CHAMIC_INDUSTRIAL_SERVICE - Accounts
CHAMIC_INDUSTRIAL_SERVICE - Accounts
Company Registration No. SC091320 (Scotland)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Investments
2
Current assets
Debtors
3
Cash at bank and in hand
Creditors: amounts falling due within one year
4
(500,174 )
(495,026 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
(9,722 )
(31,628 )
Provisions for liabilities
(14,614 )
(19,967 )
1,149,053
1,135,886
Capital and reserves
Called up share capital
5
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
- 2 -
Director's responsibilities:
-
-
Approved by the Board for issue on 22 December 2016
Director
Company Registration No. SC091320
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
1.2
Turnover
1.3
Tangible fixed assets and depreciation
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
1.4
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.
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in 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.
1.7
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.
1.8
Deferred taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 April 2015
5,400
401,527
Additions
-
7,990
Disposals
(51,337 )
-
(51,337)
At 31 March 2016
5,400
358,180
Depreciation
At 1 April 2015
-
263,885
On disposals
(48,176 )
-
(48,176)
Charge for the year
-
29,462
At 31 March 2016
-
245,171
Net book value
At 31 March 2016
113,009
At 31 March 2015
137,643
3
Debtors
Debtors include an amount of £0 (2015 - £647,995) which is due after more than one year.
4
Creditors: amounts falling due within one year
The bank overdraft is secured by a Bond and Floating Charge in favour of the The Royal Bank of Scotland.
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
6
Ultimate parent company
The parent company is Hunter Investments Limited, a company registered in Scotland.
7
Related party relationships and transactions
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
7
Related party relationships and transactions
(Continued)
- 5 -
Other transactions
Included within "other debtors" is a loan of £nil (2015: £566,110), due to the company by Chamic Estates Limited, a company in which C A M Hunter and M C Hunter are directors. Other than being due after more than one year, there is no fixed repayment term nor is there interest payable on the loan.
Also included within "other debtors" is a loan of £6,489 (2015: £6,203) and £28,014 (2015: £41,444), due to the company by M M Hunter and M C Hunter, directors in Hunter Investments Limited . There is no fixed repayment term nor is there interest payable on the loans.
Hunter Investments Limited is the parent company of Chamic Industrial Services Limited and Chamic Developments Limited.
During the year Hunter Investments Limited charged Chamic Industrial Services Limited £73,133 rent (2015: £76,000), £28,000 management charges (2015: £35,000) and £nil other costs (2015: £4,813). The amount due from Hunter Investments at 31 March 2015 was £25,762 creditor (2015: £6,093). There is an unlimited Cross Company Guarantee from Chamic Industrial Services Limited in favour of Hunter Investments Limited's bankers.
At the year end £nil (2015: £81,885) is due to the company by way of a loan to Chamic Developments Limited. Other than being due after more than one year, there is no fixed repayment term nor is there interest payable on the loan.