Smith Brothers Builders Limited - Period Ending 2017-03-31
Smith Brothers Builders Limited - Period Ending 2017-03-31
Registration number:
Smith Brothers Builders Limited
for the Year Ended 31 March 2017
Smith Brothers Builders Limited
Contents
Company Information |
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Directors' Report |
|
Abridged Balance Sheet |
|
Notes to the Abridged Financial Statements |
Smith Brothers Builders Limited
Company Information
Directors |
J B Smith C J B Smith |
Company secretary |
C J B Smith |
Registered office |
|
Page 1 |
Smith Brothers Builders Limited
Directors' Report for the Year Ended 31 March 2017
The directors present their report and the abridged financial statements for the year ended 31 March 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Property developer
Small companies provision statement
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.
Approved by the Board on
.........................................
C J B Smith
Company secretary and director
Page 2 |
Smith Brothers Builders Limited
(Registration number: SC160353)
Abridged Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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- |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have 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.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 3 |
Smith Brothers Builders Limited
(Registration number: SC160353)
Abridged Balance Sheet as at 31 March 2017
Approved and authorised by the
.........................................
J B Smith
Director
Page 4 |
Smith Brothers Builders Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activites. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each company's activites
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 5 |
Smith Brothers Builders Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes.which have arisen but not reversed by the balance sheet date, except as required by FRSSE.
Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% on cost |
Plant and machinery |
25% on cost |
Fixtures and fittings |
20% on cost |
Motor vehicles |
25% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Costs include all direct costs and an appropriate proportion of fixed and variable overheads
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 6 |
Smith Brothers Builders Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become paybale in accordance with the rules of the scheme.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Depreciation expense |
|
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Page 7 |
Smith Brothers Builders Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Total |
|
Cost or valuation |
|
At 1 April 2016 |
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Revaluations |
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Additions |
|
At 31 March 2017 |
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Depreciation |
|
At 1 April 2016 |
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Charge for the year |
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Impairment |
( |
At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Included within the net book value of land and buildings above is £155,167 (2016 - £74,617) in respect of freehold land and buildings.
Revaluation
The fair value of the company's Land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Stocks |
2017 |
2016 |
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Work in progress |
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Other inventories |
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|
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The cost of stocks recognised as an expense in the year amounted to £
Page 8 |
Smith Brothers Builders Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Related party transactions |
Transactions with directors |
2017 |
At 1 April 2016 |
Repayments by director |
At 31 March 2017 |
J B Smith |
|||
Director's loan account |
(39,995) |
( |
( |
C J B Smith |
|||
Director's loan account |
(20,311) |
( |
( |
2016 |
At 1 April 2015 |
Repayments by director |
Other payments made to company by director |
At 31 March 2016 |
J B Smith |
||||
Director's loan account |
(11,564) |
( |
- |
( |
C J B Smith |
||||
Director's loan account |
(12,450) |
( |
339 |
( |
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
35,930 |
23,233 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2017 |
2016 |
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Accruing benefits under money purchase pension scheme |
|
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Dividends paid to directors |
Page 9 |
Smith Brothers Builders Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
2017 |
2016 |
|||
J B Smith |
||||
J B Smith |
28,125 |
28,845 |
||
C J B Smith |
||||
C J B Smith |
28,125 |
28,845 |
||
Transition to FRS 102 |
Balance Sheet at 1 April 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
111,226 |
- |
- |
111,226 |
|
Current assets |
|||||
Stocks |
15,855 |
- |
- |
15,855 |
|
Debtors |
135,366 |
- |
- |
135,366 |
|
Cash at bank and in hand |
20,592 |
- |
- |
20,592 |
|
171,813 |
- |
- |
171,813 |
||
Creditors: Amounts falling due within one year |
(181,999) |
- |
- |
(181,999) |
|
Net current liabilities |
(10,186) |
- |
- |
(10,186) |
|
Total assets less current liabilities |
101,040 |
- |
- |
101,040 |
|
Provisions for liabilities |
(5,502) |
- |
- |
(5,502) |
|
Net assets |
95,538 |
- |
- |
95,538 |
|
Capital and reserves |
|||||
Called up share capital |
1,000 |
- |
- |
1,000 |
|
Profit and loss account |
94,538 |
- |
- |
94,538 |
|
Total equity |
95,538 |
- |
- |
95,538 |
Page 10 |
Smith Brothers Builders Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Balance Sheet at 31 March 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
114,903 |
- |
- |
114,903 |
|
Current assets |
|||||
Stocks |
20,623 |
- |
- |
20,623 |
|
Debtors |
125,973 |
- |
- |
125,973 |
|
Cash at bank and in hand |
8,732 |
- |
- |
8,732 |
|
155,328 |
- |
- |
155,328 |
||
Creditors: Amounts falling due within one year |
(192,495) |
- |
- |
(192,495) |
|
Net current liabilities |
(37,167) |
- |
- |
(37,167) |
|
Total assets less current liabilities |
77,736 |
- |
- |
77,736 |
|
Provisions for liabilities |
(6,853) |
- |
- |
(6,853) |
|
Net assets |
70,883 |
- |
- |
70,883 |
|
Capital and reserves |
|||||
Called up share capital |
1,000 |
- |
- |
1,000 |
|
Profit and loss account |
69,883 |
- |
- |
69,883 |
|
Total equity |
70,883 |
- |
- |
70,883 |
Page 11 |