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iso4217:GBP
| Torrance Roofing & Building Services Ltd |
For the year ended 30 September 2016
Unaudited Abbreviated Report and Financial Statements
Scotland
Registered Number: SC208755
2
Torrance Roofing & Building Services Ltd
For the year ended 30 September 2016
1
Balance Sheet
2 to 3
Notes to the Abbreviated Financial Statements
3
| Abbreviated Balance Sheet |
Torrance Roofing & Building Services Ltd
2016
2015
2
427,416
432,579
427,416
432,579
34,025
12,770
373,478
286,631
201,000
213,000
16,614
26,885
529,015
635,388
| Creditors: amounts falling due within one year |
(507,098)
(344,653)
128,290
184,362
Net current assets
| Total assets less current liabilities |
611,778
560,869
(5,138)
(6,170)
| Provisions for liabilities |
606,640
Net assets
554,699
100
100
606,540
554,599
606,640
554,699
Shareholders funds
| For the year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. |
| Directors responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; |
| 2) The directors acknowledge their 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. |
| Date approved by the board: 22 May 2017 |
| William Torrance Director |
| Signed on behalf of the board of directors |
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4
| Notes to the Abbreviated Financial Statements |
Torrance Roofing & Building Services Ltd
For the year ended 30 September 2016
| The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
| Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
| Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted. |
| Proposed dividends are only included as liabilities in the financial statements when their payment has been approved |
| by the shareholders prior to the balance sheet date. |
| Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Freehold buildings
| no depreciation is provided |
Plant and machinery
Motor vehicles
Fixtures and fittings
| No depreciation is provided on the company's freehold properties since in the opinion of the directors the expected |
| useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation |
| would be immaterial. The directors undertake an annual impairment review of these properties. |
| Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
| Current asset investments |
Current asset investments are stated at the lower of cost and net realisable value.
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5
| Notes to the Abbreviated Financial Statements |
Torrance Roofing & Building Services Ltd
For the year ended 30 September 2016
530,513
3,520
534,033
97,934
8,683
Charge for year
106,617
427,416
432,579
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