Ferguson & Menzies Limited - Accounts to registrar - small 17.2
Ferguson & Menzies Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended |
| 31 March 2017 |
| for |
| Ferguson & Menzies Limited |
| Ferguson & Menzies Limited (Registered number: SC034282) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Ferguson & Menzies Limited |
| Company Information |
| for the Year Ended 31 March 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Floor 1 |
| 24 Blythswood Square |
| Glasgow |
| G2 4BG |
| Ferguson & Menzies Limited (Registered number: SC034282) |
| Statement of Financial Position |
| 31 March 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Capital redemption reserve | 13 |
| Retained earnings | 13 |
| 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. |
| 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 |
| Ferguson & Menzies Limited (Registered number: SC034282) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| Ferguson & Menzies Limited is a |
| number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Functional currency |
| The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the |
| nearest whole pound. |
| Turnover |
| Turnover represents net invoiced sales of services, excluding value added tax, and is recognised when invoices are issued to |
| customers. |
| In the opinion of the directors the turnover of the company attributable to geographical markets outside the UK is 17.95% |
| (2016 :85.75%). |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held |
| under a finance lease, over the lease term, whichever is the shorter. |
| Buildings | 2.5% on cost |
| Property improvements | 2.5%- 20% on cost |
| Plant and machinery | 10% on cost |
| Fixtures and fittings | 20%- 25% on cost |
| Motor vehicles | 25% on reducing balance |
| Fixed assets are initially recorded at cost. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of |
| financial position 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of |
| financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the |
| date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Ferguson & Menzies Limited (Registered number: SC034282) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire |
| purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over |
| their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital |
| element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to the profit and loss account as incurred. |
| 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. |
| Significant judgements and estimates |
| The preparation of financial statements requires the use of certain accounting estimates . It also requires the Directors to |
| exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or |
| complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below: |
| Estimation Uncertainty |
| Useful life of properties, plant and equipment |
| The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be |
| depreciated based on this. |
| Recoverability of Debtors |
| The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and |
| perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is |
| made against the recoverability of these debts. |
| Key Judgements made in the application of Accounting Policies |
| a) Exemptions taken in the transition to FRS 102 |
| The Company has considered and taken advantage of the following exemptions in its first time application of FRS 102: |
| i) The Company has not revisited previous accounting estimates. |
| Financial instruments |
| Classification |
| The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in |
| accordance with Section 11 of the Financial Reporting Standard. |
| Recognition and measurement |
| The company's debt instruments are measured at amortised cost using the effective interest rate method. |
| Impairment |
| Financial instruments are reviewed annually for impairment. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Ferguson & Menzies Limited (Registered number: SC034282) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Property | Plant and |
| Buildings | improvements | machinery |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| and 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Ferguson & Menzies Limited (Registered number: SC034282) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 5. | STOCKS |
| 2017 | 2016 |
| £ | £ |
| Stocks |
| The cost of stock recognised as an expense in the year amounted to £2,929,346 (2016: £2,778,676). |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2017 | 2016 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating |
| leases |
| 2017 | 2016 |
| £ | £ |
| Within one year |
| Ferguson & Menzies Limited (Registered number: SC034282) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Hire purchase contracts | 89,794 | 161,036 |
| The Royal Bank of Scotland plc holds a bond and floating charge over the assets of the company. |
| 11. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Deferred taxation | 44,510 | 57,769 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2016 |
| Movement in current year | (13,259 | ) |
| Balance at 31 March 2017 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £1 | 65,000 | 65,000 |
| 13. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 April 2016 | 1,282,807 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 March 2017 | 649,122 |
| 14. | RELATED PARTY DISCLOSURES |
| At the balance sheet date, the Company owed monies amounting to £ £315,000) to Ferguson & Menzies Holdings Limited, the |
| 15. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| Ferguson & Menzies Limited (Registered number: SC034282) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 16. | FINANCIAL RISK MANAGEMENT |
| Liquidity Risk |
| The objective of the Company in managing its liquidity risk is to ensure that it can meet its financial obligations through |
| operating cash flows. Cash flow is regularly reviewed as part of the Company's reporting process to ensure that it is |
| achieved. Based on the obligations set out in these financial statements, the Company is in position to meet its commitments |
| and obligations as they come due given the continued support of its' directors. |
| Market risk |
| The market for the Company's products and services remains competitive. The Company is consistently reviewing its |
| marketing strategies, and how to attract customers to purchase its' products through attendance at various industry |
| conventions in order to identify the current needs within the industry. The Company also focuses on handling of customer |
| enquiries by maintaining strong relationships with key customers and suppliers. Where appropriate, the Company seeks to |
| minimise exposure to certain future risks of cost increases, e.g. interest rate fluctuations. |
| Credit risk |
| The Company's credit risk is primarily attributable to the recoverability of cash from external trade. The Company monitors |
| cash flow as part of its' day to day control procedures. The Directors consider cash flow projections on a monthly basis and |
| ensures that appropriate facilities are available to be drawn upon as necessary. |
| 17. | FIRST YEAR ADOPTION |
| The Company adopted FRS 102 Section 1A as at 01 April 2015. There were no changes to the figures previously reported |
| under UK GAAP. |