K.W. Contractors Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC265471 (Scotland)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

FOR

K.W. CONTRACTORS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

to

4

DIRECTOR:

Mr A N Ironside

SECRETARY:

Mrs J Ironside

REGISTERED OFFICE:

51-53 High Street

Turriff

Aberdeenshire

AB53 4EJ

REGISTERED NUMBER:

SC265471 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

28 Broad Street

Peterhead

Aberdeenshire

AB42 1BY

FIXED ASSETS

Tangible assets

2

497,370

1,186,913

CURRENT ASSETS

Stocks

428,662

362,662

Debtors

447,416

110,170

Cash at bank and in hand

2,886,593

2,947,268

3,762,671

3,420,100

CREDITORS

Amounts falling due within one year

(624,693

)

(628,136

)

NET CURRENT ASSETS

3,137,978

2,791,964

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,635,348

3,978,877

PROVISIONS FOR LIABILITIES

(30,330

)

(31,418

)

NET ASSETS

3,605,018

3,947,459

CAPITAL AND RESERVES

Called up share capital

3

1,000

Profit and loss account

3,604,018

3,946,459

SHAREHOLDERS' FUNDS

3,605,018

3,947,459

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 30 December 2016 and were signed by:

Mr A N Ironside - Director

1.	ACCOUNTING POLICIES

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.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Stocks, including land held for development and completed are stated at the lower of cost and net realisable value.

Amounts recoverable on contracts are included in debtors and stated at cost plus attributable profit less any foreseeable

losses. Attributable profit is recognised in proportion to the stage of completion reached when the outcome of the contract

can be assessed with reasonable certainty.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different

from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences

which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when

the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment

to sell the asset.

Deferred tax assets and liabilities are not discounted.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

1,547,087

Additions

429,628

Disposals

(1,168,130

)

At 30 April 2016

808,585

DEPRECIATION

At 1 May 2015

360,174

Charge for year

57,880

Eliminated on disposal

(106,839

)

At 30 April 2016

311,215

NET BOOK VALUE

At 30 April 2016

497,370

At 30 April 2015

1,186,913

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,000

Ordinary

£1

1,000

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Details of directors loan account transactions and the year end balance are as follows:

2016

2015

£

Mr AN Ironside:

Amount due to directors at 30th April 2015

107,198

141,198

Received from directors during year

-

16,000

Paid to directors during the year

(97,256

)

(50,000

)

Amount due to directors at 30th April 2016

9,942

107,198

The loan is interest free and there are no fixed terms of repayment.