John Keenan & Sons (Darwin Garage) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC062890 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

JOHN KEENAN & SONS (DARWIN GARAGE) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Keenan

Mrs S Keenan

REGISTERED OFFICE:

Darwin Garage

Coalhall

Ayr

Ayrshire

KA6 6ND

REGISTERED NUMBER:

SC062890 (Scotland)

ACCOUNTANTS:

K M Stewart & Company

6 Miller Road

Ayr

KA7 2AY

FIXED ASSETS

Tangible assets

4

342,182

362,476

CURRENT ASSETS

Stocks

4,891

4,331

Debtors

5

45,932

96,832

Cash at bank and in hand

66,226

4,189

117,049

105,352

CREDITORS

Amounts falling due within one year

6

163,793

137,059

NET CURRENT LIABILITIES

(46,744

)

(31,707

)

TOTAL ASSETS LESS CURRENT LIABILITIES

295,438

330,769

CREDITORS

Amounts falling due after more than one year

7

(22,644

)

(31,663

)

PROVISIONS FOR LIABILITIES

(23,114

)

(26,770

)

NET ASSETS

249,680

272,336

CAPITAL AND RESERVES

Called up share capital

8

2,500

2,500

Capital redemption reserve

9

2,500

2,500

Retained earnings

9

244,680

267,336

SHAREHOLDERS' FUNDS

249,680

272,336

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 9 June 2021 and were signed on its behalf by:

J Keenan - Director

1.	STATUTORY INFORMATION

John Keenan & Sons (Darwin Garage) Ltd 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.

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.

Functional currency

The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Significant judgements and estimates

The preparation of financial statements requires the use of certain accounting estimates . It also requires the

Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher

degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the

financial statements, are disclosed below:

Estimation Uncertainty

Recoverability of Debtors

The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the

recoverability of these, provision is made against the recoverability of these debts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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

Classification

The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company

recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement

The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment

Financial instruments are reviewed annually for impairment.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2019 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 November 2019

272,134

22,602

373,342

668,078

Additions

-

-

9,000

9,000

At 31 October 2020

272,134

22,602

382,342

677,078

DEPRECIATION

At 1 November 2019

50,535

21,610

233,457

305,602

Charge for year

1,069

248

27,977

29,294

At 31 October 2020

51,604

21,858

261,434

334,896

NET BOOK VALUE

At 31 October 2020

220,530

744

120,908

342,182

At 31 October 2019

221,599

992

139,885

362,476

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

7,244

61,417

Other debtors

38,688

35,415

45,932

96,832

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

58,597

24,458

Hire purchase contracts

14,275

24,985

Trade creditors

25,978

26,771

Taxation and social security

57,816

53,119

Other creditors

7,127

7,726

163,793

137,059

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

22,644

31,663

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2,500

Ordinary

£1

2,500

2,500

9.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 November 2019

267,336

2,500

269,836

Profit for the year

61,344

61,344

Dividends

(84,000

)

(84,000

)

At 31 October 2020

244,680

2,500

247,180

10.	POST BALANCE SHEET EVENTS

At the date on which the financial statements were approved, the financial implications arising from the Coronavirus (Covid-19) outbreak, which has affected the UK, are uncertain. The director is reviewing forecasts for an anticipated change in the company's operational activities in the short term. The director is of the opinion that the Covid-19 outbreak is a non-adjusting Post Balance Sheet event and that the company remains a going concern.