Scott & Charters (Hawick) Limited - Period Ending 2014-12-31

Registration number: SC030815

Scott & Charters (Hawick) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
1 Melgund Place
Hawick
Borders
TD9 9HY

Scott & Charters (Hawick) Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Scott & Charters (Hawick) Limited
(Registration number: SC030815)
at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					43,580			46,315
Current assets
Stocks					391,249			421,355
Debtors					554,299			495,693
Cash at bank and in hand					4,041			24,190
					949,589			941,238
Creditors: Amounts falling due within one year					(375,480)			(407,462)
Net current assets					574,109			533,776
Total assets less current liabilities					617,689			580,091
Creditors: Amounts falling due after more than one year					(15,810)			(26,970)
Net assets					601,879			553,121
Capital and reserves
Called up share capital		4			91,000			91,000
Profit and loss account					510,879			462,121
Shareholders' funds					601,879			553,121

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 31 March 2015

.........................................
W R Charters
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Scott & Charters (Hawick) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and buildings	4% straight line
Plant and machinery	various
Office equipment	20% straight line

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required bt FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

Scott & Charters (Hawick) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		590,377			590,377
Additions		15,497			15,497
At 31 December 2014		605,874			605,874
Depreciation
At 1 January 2014		544,062			544,062
Charge for the year		18,232			18,232
At 31 December 2014		562,294			562,294
Net book value
At 31 December 2014		43,580			43,580
At 31 December 2013		46,315			46,315

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		182,172			157,755
Amounts falling due after more than one year		15,810			26,970
Total secured creditors		197,982			184,725

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		91,000			91,000			91,000			91,000

5	Related party transactions

Director's advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
W R Charters
Overdrawn director loans were subject to interest at 4%pa & 3.25%pa during the year	32,353	-	-	-

Page 3

Scott & Charters (Hawick) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014

6

Control

The company is controlled by Scott & Charters (Hawick) Holdings Ltd who own 100% of the called up share capital. The director of Scott & Charters (Hawick) Limited is also the director of Scott & Charters (Hawick) Holdings Limited and owns 100% of that company's called up share capital.

Page 4