JOHN_A_SMITH_&_SON_(BUILD - Accounts
JOHN_A_SMITH_&_SON_(BUILD - Accounts
Company Registration No. SC232952 (Scotland)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(233,410 )
(280,057 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
4
(5,396 )
(9,188 )
Provisions for liabilities
(8,214 )
(10,249 )
347,324
347,614
Capital and reserves
Called up share capital
5
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2016
- 2 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 13 February 2017
Director
Director
Company Registration No. SC232952
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The company made a loss during the year however at the year end had a positive balance sheet. The directors consider that the company will return to a profitable position in the coming year and on this basis the accounts have been prepared as a going concern.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
1.4
Tangible fixed assets and depreciation
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
1.5
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.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
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.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
1
Accounting policies
(Continued)
- 4 -
1.8
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.
1.9
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.10
Profit recognition
Where contracts are in progress at the year end and are material to the company's activity, the contracts are treated as long term. Profits on such contracts are recognised where the outcome can be foreseen with reasonable certainty, and are determined by reference to the valuations of work done less related costs. Provision is made for all foreseeable contract losses.
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2015
314,499
Additions
13,935
At 30 June 2016
328,434
Depreciation
At 1 July 2015
245,218
Charge for the year
22,792
At 30 June 2016
268,010
Net book value
At 30 June 2016
60,424
At 30 June 2015
69,281
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £49,226 (2015 - £112,503).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £5,396 (2015 - £9,188).
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 5 -
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
6
Transactions with directors
The following directors had interest free loans during the year. The movement on these loans was as follows:
Amount outstanding
Maximum
2016
2015
in year
£
£
£
J A Smith
-
1,786
1,786
D J Smith
-
1,365
1,780
All loans are interest free and there are no fixed repayment terms.