Preah Building Services Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC478089 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

PREAH BUILDING SERVICES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G W Savage

REGISTERED OFFICE:

6 The Wynd

Cumbernauld

Glasgow

Scotland

G67 2SU

REGISTERED NUMBER:

SC478089 (Scotland)

ACCOUNTANTS:

Donachie Chartered Accountants

Suite 23, 2nd Floor

Templeton House

62 Templeton Street

Glasgow

G40 1DA

SOLICITORS:

Wright Johnston & Mackenzie

302 St Vincent Street

Glasgow

G2 5RZ

FIXED ASSETS

Tangible assets

4

10,909

4,195

CURRENT ASSETS

Stocks

29,469

2,051

Debtors

85,711

36,010

Cash at bank and in hand

37,451

23,334

152,631

61,395

CREDITORS

Amounts falling due within one year

128,465

20,989

NET CURRENT ASSETS

24,166

40,406

TOTAL ASSETS LESS CURRENT LIABILITIES

35,075

44,601

CREDITORS

Amounts falling due after more than one year

-

(30,000

)

PROVISIONS FOR LIABILITIES

(2,182

)

(839

)

NET ASSETS

32,893

13,762

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

32,793

13,662

SHAREHOLDERS' FUNDS

32,893

13,762

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

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

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director on 26 September 2017 and were signed by:

G W Savage - Director

1.	STATUTORY INFORMATION

Preah Building Services 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.

Changes in accounting policies

The financial statements for the year ended 31 May 2017 are the first financial statements that comply with FRS 102

Section 1A for small entities. The date of transition is 1 June 2015.

The accounting policies applied in the preparation of these financial statements are set out below. These policies have

been consistently applied to all years unless otherwise stated.

The transition to FRS 102 Section 1A has resulted in no changes to the accounting policies.

Turnover

Turnover is measured at the fair value of the consideration received, net of VAT and represents the supply of services

under contracts.

Turnover recognised at the point at which the Company has fulfilled its contractual obligations to the customer and can be

reliably measured and it is probable that the economic benefit associated with the sale will flow to the entity.

Tangible fixed assets

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

Plant and machinery

-

25% Straight line

Fixtures and fittings

-

20% straight line

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

Debtors and creditors that fall due within one year

Debtors and creditors that fall due within one year are recorded in the financial statements at undiscounted transaction

(invoice) price. Debtors are reviewed for impairment at each reporting date and any impairments are recorded within the

profit and loss and shown within administrative expenses.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the

employee services to the Company. Where employees have accrued short-term benefits which the Company has not paid

by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an

associated expense in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2016

5,773

Additions

9,263

At 31 May 2017

15,036

DEPRECIATION

At 1 June 2016

1,578

Charge for year

2,549

At 31 May 2017

4,127

NET BOOK VALUE

At 31 May 2017

10,909

At 31 May 2016

4,195

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Between one and five years

63,595

16,223

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2017 and 31 May 2016:

2017

2016

£

£

G W Savage

Balance outstanding at start of year

(4,146

)

-

Amounts advanced

(11,533

)

(4,146

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(15,679

)

(4,146

)

G C Savage

Balance outstanding at start of year

(30,000

)

(30,000

)

Amounts repaid

30,000

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(30,000

)