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No description of principal activity
2019-11-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
SC066172
2019-11-01
2020-10-31
SC066172
2020-10-31
SC066172
2019-10-31
SC066172
2018-11-01
2019-10-31
SC066172
2019-10-31
SC066172
core:PlantMachinery
2019-11-01
2020-10-31
SC066172
core:FurnitureFittings
2019-11-01
2020-10-31
SC066172
core:MotorVehicles
2019-11-01
2020-10-31
SC066172
bus:Director7
2019-11-01
2020-10-31
SC066172
core:WithinOneYear
2020-10-31
SC066172
core:WithinOneYear
2019-10-31
SC066172
core:AfterOneYear
2020-10-31
SC066172
core:AfterOneYear
2019-10-31
SC066172
core:ShareCapital
2020-10-31
SC066172
core:ShareCapital
2019-10-31
SC066172
core:RevaluationReserve
2020-10-31
SC066172
core:RevaluationReserve
2019-10-31
SC066172
core:RetainedEarningsAccumulatedLosses
2020-10-31
SC066172
core:RetainedEarningsAccumulatedLosses
2019-10-31
SC066172
core:BetweenOneFiveYears
2020-10-31
SC066172
core:BetweenOneFiveYears
2019-10-31
SC066172
core:AcceleratedTaxDepreciationDeferredTax
2020-10-31
SC066172
core:AcceleratedTaxDepreciationDeferredTax
2019-10-31
SC066172
bus:SmallEntities
2019-11-01
2020-10-31
SC066172
bus:AuditExemptWithAccountantsReport
2019-11-01
2020-10-31
SC066172
bus:AbridgedAccounts
2019-11-01
2020-10-31
SC066172
bus:SmallCompaniesRegimeForAccounts
2019-11-01
2020-10-31
SC066172
bus:PrivateLimitedCompanyLtd
2019-11-01
2020-10-31
SC066172
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-11-01
2020-10-31
SC066172
core:ComputerEquipment
2019-11-01
2020-10-31
SC066172
1
2019-11-01
2020-10-31
COMPANY REGISTRATION NUMBER:
SC066172
|
Border Steelwork Structures Limited |
|
|
Filleted Unaudited Abridged Financial Statements |
|
|
Border Steelwork Structures Limited |
|
|
Abridged Financial Statements |
|
Year ended 31 October 2020
|
Abridged statement of financial position |
1 |
|
|
|
Notes to the abridged financial statements |
3 |
|
|
|
Border Steelwork Structures Limited |
|
|
Abridged Statement of Financial Position |
|
31 October 2020
Fixed assets
|
Tangible assets |
5 |
|
261,535 |
1,033,558 |
|
|
|
|
|
Current assets
|
Stocks |
6 |
5,989,487 |
|
4,610,407 |
|
Debtors |
3,850,440 |
|
4,103,669 |
|
Cash at bank and in hand |
2 |
|
449,047 |
|
------------ |
|
------------ |
|
9,839,929 |
|
9,163,123 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
5,927,046 |
|
6,091,473 |
|
------------ |
|
------------ |
|
Net current assets |
|
3,912,883 |
3,071,650 |
|
|
------------ |
------------ |
|
Total assets less current liabilities |
|
4,174,418 |
4,105,208 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
836,522 |
927,551 |
|
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
7,494 |
10,470 |
|
|
------------ |
------------ |
|
Net assets |
|
3,330,402 |
3,167,187 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
25,000 |
25,000 |
|
Revaluation reserve |
|
114,135 |
114,135 |
|
Profit and loss account |
|
3,191,267 |
3,028,052 |
|
|
------------ |
------------ |
|
Shareholders funds |
|
3,330,402 |
3,167,187 |
|
|
------------ |
------------ |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
|
Border Steelwork Structures Limited |
|
|
Abridged Statement of Financial Position (continued) |
|
31 October 2020
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2020 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
29 July 2021
, and are signed on behalf of the board by:
Company registration number:
SC066172
|
Border Steelwork Structures Limited |
|
|
Notes to the Abridged Financial Statements |
|
Year ended 31 October 2020
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Queensberry Street, Annan, Dumfriesshire, DG12 5BL.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have reviewed the company's forecasts and projections and, in particular, have considered the potential implications of the coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the company, and on the overall economy, remains uncertain, the directors are confident that the company will be able to remain operational throughout the pandemic. With the benefit of the government support packages available to help businesses through the pandemic, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Any estimate that has a degree of uncertainty or where judgement has been exercised in a particular area is expressly disclosed within the relevant accounting policy.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold Property |
- |
Straight line over fifty years |
|
Plant & Machinery |
- |
20% reducing balance |
|
Fixtures & Fittings |
- |
20% reducing balance |
|
Motor Vehicles |
- |
20% reducing balance |
|
Website |
- |
Straight line over three years |
|
|
|
|
Investment properties Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The properties are valued by the directors at each year end using market based evidence for similar properties in the local area.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress Non contract work in progress is valued on the basis of direct costs incurred. Provision is made for any foreseeable losses where appropriate. No element of profit is included within work in progress. Contract work in progress is shown at the chargeable value of work carried out up to the balance sheet date, including work not yet invoiced, less progress payments received and provisions for known losses. Where the value of the work carried out exceeds progress payments, the balances are included in debtors as amounts recoverable under contracts. Where progress payments exceed the value of work carried out, the balances are included in creditors as advances on contracts.
Finance leases and hire purchase contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so to produce constant periodic rates of charge on the net obligations outstanding in each period. Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
42
(2019:
48
).
5.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 November 2019 |
1,905,042 |
|
Additions |
7,061 |
|
Disposals |
(
750,852) |
|
------------ |
|
At 31 October 2020 |
1,161,251 |
|
------------ |
|
Depreciation |
|
|
At 1 November 2019 |
871,484 |
|
Charge for the year |
28,232 |
|
------------ |
|
At 31 October 2020 |
899,716 |
|
------------ |
|
Carrying amount |
|
|
At 31 October 2020 |
261,535 |
|
------------ |
|
At 31 October 2019 |
1,033,558 |
|
------------ |
|
|
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
£ |
|
At 31 October 2020 |
|
|
Aggregate cost |
45,864 |
|
Aggregate depreciation |
(28,966) |
|
-------- |
|
Carrying value |
16,898 |
|
-------- |
|
|
|
At 31 October 2019 |
|
|
Aggregate cost |
45,864 |
|
Aggregate depreciation |
(25,530) |
|
-------- |
|
Carrying value |
20,334 |
|
-------- |
|
|
6.
Stocks
|
2020 |
2019 |
|
£ |
£ |
|
Raw materials and consumables |
35,000 |
25,000 |
|
Work in progress |
5,954,487 |
4,585,407 |
|
------------ |
------------ |
|
5,989,487 |
4,610,407 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due after more than one year
The company's loan finance is secured by charges over the company's freehold properties and by a floating charge over all the company's assets.
8.
Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
|
2020 |
2019 |
|
£ |
£ |
|
Not later than 1 year |
8,555 |
14,665 |
|
Later than 1 year and not later than 5 years |
– |
8,555 |
|
------- |
-------- |
|
8,555 |
23,220 |
|
------- |
-------- |
|
|
|
9.
Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
|
2020 |
2019 |
|
£ |
£ |
|
Included in provisions |
7,494 |
10,470 |
|
------- |
-------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2020 |
2019 |
|
£ |
£ |
|
Accelerated capital allowances |
7,494 |
10,470 |
|
------- |
-------- |
|
|
|
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2020 |
2019 |
|
£ |
£ |
|
Not later than 1 year |
108,236 |
99,967 |
|
Later than 1 year and not later than 5 years |
159,571 |
234,034 |
|
--------- |
--------- |
|
267,807 |
334,001 |
|
--------- |
--------- |
|
|
|
11.
Contingencies
The company has a contingent liability with regard to the unsecured loans made to The Horseshoe Inn and Lodge Limited, a related party, and this is detailed more fully in the related parties note. The company considers it to be probable that this loan will be recoverable and has therefore not recognised a provision in these financial statements in relation to this amount.
12.
Directors' advances, credits and guarantees
Advances to directors The following directors had interest free loans in the year. The advances made during the year totalled £165,867 and there were repayments of £194,087 during the year. The balances on the loans included within other debtors total £63,578 (2019: £91,799) as follows: D R Downie £7,325 (2019: £19,277), Maximum owed in year £19,277. J F Hutchby £26,417 (2019: £30,624), Maximum owed in year £30,624. I A Airey £29,835 (2019: £38,083), Maximum owed in year £38,083. C Docherty Nil (2019: £3,814), Maximum owed in year £3,814.
13.
Related party transactions
During the year the company advanced loans and received repayments from The Horseshoe Inn and Lodge Limited, a company whose controlling interest has been held in the year by Border Hospitality Limited. Mr D R Downie, a director and owner of 47% of the ordinary shares of
Border Steelwork Structures Limited
, is a director of Border Hospitality Limited and holds a material interest of 40% of the share capital of Border Hospitality Limited. The amount included in other debtors due from the Horseshoe Inn and Lodge Limited is £838,799 (2019: £1,098,480).
