George Andrew (Engineers) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC372570 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

George Andrew (Engineers) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTORS:

N Andrew

I Andrew

N L Andrew

SECRETARY:

N Andrew

REGISTERED OFFICE:

55-57 West High Street

INVERURIE

AB51 3QQ

REGISTERED NUMBER:

SC372570 (Scotland)

ACCOUNTANTS:

Atholl Scott

55-57 West High Street

INVERURIE

AB51 3QQ

FIXED ASSETS

Intangible assets

4

830,097

933,859

Tangible assets

5

469,346

476,827

1,299,443

1,410,686

CURRENT ASSETS

Stocks

8,563

7,893

Debtors

6

98,753

101,050

Cash at bank and in hand

90,654

249,309

197,970

358,252

CREDITORS

Amounts falling due within one year

7

(926,717

)

(1,076,879

)

NET CURRENT LIABILITIES

(728,747

)

(718,627

)

TOTAL ASSETS LESS CURRENT LIABILITIES

570,696

692,059

PROVISIONS FOR LIABILITIES

(16,002

)

(15,688

)

NET ASSETS

554,694

676,371

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

554,594

676,271

SHAREHOLDERS' FUNDS

554,694

676,371

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 12 September 2017 and were signed on its behalf by:

N Andrew - Director

1.	STATUTORY INFORMATION

George Andrew (Engineers) Limited is a private company, limited by shares ,

registered in Scotland. The company's registered number and registered

office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts receivable for goods sold and services rendered

during the year, exclusive of value added tax.

Goodwill

Goodwill arising on the acquisition of the business trade is carried at

cost less accumulated amortisation. Amortisation is calculated on a

straight line basis over the useful economic life of 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial

recognition, intangible assets are measured at cost less any accumulated

amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after

making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised

in the Income Statement, except to the extent that it relates to items

recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates

and laws that have been enacted or substantively enacted by the balance

sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have

originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax

assessments in periods different from those in which they are recognised in

financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to

the extent that it is probable that they will be recovered against the

reversal of deferred tax liabilities or other future taxable profits.

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 profit or loss in

the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

1,297,026

AMORTISATION

At 1 April 2016

363,167

Amortisation for year

103,762

At 31 March 2017

466,929

NET BOOK VALUE

At 31 March 2017

830,097

At 31 March 2016

933,859

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2016

452,419

104,086

25,819

1,653

583,977

Additions

-

16,420

-

-

16,420

At 31 March 2017

452,419

120,506

25,819

1,653

600,397

DEPRECIATION

At 1 April 2016

54,033

31,549

20,346

1,222

107,150

Charge for year

9,048

13,343

1,368

142

23,901

At 31 March 2017

63,081

44,892

21,714

1,364

131,051

NET BOOK VALUE

At 31 March 2017

389,338

75,614

4,105

289

469,346

At 31 March 2016

398,386

72,537

5,473

431

476,827

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

89,733

92,010

Prepayments

9,020

9,040

98,753

101,050

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Other loans

330,000

405,000

Trade creditors

9,922

19,038

Tax

13,837

37,162

PAYE

310

3,536

VAT

20,702

17,936

Directors' loan accounts

545,924

585,892

Accrued expenses

6,022

8,315

926,717

1,076,879

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors and

members in respect of the company's annual unaudited financial statements. In

accordance with the Companies Act 2006, the company is only required to file a

Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed

with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2017 set out on pages three to eleven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

This report is made solely to the Board of Directors of the company, as a body,

in accordance with the terms of our engagement. Our work has been undertaken

solely to prepare for your approval the financial statements of the company and

state those matters that we have agreed to state to the Board of Directors of

the company, as a body, in this report in accordance with the requirements of

the Institute of Financial Accountants. 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 the company has kept adequate accounting records

and to prepare statutory accounts that give a true and fair view of the assets,

liabilities and financial position of the company. You consider that the company

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 the company. 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.

Atholl Scott

55-57 West High Street

INVERURIE

AB51 3QQ

13 September 2017