Hay & Anderson (Kilwinning) Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC038919 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2015

for

Hay & Anderson (Kilwinning) Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J E Hay

A C Hay

SECRETARY:

J E Hay

REGISTERED OFFICE:

c/o McLay, McAlister & McGibbon

145 St. Vincent Street

Glasgow

G2 5JF

REGISTERED NUMBER:

SC038919 (Scotland)

ACCOUNTANTS:

McLay McAlister & McGibbon LLP

Chartered Accountants

145 St Vincent Street

Glasgow

G2 5JF

FIXED ASSETS

Tangible assets

2

85,595

40,767

CURRENT ASSETS

Stocks

160,000

157,000

Debtors

481,876

270,574

Cash at bank and in hand

26,281

68,308

668,157

495,882

CREDITORS

Amounts falling due within one year

3

(547,339

)

(402,636

)

NET CURRENT ASSETS

120,818

93,246

TOTAL ASSETS LESS CURRENT
LIABILITIES

206,413

134,013

CREDITORS

Amounts falling due after more than one
year

3

(110,771

)

(100,034

)

PROVISIONS FOR LIABILITIES

(17,119

)

-

NET ASSETS

78,523

33,979

CAPITAL AND RESERVES

Called up share capital

4

5,000

Profit and loss account

73,523

28,979

SHAREHOLDERS' FUNDS

78,523

33,979

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 27 September 2016 and were signed on its behalf
by:

J E Hay - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company has recently renewed their banking facilities. Based on this renewal and the current trading

position of the company the directors consider it is appropriate to prepare the financial statements on a going

concern basis.

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 January 2015).

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.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks and work in progress

Stock is stated at the lower of cost and net realisable value. Cost is calculated as follows:

Raw materials - cost of purchase.

Work in progress and finished goods - cost of raw materials and labour together with attributable overheads.

Deferred tax

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 or a right to pay less tax in the

future have occurred by the balance sheet date with certain limited exceptions.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available

against which the temporary timing differences can be utilised.

Deferred tax is calculated on a non-discounted basis at the tax rates that are expected to apply in the periods in

which the timing differences are expected to reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

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.

Pensions

It is the policy of the company to provide benefits through trustee administered schemes which are separate from

the company's finances. Contributions are based upon periodic independent actuarial valuations and are charged

to the profit and loss account as they become payable.

Government grants

Grants of a revenue nature are credited to the profit and loss account in the period in which they fall due.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

163,748

Additions

90,099

Disposals

(42,545

)

At 31 December 2015

211,302

DEPRECIATION

At 1 January 2015

122,981

Charge for year

27,817

Eliminated on disposal

(25,091

)

At 31 December 2015

125,707

NET BOOK VALUE

At 31 December 2015

85,595

At 31 December 2014

40,767

3.

CREDITORS

Creditors include an amount of £ 293,873 (31.12.14 - £ 172,779 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

5,000

Ordinary shares

£1

5,000

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2015 and

31 December 2014:

31.12.15

31.12.14

£

J C Hay

Balance outstanding at start of year

3,191

Amounts repaid

(3,191

)

-

Balance outstanding at end of year

-

3,191

J E Hay

Balance outstanding at start of year

5,169

Amounts advanced

605

-

Amounts repaid

(5,774

)

-

Balance outstanding at end of year

-

5,169

A C Hay

Balance outstanding at start of year

(5,885

)

(6,885

)

Amounts advanced

-

13,000

Amounts repaid

-

(12,000

)

Balance outstanding at end of year

(5,885

)

(5,885

)