McQuilkin & Co Limited - Abbreviated accounts 16.3
McQuilkin & Co Limited - Abbreviated accounts 16.3
| REGISTERED NUMBER: |
| Abbreviated Unaudited Accounts for the Year Ended 31 October 2016 |
| for |
| MCQUILKIN & CO LIMITED |
| MCQUILKIN & CO LIMITED (REGISTERED NUMBER: SC494641) |
| Contents of the Abbreviated Accounts |
| for the Year Ended 31 October 2016 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| Chartered Accountants' Report | 6 |
| MCQUILKIN & CO LIMITED |
| Company Information |
| for the Year Ended 31 October 2016 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| MCQUILKIN & CO LIMITED (REGISTERED NUMBER: SC494641) |
| Abbreviated Balance Sheet |
| 31 October 2016 |
| 31.10.16 | 31.10.15 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 3 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 3 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| MCQUILKIN & CO LIMITED (REGISTERED NUMBER: SC494641) |
| Abbreviated Balance Sheet - continued |
| 31 October 2016 |
| The financial statements were approved by the Board of Directors on |
| MCQUILKIN & CO LIMITED (REGISTERED NUMBER: SC494641) |
| Notes to the Abbreviated Accounts |
| for the Year Ended 31 October 2016 |
| 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 |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| The freehold property is maintained in a good state of repair and a recent valuation showed that the market value of the |
| property is not materially different from the net book value. Therefore the director feels that depreciating the property |
| would not give a true and fair value of the building in the accounts. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
| items. |
| 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 a right to pay less) tax at a future date, at the 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 are recognised to the extent that it is regarded as more likely than not that they will be recovered. |
| Deferred tax assets and liabilities are not discounted. |
| Pension costs and other post-retirement benefits |
| The company operates a money purchase pension scheme. Contributions payable to the company's pension scheme are |
| calculated based on employees qualifying earnings and charged to the profit and loss account in the period to which they |
| relate. |
| Contributions paid during the year amounted to £15,387. There were no prepaid or accrued contributions at the year end. |
| MCQUILKIN & CO LIMITED (REGISTERED NUMBER: SC494641) |
| Notes to the Abbreviated Accounts - continued |
| for the Year Ended 31 October 2016 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 November 2015 |
| Additions |
| At 31 October 2016 |
| DEPRECIATION |
| At 1 November 2015 |
| Charge for year |
| At 31 October 2016 |
| NET BOOK VALUE |
| At 31 October 2016 |
| At 31 October 2015 |
| 3. | CREDITORS |
| Creditors include an amount of £ |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.16 | 31.10.15 |
| value: | £ | £ |
| Ordinary | £1 |
| Preference | £1 |
| 110,000 | 110,000 |
| The company has the option to redeem the preference shares on the 10th anniversary of their issue (30/04/25) at a |
| redemption price of £1 per share. No premium will be paid on redemption. |
| The holder of the preference shares is entitled to a 10% cash dividend of the amount paid up commencing on the 30 April |
| 2016 and future dividends being paid on 31 October and 30 April each year. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| McQuilkin & Co Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited |
| financial statements, from which the unaudited abbreviated accounts (set out on pages two to five) have been prepared. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
| statements of McQuilkin & Co Limited for the year ended 31 October 2016 which comprise the Profit and Loss Account, the |
| Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given |
| us. |
| As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance. |
| This report is made solely to the Board of Directors of McQuilkin & Co Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of McQuilkin & Co Limited and state those matters that we have agreed to state to the Board of Directors of McQuilkin & Co Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that McQuilkin & Co Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of McQuilkin & Co Limited. You consider that McQuilkin & Co Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of McQuilkin & Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| 23 March 2017 |