Shane MacLennan Plant Contractors Limited
Shane MacLennan Plant Contractors Limited
Registered number: SC462470
Financial Statements
For The Year Ended
31 March 2021
Shane MacLennan Plant Contractors Limited
Financial Statements
For The Year Ended
31 March 2021
Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Shane MacLennan Plant Contractors Limited
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
SC462470
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2021 | 2020 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 3 |
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Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Stocks | 5 |
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Debtors | 6 |
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Creditors: Amounts Falling Due Within One Year | 7 |
( |
( |
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NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 8 |
( |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 9 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 106,477 | 141,973 | |||
Page 1
Shane MacLennan Plant Contractors Limited
Balance Sheet (continued)
As at
31 March 2021
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Shane MacLennan Plant Contractors Limited
Notes to the Financial Statements
For The Year Ended
31 March 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regieme. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2.
Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Motor Vehicles |
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Contractors & Recycling Yard |
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Computer Equipment |
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1.6.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the 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 as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.7.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Shane MacLennan Plant Contractors Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
1.8.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors andcash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial assets and substantially all the risks and rewards of ownership to another entity.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measure at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.9.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affect neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.11.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transactions costs. Dividends payable on equity instrumets are recognised as liabilities once they are no longer at the discretion of the company.
1.12.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash at bank. Bank overdrafts are shown within borrowings in current liabilities.
Page 4
Shane MacLennan Plant Contractors Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 17 (2020: 17)
3.
Intangible Assets
Goodwill | |||
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£ | |||
Cost | |||
As at
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As at
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Amortisation | |||
As at
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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4.
Tangible Assets
Plant & Machinery etc. | |
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£ | |
Cost | |
As at
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Additions |
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Disposals |
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As at
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Depreciation | |
As at
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Provided during the period |
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Disposals |
( |
As at
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Net Book Value | |
As at
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As at
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2021 | 2020 | ||
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£ | £ | ||
Plant & Machinery |
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Motor Vehicles |
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Page 5
Shane MacLennan Plant Contractors Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
5.
Stocks
2021 | 2020 | ||
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£ | £ | ||
Stock - materials and work in progress | 149,250 | 174,735 | |
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6.
Debtors
2021 | 2020 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Amounts recoverable on contracts |
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Other debtors | 64,861 | - | |
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7.
Creditors: Amounts Falling Due Within One Year
2021 | 2020 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Bank loans and overdrafts |
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Other creditors | 101,008 | 85,656 | |
Taxation and social security | 24,749 | 123,595 | |
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Liabilities for assets purchased on HP are secured against the assets in which they relate to.
8.
Creditors: Amounts Falling Due After More Than One Year
2021 | 2020 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Bank loans |
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Liabilities for assets purchased on HP are secured against the assets in which they relate to.
10.
General Information
Shane MacLennan Plant Contractors Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC462470
. The registered office is Lower Leanassie Kilmorack, Beauly, IV4 7AF.
Page 6