Frank S. McLean & Son Limited - Limited company - abbreviated - 11.9

Frank S. McLean & Son Limited - Limited company - abbreviated - 11.9


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REGISTERED NUMBER: SC330401 (Scotland)















Abbreviated Unaudited Accounts for the Year Ended 28 February 2015

for

Frank S. McLean & Son Limited

Frank S. McLean & Son Limited (Registered number: SC330401)






Contents of the Abbreviated Accounts
for the Year Ended 28 February 2015




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

Chartered Accountants' Report 6

Frank S. McLean & Son Limited

Company Information
for the Year Ended 28 February 2015







DIRECTORS: P J McLean
Mrs N H McLean



REGISTERED OFFICE: Holmhill
4 Station Road
Keith
Banffshire
AB55 5DR



REGISTERED NUMBER: SC330401 (Scotland)



ACCOUNTANTS: Stewart & Stewart Ltd
Chartered Accountants
Achorn House
34 Millbank Road
Munlochy
Ross-Shire
IV8 8ND



SOLICITORS: Stronachs
34 Albyn Place
Aberdeen
Aberdeenshire
AB10 1FW

Frank S. McLean & Son Limited (Registered number: SC330401)

Abbreviated Balance Sheet
28 February 2015

28.2.15 28.2.14
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 160,616 145,417

CURRENT ASSETS
Stocks 24,295 21,973
Debtors 100,206 128,803
Cash at bank and in hand 235,841 215,711
360,342 366,487
CREDITORS
Amounts falling due within one year 3 114,008 113,724
NET CURRENT ASSETS 246,334 252,763
TOTAL ASSETS LESS CURRENT
LIABILITIES

406,950

398,180

CREDITORS
Amounts falling due after more than one
year

3

(2,500
)
(3,125
)

PROVISIONS FOR LIABILITIES (13,133 ) (7,232 )
NET ASSETS 391,317 387,823

CAPITAL AND RESERVES
Called up share capital 4 2 2
Profit and loss account 391,315 387,821
SHAREHOLDERS' FUNDS 391,317 387,823

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2015 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.

Frank S. McLean & Son Limited (Registered number: SC330401)

Abbreviated Balance Sheet - continued
28 February 2015


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 23 October 2015 and were signed on its behalf by:





P J McLean - Director


Frank S. McLean & Son Limited (Registered number: SC330401)

Notes to the Abbreviated Accounts
for the Year Ended 28 February 2015

1. ACCOUNTING POLICIES

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).

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a
small company.

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.

Tenants improvements - 10% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
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 items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment
of certain items for taxation and accounting purposes. Deferred taxation is calculated at the rates of tax that are
expected to apply in the periods when the timing differences will reverse and has not been discounted.

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.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the
period of the lease.

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 the profit and loss account in the period to which they relate.

Frank S. McLean & Son Limited (Registered number: SC330401)

Notes to the Abbreviated Accounts - continued
for the Year Ended 28 February 2015

2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 March 2014 304,086
Additions 91,460
Disposals (62,783 )
At 28 February 2015 332,763
DEPRECIATION
At 1 March 2014 158,669
Charge for year 46,310
Eliminated on disposal (32,832 )
At 28 February 2015 172,147
NET BOOK VALUE
At 28 February 2015 160,616
At 28 February 2014 145,417

3. CREDITORS

Creditors include an amount of £ 10,625 (28.2.14 - £ 15,625 ) for which security has been given.

4. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.15 28.2.14
value: £    £   
2 Ordinary 1.00 2 2

5. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2015 and
28 February 2014:

28.2.15 28.2.14
£    £   
P J McLean and Mrs N H McLean
Balance outstanding at start of year 42,252 1,236
Amounts advanced 20,237 54,420
Amounts repaid (54,766 ) (13,404 )
Balance outstanding at end of year 7,723 42,252

The above loan is unsecured, interest free and has no fixed repayment terms.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Frank S. McLean & Son Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual
unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)
have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements of Frank S. McLean & Son Limited for the year ended 28 February 2015 which comprise the Profit
and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information
and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Frank S. McLean & Son Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Frank S. McLean & Son Limited and state those matters that we have agreed to state to the Board of Directors of Frank S. McLean & Son Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Frank S. McLean & Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Frank S. McLean & Son Limited. You consider that Frank S. McLean & Son Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Frank S. McLean & Son
Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and
explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Stewart & Stewart Ltd
Chartered Accountants
Achorn House
34 Millbank Road
Munlochy
Ross-Shire
IV8 8ND


23 October 2015