W._DUGAN_&_SONS_LIMITED - Accounts

W.DUGAN & SONS LIMITED - Company Information

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Company Registration No. 00305396 (England and Wales)

W. DUGAN & SONS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2015

W. DUGAN & SONS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

W. DUGAN & SONS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

171,756

172,323

Current assets

Stocks

602,975

606,836

Debtors

12,769

9,452

Cash at bank and in hand

615,746

616,288

Creditors: amounts falling due within one year

(295,627)

(248,411)

Net current assets

320,119

367,877

Total assets less current liabilities

491,875

540,200

Creditors: amounts falling due after more than one year

(287,049)

(302,014)

204,826

238,186

Capital and reserves

Called up share capital

29,400

Revaluation reserve

169,500

Other reserves

13,577

Profit and loss account

(7,651)

25,709

Shareholders' funds

204,826

238,186

W. DUGAN & SONS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 SEPTEMBER 2015

- 2 -

For the financial year ended 30 September 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 27 May 2016

Mr. J. Dugan

Director

Company Registration No. 00305396

W. DUGAN & SONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 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

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets include investment properties valued by the directors on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

10% to 15% Reducing balance

Fixtures, fittings & equipment

10% Reducing balance

Motor vehicles

20% Reducing balance

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.4

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.

1.5

Stock and work in progress

Stock is valued at the lower of cost and net realisable value.

1.6

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.

W. DUGAN & SONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2015

- 4 -

Fixed assets

Tangible assets

Cost or valuation

At 1 October 2014 & at 30 September 2015

221,182

Depreciation

At 1 October 2014

48,859

Charge for the year

567

At 30 September 2015

49,426

Net book value

At 30 September 2015

171,756

At 30 September 2014

172,323

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £162,737 (2014 - £131,230).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £287,049 (2014 - £302,014).

Share capital

2015

2014

Allotted, called up and fully paid

29,400 Ordinary shares of £1 each

29,400

Related party relationships and transactions

Other transactions

The following directors have made interest free loans to the company, the balances outstanding at the year end are:

Mr J Dugan £40,218 (2014: £34,038)

Mrs J M Dugan £11,491 (2014: £16,111)

Mr M Dugan £19,414 (2014: £14,671)