JC Draughting Limited Company Accounts
JC Draughting Limited Company Accounts
COMPANY REGISTRATION NUMBER:
SC304864
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For the year ended |
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Financial Statements |
Year ended 31 July 2017
Contents |
Page |
Officers and professional advisers |
1 |
Statement of financial position |
2 |
Notes to the financial statements |
4 |
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Officers and Professional Advisers |
Director |
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Company secretary |
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Registered office |
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Accountants |
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Chartered Certified Accountants |
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First Floor |
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80 High Street |
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Johnstone |
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Renfrewshire |
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PA5 8SP |
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Bankers |
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27 Canal Street |
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Renfrew |
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Renfrewshire |
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PA4 8QG |
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Current assets
Debtors |
7 |
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Cash at bank and in hand |
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-------- |
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Creditors: amounts falling due within one year |
8 |
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Net current assets/(liabilities) |
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(
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------- |
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Total assets less current liabilities |
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Net assets |
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------- |
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Capital and reserves
Called up share capital |
9 |
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Profit and loss account |
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------- |
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Member funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Director's responsibilities:
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The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
13 October 2017
, and are signed on behalf of the board by:
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Director |
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Company registration number:
SC304864
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Notes to the Financial Statements |
Year ended 31 July 2017
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 31 Alexandra Drive, Paisley, Renfrewshire, PA2 9DS.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions which affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events, which are believed to be reasonable under the circumstances.
Revenue recognition
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax, which is recognised on taxable profit for the current and past periods, is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured, on an undiscounted basis, using the tax rates and laws that have been enacted or substantively enacted by the reporting date which are expected to apply to the reversal of the timing difference.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures & equipment |
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Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2016:
2
).
5.
Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2017 |
2016 |
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£ |
£ |
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Ordinary shares of £1 each |
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6.
Tangible assets
Fixtures & equipment |
Total |
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£ |
£ |
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Cost |
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At 1 August 2016 |
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Additions |
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At 31 July 2017 |
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------- |
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Depreciation |
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At 1 August 2016 |
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Charge for the year |
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------- |
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At 31 July 2017 |
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Carrying amount |
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At 31 July 2017 |
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At 31 July 2016 |
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------- |
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7.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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------- |
------- |
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8.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Trade creditors |
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– |
Corporation tax |
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Social security and other taxes |
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Other creditors |
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9.
Called up share capital
Issued, called up and fully paid
2017 |
2016 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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10.
Director's advances, credits and guarantees
As at 31 July 2017, the director,
Mr J A Calder
had advanced a total sum of £18,262 (2016 - £38,018) to the company. No interest is charged on this unsecured loan which is repayable on demand.
11.
Related party transactions
During the year, dividends of £31,489 (2016 - £50,204) were paid to the director.
12.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
No transitional adjustments were required in equity or profit or loss for the year.