ANGUS_HORTICULTURE_SERVIC - Accounts
ANGUS_HORTICULTURE_SERVIC - Accounts
Company Registration No. SC098785 (Scotland)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2015
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(1,034,424 )
(747,784 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
(77,093 )
(81,495 )
Provisions for liabilities
(55,475 )
(49,801 )
365,061
329,384
Capital and reserves
Called up share capital
4
Profit and loss account
Shareholders' funds
Directors' responsibilities:
-
-
Approved by the Board for issue on 18 May 2016
Director
Company Registration No. SC098785
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
At 31 August 2015 the company is reliant on the continued support of its bankers, creditors and directors if it is to continue as a going concern. The directors have confirmed their intention to support the company and, on this basis, are of the opinion that the accounts should be prepared on a going concern basis. The directors are also confident that continued bank support will be available. The financial statements do not include any adjustments that would result if the company was unable to continue as a going concern.
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
1.4
Tangible fixed assets and depreciation
Plant and machinery
Motor vehicles
1.5
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.
1.6
Deferred taxation
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 tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on an non-discounted basis.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on an non-discounted basis.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2015
1
Accounting policies
(Continued)
- 3 -
1.7
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2014
860,732
Additions
155,443
Disposals
(16,900)
At 31 August 2015
999,275
Depreciation
At 1 September 2014
526,140
On disposals
(15,492)
Charge for the year
146,399
At 31 August 2015
657,047
Net book value
At 31 August 2015
342,228
At 31 August 2014
334,592
3
Creditors: amounts falling due within one year
The bank overdraft and bank loan are secured by a bond and floating charge in favour of the Royal Bank of Scotland plc. The firm of R&N Cessford has provided a guarantee for £170,000.
The company uses the services of RBS Invoice Financing Limited and invoice financing accounts are secured by floating charge in their favour.
In addition, R B Cessford and M J Cessford have provided guarantees to Manitou Finance, Lloyds TSB Finance and Aldormore Finance totalling £190,769 as at 31 August 2015.
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid