Hay & Anderson (Kilwinning) Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC038919 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2014

for

Hay & Anderson (Kilwinning) Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J C Hay

J E Hay

A C Hay

SECRETARY:

J E Hay

REGISTERED OFFICE:

c/o McLay, McAlister & McGibbon

145 St. Vincent Street

Glasgow

G2 5JF

REGISTERED NUMBER:

SC038919 (Scotland)

ACCOUNTANTS:

McLay McAlister & McGibbon LLP

Chartered Accountants

145 St Vincent Street

Glasgow

G2 5JF

FIXED ASSETS

Tangible assets

2

40,767

46,391

CURRENT ASSETS

Stocks

157,000

150,000

Debtors

270,574

336,009

Cash at bank and in hand

68,308

1,019

495,882

487,028

CREDITORS

Amounts falling due within one year

3

(402,636

)

(425,404

)

NET CURRENT ASSETS

93,246

61,624

TOTAL ASSETS LESS CURRENT LIABILITIES

134,013

108,015

CREDITORS

Amounts falling due after more than one year

3

(100,034

)

(84,407

)

NET ASSETS

33,979

23,608

CAPITAL AND RESERVES

Called up share capital

4

5,000

5,000

Profit and loss account

28,979

18,608

SHAREHOLDERS' FUNDS

33,979

23,608

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 September 2015 and were signed on its behalf by:

J E Hay - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company has recently renewed their banking facilities. Based on this renewal and the current trading

position of the company the directors consider it is appropriate to prepare the financial statements on a going

concern basis.

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks and work in progress

Stock is stated at the lower of cost and net realisable value. Cost is calculated as follows:

Raw materials - cost of purchase.

Work in progress and finished goods - cost of raw materials and labour together with attributable overheads.

Deferred tax

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

sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the

future have occurred by the balance sheet date with certain limited exceptions.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available

against which the temporary timing differences can be utilised.

Deferred tax is calculated on a non-discounted basis at the tax rates that are expected to apply in the periods in

which the timing differences are expected to reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Pensions

It is the policy of the company to provide benefits through trustee administered schemes which are separate from

the company's finances. Contributions are based upon periodic independent actuarial valuations and are charged

to the profit and loss account as they become payable.

Government grants

Grants of a revenue nature are credited to the profit and loss account in the period in which they fall due.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

156,361

Additions

7,387

At 31 December 2014

163,748

DEPRECIATION

At 1 January 2014

109,970

Charge for year

13,011

At 31 December 2014

122,981

NET BOOK VALUE

At 31 December 2014

40,767

At 31 December 2013

46,391

3.

CREDITORS

Creditors include an amount of £ 172,779 (31.12.13 - £ 185,183 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

£

5,000

Ordinary shares

£1

5,000

5,000

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 December 2014 and the

period ended 31 December 2013:

31.12.14

31.12.13

£

£

J C Hay

Balance outstanding at start of year

3,191

3,191

Amounts repaid

-

-

Balance outstanding at end of year

3,191

3,191

J E Hay

Balance outstanding at start of year

5,169

8,169

Amounts advanced

-

15,500

Amounts repaid

-

(18,500

)

Balance outstanding at end of year

5,169

5,169

A C Hay

Balance outstanding at start of year

(6,885

)

7,095

Amounts advanced

13,000

146,170

Amounts repaid

(12,000

)

(160,150

)

Balance outstanding at end of year

(5,885

)

(6,885

)