Inverness Paving Limited - Period Ending 2016-06-30

Registration number: SC343967

Inverness Paving Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

A9 Accountancy Limited
Chartered Accountants
Elm House
Cradlehall Business Park
Inverness
IV2 5GH

Inverness Paving Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Inverness Paving Limited
(Registration number: SC343967)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					1,091,808			736,945
Current assets
Stocks					162,227			67,115
Debtors					859,933			578,738
Cash at bank and in hand					-			2
					1,022,160			645,855
Creditors: Amounts falling due within one year					(912,945)			(424,434)
Net current assets					109,215			221,421
Total assets less current liabilities					1,201,023			958,366
Creditors: Amounts falling due after more than one year					(457,932)			(282,719)
Provisions for liabilities					(139,600)			(108,840)
Net assets					603,491			566,807
Capital and reserves
Called up share capital		4			1,000			1,000
Profit and loss account					602,491			565,807
Shareholders' funds					603,491			566,807

For the year ending 30 June 2016 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 her 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 31 March 2017

.........................................
Miss Louise Margaret MacDonald
Director

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

Inverness Paving Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

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.

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
Motor vehicles	25% reducing balance
Plant and machinery	20% reducing balance
Tools and equipment	20% reducing balance

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value except where UITF 40 applies. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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

Inverness Paving Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2015		1,345,055			1,345,055
Additions		657,517			657,517
At 30 June 2016		2,002,572			2,002,572
Depreciation
At 1 July 2015		608,110			608,110
Charge for the year		302,654			302,654
At 30 June 2016		910,764			910,764
Net book value
At 30 June 2016		1,091,808			1,091,808
At 30 June 2015		736,945			736,945

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		9,928			16,763

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Page 3

Inverness Paving Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

5	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Miss Louise Margaret MacDonald
Interest free loan repayable on demand	885,172	631,631	23,499	-

Page 4