S Macdonald Commercial Services Limited
S Macdonald Commercial Services Limited
Registered number: 4792208
Directors' Report and
Unaudited Financial Statements
For The Year Ended 30 June 2017
Delegate Accountancy
Incorporated Financial Accountants
S Macdonald Commercial Services Limited
Directors' Report and Unaudited Financial Statements
For The Year Ended 30 June 2017
Directors' Report and Unaudited Financial Statements
| Contents | |
| Page | |
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| Company Information | 1 |
| Directors' Report | 2 |
| Accountant's Report | 3 |
| Profit and Loss Account | 4 |
| Balance Sheet | 5—6 |
| Statement of Changes in Equity | 7 |
| Notes to the Financial Statements | 8—13 |
S Macdonald Commercial Services Limited
Company Information
For The Year Ended 30 June 2017
Company Information
| Directors |
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| Secretary |
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| Company Number |
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| Registered Office | Unit 13 Pavilion Bus. Park |
| Royds Hall Road | |
| Leeds | |
| West Yorkshire | |
| LS12 6AJ | |
| Accountants |
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| Incorporated Financial Accountants | |
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| Wrenthorpe | |
| Wakefield | |
| West Yorkshire | |
| WF2 0DT | |
Page 1
S Macdonald Commercial Services Limited
Company No. 4792208
Directors' Report For The Year Ended 30 June 2017
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2017 .
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
Directors
The directors who held office during the year were as follows:
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Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
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Page 2
S Macdonald Commercial Services Limited
Accountant's Report
For The Year Ended 30 June 2017
Accountant's Report
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 30 June 2017 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
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Incorporated Financial Accountants
4 Winchester Close
Wrenthorpe
Wakefield
West Yorkshire
WF2 0DT
Page 3
S Macdonald Commercial Services Limited
Profit and Loss Account
For The Year Ended 30 June 2017
Profit and Loss Account
| 2017 | 2016 | |||
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| Notes | £ | £ | ||
| TURNOVER |
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| Cost of sales |
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| GROSS PROFIT |
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| Administrative expenses |
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| OPERATING PROFIT | 2 |
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| Amounts written off investments |
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| Interest payable and similar charges | 5 |
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| PROFIT BEFORE TAXATION |
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| Tax on profit | 6 |
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| PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |
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The notes on pages 8 to 13 form part of these financial statements.
Page 4
S Macdonald Commercial Services Limited
Balance Sheet
As at
30 June 2017
Balance Sheet
| 2017 | 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Stocks | 8 |
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| Debtors | 9 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 11 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 13 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 14 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 449,476 | 276,317 | |||
Page 5
S Macdonald Commercial Services Limited
Balance Sheet (continued)
As at
30 June 2017
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
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.
On behalf of the board
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The notes on pages 8 to 13 form part of these financial statements.
Page 6
S Macdonald Commercial Services Limited
Statement of Changes in Equity
For The Year Ended 30 June 2017
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
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| £ | £ | £ | |
| As at 1 July 2015 |
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230,607 |
| Profit for the year and total comprehensive income | - |
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344,163 |
| Dividends paid | - | (298,453) | (298,453) |
| As at 30 June 2016 and 1 July 2016 |
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276,317 |
| Profit for the year and total comprehensive income | - |
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408,375 |
| Dividends paid | - | (235,216) | (235,216) |
| As at |
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449,476 |
Page 7
S Macdonald Commercial Services Limited
Notes to the Unaudited Accounts
For The Year Ended 30 June 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.
Operating Profit
The operating profit is stated after charging:
| 2017 | 2016 | ||
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| Directors' remuneration |
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| Depreciation of tangible fixed assets |
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Page 8
S Macdonald Commercial Services Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
3.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2017 | 2016 | ||
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| Wages and salaries |
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| Other pension costs |
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Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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| Manufacturing |
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5.
Interest Payable
| 2017 | 2016 | ||
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| Finance charges payable under finance leases and hire purchase contracts |
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Page 9
S Macdonald Commercial Services Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
6.
Tax on Profit on Ordinary Activities
| Tax Rate | 2017 | 2016 | |||
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| 2017 | 2016 | £ | £ | ||
| UK Corporation Tax | 20% | 20% |
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| Total Current Tax Charge |
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| Deferred Taxation |
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| 2017 | 2016 | ||||
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| Profit on ordinary activities before tax | 515,489 | 432,814 | |||
| Breakdown of Tax Charge is: | |||||
| Tax on profit at 20% (UK standard rate) |
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| Goodwill/depreciation not allowed for tax |
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| Expenses not deductible for tax purposes |
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| Capital allowances in excess of depreciation |
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| Current tax charge for the period | 107,114 | 88,651 | |||
7.
Tangible Assets
| Plant & Machinery | Fixtures & Fittings | Total | |
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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Page 10
S Macdonald Commercial Services Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
8.
Stocks
| 2017 | 2016 | ||
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| Stock - materials |
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9.
Debtors
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| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Due after more than one year | |||
| Amounts owed by other participating interests | 187,566 | 120,000 | |
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10.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Net wages | 25,280 | 29,493 | |
| Accruals and deferred income |
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| Directors' loan accounts | - |
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Creditors: Amounts Falling Due After More Than One Year
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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Page 11
S Macdonald Commercial Services Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
12.
Obligations Under Finance Leases and Hire Purchase
| 2017 | 2016 | ||
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| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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13.
Deferred Taxation
| 2017 | 2016 | ||
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| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
15.
Transactions With and Loans to Directors
Dividends paid to directors
| 2017 | 2016 | |
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| Mr Jason Chesman | 25,600 | 20,701 |
| Mr David Wilman | 31,051 | 30,401 |
| Mr Paul Currie | 43,377 | 34,872 |
Page 12
S Macdonald Commercial Services Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
16.
Dividends
| 2017 | 2016 | ||
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| On equity shares: | |||
| Interim dividend paid |
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| 235,216 | 298,453 | ||
17.
Ultimate Controlling Party
The company's ultimate controlling party is MacDonald Holdings Limited by virtue of its ownership of 100% of the issued Ordinary A share capital in the company.
18.
General Information
S Macdonald Commercial Services Limited Registered number 4792208 is a limited by shares company incorporated in England & Wales. The Registered Office is Unit 13 Pavilion Bus. Park, Royds Hall Road, Leeds, West Yorkshire, LS12 6AJ.
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