J McFadyen(Building Contractors) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC084200 (Scotland)

Financial Statements For The Year Ended 30 June 2020

for

J McFadyen

(Building Contractors) Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J McFadyen

Mrs H McFadyen

REGISTERED OFFICE:

18 Crowhill Road

Bishopbriggs

Glasgow

G64 1QY

REGISTERED NUMBER:

SC084200 (Scotland)

ACCOUNTANTS:

Robb Ferguson Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

SOLICITORS:

Duffy Toshner

23 Main Street

Cambuslang

Glasgow

G72 7EX

FIXED ASSETS

Tangible assets

4

36,783

47,825

Investment property

5

213,172

213,172

249,955

260,997

CURRENT ASSETS

Debtors

90,670

219,413

Cash at bank and in hand

329,340

523,521

420,010

742,934

CREDITORS

Amounts falling due within one year

12,474

97,086

NET CURRENT ASSETS

407,536

645,848

TOTAL ASSETS LESS CURRENT LIABILITIES

657,491

906,845

PROVISIONS FOR LIABILITIES

6,370

8,358

NET ASSETS

651,121

898,487

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

651,021

898,387

SHAREHOLDERS' FUNDS

651,121

898,487

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 30 June 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2020 and were signed on its behalf by:

J McFadyen - Director

1.	STATUTORY INFORMATION

J McFadyen (Building Contractors) 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.

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.

Improvements to property

-

15% on reducing balance

Fixed plant and equipment

-

33.33% on cost and 20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on gains at the rate expected to apply when the property is sold.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

Investments

Fixed asset investments are originally stated at cost. An annual review of market value takes place at each year end the investments are still held and any increases or permanent diminutions in value adjusted for accordingly in the accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2019

183,616

Additions

1,198

At 30 June 2020

184,814

DEPRECIATION

At 1 July 2019

135,791

Charge for year

12,240

At 30 June 2020

148,031

NET BOOK VALUE

At 30 June 2020

36,783

At 30 June 2019

47,825

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2019

and 30 June 2020

213,172

NET BOOK VALUE

At 30 June 2020

213,172

At 30 June 2019

213,172

The directors have reviewed the carrying value of investment property at the Statement of Financial Position date and consider cost to be a reasonable approximation of fair value at that date.

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

-

3,468

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2020 and 30 June 2019:

2020

2019

£

£

Mrs H McFadyen

Balance outstanding at start of year

(712

)

(9

)

Amounts advanced

7,393

25,297

Amounts repaid

(7,000

)

(26,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(319

)

(712

)

J McFadyen

Balance outstanding at start of year

(712

)

(9

)

Amounts advanced

7,393

25,297

Amounts repaid

(7,000

)

(26,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(319

)

(712

)