Robertson Timber Limited - Period Ending 2015-12-31

Registration number: SC383264

Robertson Timber Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD

Robertson Timber Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Robertson Timber Limited
(Registration number: SC383264)
at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					59,000			63,000
Tangible fixed assets					149,183			171,469
					208,183			234,469
Current assets
Stocks					302,000			302,000
Debtors					463,476			1,297,091
Cash at bank and in hand					248,442			120,374
					1,013,918			1,719,465
Creditors: Amounts falling due within one year					(293,608)			(491,727)
Net current assets					720,310			1,227,738
Total assets less current liabilities					928,493			1,462,207
Creditors: Amounts falling due after more than one year					(7,369)			(20,168)
Provisions for liabilities					(20,492)			(23,493)
Net assets					900,632			1,418,546
Capital and reserves
Called up share capital		4			50,000			50,000
Profit and loss account					850,632			1,368,546
Shareholders' funds					900,632			1,418,546

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 16 September 2016

.........................................
C Robertson
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Robertson Timber Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classifed as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviwed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected economic life as follows:

Asset class	Amortisation method and rate
Goodwill	20 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Office equipment	25% reducing balance
Motor vehicles	25% reducing balance
Buildings	5% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 2

Robertson Timber Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2015		80,000			268,710			348,710
Additions		-			22,450			22,450
Disposals		-			(18,200)			(18,200)
At 31 December 2015		80,000			272,960			352,960
Depreciation
At 1 January 2015		17,000			97,241			114,241
Charge for the year		4,000			38,940			42,940
Eliminated on disposals		-			(12,404)			(12,404)
At 31 December 2015		21,000			123,777			144,777
Net book value
At 31 December 2015		59,000			149,183			208,183
At 31 December 2014		63,000			171,469			234,469

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		26,485			30,252
Amounts falling due after more than one year		7,369			20,168
Total secured creditors		33,854			50,420

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		50,000			50,000			50,000			50,000

Page 3

Robertson Timber Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015

5	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
C Robertson
During the year the company advanced money to C Robertson. Interest was charged at 3.00% flat. The loan was repaid on 16 September 2016.	82,388	935,971	935,971	-

Page 4