R._CLOUSTON_LTD. - Accounts

R. CLOUSTON LTD. - Company Information

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Company Registration No. SC203800 (Scotland)

R. CLOUSTON LTD.

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

R. CLOUSTON LTD.

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

R. CLOUSTON LTD.

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 1 -

2015

2014

Notes

Fixed assets

Intangible assets

2,688

2,530

Tangible assets

633,063

656,020

635,751

658,550

Current assets

Stocks

1,635,380

1,982,839

Debtors

1,339,176

669,687

Cash at bank and in hand

113,898

64,685

3,088,454

2,717,211

Creditors: amounts falling due within one year

(1,453,419)

(1,153,674)

Net current assets

1,635,035

1,563,537

Total assets less current liabilities

2,270,786

2,222,087

Creditors: amounts falling due after more than one year

(582,818)

(774,719)

Provisions for liabilities

(15,916)

(16,851)

Accruals and deferred income

(388,169)

1,283,883

1,042,348

Capital and reserves

Called up share capital

50,000

Other reserves

54,884

Profit and loss account

1,178,999

937,464

Shareholders' funds

1,283,883

1,042,348

R. CLOUSTON LTD.

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2015

- 2 -

For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 18 November 2015

Mr R Clouston

Director

Company Registration No. SC203800

R. CLOUSTON LTD.

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services and excludes value added tax. Where services are performed gradually over time, revenue is recognised as activity progresses by reference to the value of work performed.

1.4

Lease costs

Costs of entering into property leases are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over the term of the lease.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% reducing balance basis

Computer equipment

33% reducing balance basis

Fixtures, fittings & equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

1.6

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the 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 as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Stock and work in progress

Cost of stock and work in progress comprises all direct costs and an appropriate proportion of fixed and variable overheads.

1.8

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

R. CLOUSTON LTD.

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

Accounting policies

(Continued)

- 4 -

1.9

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.10

Deferred taxation

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. The deferred tax balance has not been discounted.

1.11

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 April 2014

3,036

1,136,631

1,139,667

Additions

440

39,149

39,589

Disposals

(18,496)

At 31 March 2015

3,476

1,157,284

1,160,760

Depreciation

At 1 April 2014

506

480,611

481,117

On disposals

(15,538)

Charge for the year

282

59,148

59,430

At 31 March 2015

788

524,221

525,009

Net book value

At 31 March 2015

2,688

633,063

635,751

At 31 March 2014

2,530

656,020

658,550

R. CLOUSTON LTD.

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 5 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £234,229 (2014 - £253,461).

The company has granted to The Royal Bank of Scotland PLC a bond and floating charge over the assets of the company, a standard security over property at Queen Street, Kirkwall, and a standard security over property at Victoria Street, Kirkwall, as security for all bank borrowings.

The company has granted to Orkney Islands Council a standard security over property at Victoria Street, Stromness, for securing all sums due or to become due.

The company has granted to the Trustees of the Clouston Pension Fund a standard security over property at 7, 8 and 9 Lyron, Rendall, and Victoria Street, Stromness as security for all pension fund borrowings.

The company operates plant & machinery on hire purchase terms.

Creditors: amounts falling due after more than one year

2015

2014

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

186,468

The aggregate amount of creditors for which security has been given amounted to £582,818 (2014 - £774,719).

The company has granted to Orkney Islands Council a standard security over property at Victoria Street, Stromness, for securing all sums due or to become due.

The company operates plant & machinery on hire purchase terms.

Share capital

2015

2014

Allotted, called up and fully paid

50,000 ordinary shares of £1 each

50,000