareholder of the company as at accounting year end date.