R.S.Erskine & Company Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC059514 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 April 2017

for

R.S.Erskine & Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

Mr N A Erskine

Mrs A T Erskine

SECRETARY:

Mrs A T Erskine

REGISTERED OFFICE:

Westholm Kilbryde Crescent

Dunblane

FK15 9BB

REGISTERED NUMBER:

SC059514 (Scotland)

ACCOUNTANTS:

Yates & Co

Chartered Accountants

Statutory Auditor

Unit 4B Gateway Bus Park

Grangemouth

Central

FK3 8WX

FIXED ASSETS

Tangible assets

3

79,631

126,678

Investment property

4

120,000

120,000

199,631

246,678

CURRENT ASSETS

Stocks

52,664

50,400

Debtors

5

51,630

52,095

Cash at bank and in hand

24,650

29,841

128,944

132,336

CREDITORS

Amounts falling due within one year

6

121,945

151,607

NET CURRENT ASSETS/(LIABILITIES)

6,999

(19,271

)

TOTAL ASSETS LESS CURRENT LIABILITIES

206,630

227,407

CREDITORS

Amounts falling due after more than one year

7

(47,646

)

(66,376

)

PROVISIONS FOR LIABILITIES

(10,860

)

(24,136

)

NET ASSETS

148,124

136,895

CAPITAL AND RESERVES

Called up share capital

18,890

40,555

Revaluation reserve

37,322

37,322

Retained earnings

91,912

59,018

148,124

136,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

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.

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.

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 18 September 2017 and were signed on its behalf by:

Mr N A Erskine - Director

1.	STATUTORY INFORMATION

R.S.Erskine & Company 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.

Transition to FRS 102

The entity has transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has

affected the reported financial position and financial performance is given in note 6.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Improvements to property

-

straight line over lease term

Plant and machinery

-

20% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

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

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 profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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

lease.

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.

3.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 May 2016

32,854

296,059

79,323

27,794

436,030

Additions

-

5,946

-

441

6,387

At 30 April 2017

32,854

302,005

79,323

28,235

442,417

DEPRECIATION

At 1 May 2016

9,784

237,607

40,483

21,478

309,352

Charge for year

2,628

41,303

7,932

1,571

53,434

At 30 April 2017

12,412

278,910

48,415

23,049

362,786

NET BOOK VALUE

At 30 April 2017

20,442

23,095

30,908

5,186

79,631

At 30 April 2016

23,070

58,452

38,840

6,316

126,678

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as

follows:

Plant and

machinery

£

COST

At 1 May 2016

and 30 April 2017

175,664

DEPRECIATION

At 1 May 2016

122,724

Charge for year

34,602

At 30 April 2017

157,326

NET BOOK VALUE

At 30 April 2017

18,338

At 30 April 2016

52,940

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2016

and 30 April 2017

120,000

NET BOOK VALUE

At 30 April 2017

120,000

At 30 April 2016

120,000

5.

DEBTORS

30.4.17

30.4.16

£

£

Amounts falling due within one year:

Trade debtors

37,993

39,703

Other debtors

13,637

6,972

51,630

46,675

Amounts falling due after more than one year:

Other debtors

-

5,420

Aggregate amounts

51,630

52,095

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans and overdrafts

4,785

19,519

Hire purchase contracts and finance leases (see note 8)

15,166

32,398

Trade creditors

49,034

41,299

Taxation and social security

38,309

33,882

Other creditors

14,651

24,509

121,945

151,607

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans

41,402

47,721

Hire purchase contracts and finance leases (see note 8)

6,244

18,655

47,646

66,376

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

41,402

34,100

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

Finance leases

30.4.17

30.4.16

30.4.17

30.4.16

£

£

£

£

Net obligations repayable:

Within one year

12,658

32,398

2,508

-

Between one and five years

1,192

18,655

5,052

-

13,850

51,053

7,560

-

Non-cancellable operating

leases

30.4.17

30.4.16

£

£

Within one year

1,847

5,014

Between one and five years

116,964

150,704

118,811

155,718

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.17

30.4.16

£

£

Bank loans

46,187

-

Hire purchase contracts and finance leases

21,410

-

67,597

-

The Royal Bank of Scotland holds a floating charge over the assets of the company.

The director's have given a personal guarantee for the balance due on the hire purchase contract.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Other debtors include the following amounts which is owed from the directors of the company during the year:

30.04.17

30.04.16

£

£

Mr N A Erskine

-

338

Mrs A T Erskine

-

338

-

676

The maximum balance outstanding during the year amounted to £676.

These loans are repayable on demand.

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £60,700 were paid to the directors .

Creditors include the following amounts which is owed to the directors of the company during the year:

30.04.17

30.04.16

£

£

Mr N A Erskine

45

-

Mrs A T Erskine

45

-

90

-

The maximum balance outstanding during the year amounted to £90.

The directors' current accounts are repayable on demand.

Other creditors include the following amount which is owed to a related company in which was Niall Erskine and

Tracey Erskine were also directors during the year:

30.04.17

30.04.16

£

£

Erskine Mobile Eyecare Ltd

9,134

4,782

9,134

4,782

This loan is repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

Mr N A Erskine controls the company by virtue of a controlling interest of 51% of the issued ordinary share

capital.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of R.S.Erskine & Company Limited for the year ended 30 April 2017 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of R.S.Erskine & Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of R.S.Erskine & Company Limited and state those matters that we have agreed to state to the Board of Directors of R.S.Erskine & Company Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that R.S.Erskine & Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of R.S.Erskine & Company Limited. You consider that R.S.Erskine & Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of R.S.Erskine & Company Limited. 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 statutory financial statements.

Yates & Co

Chartered Accountants

Statutory Auditor

Unit 4B Gateway Bus Park

Grangemouth

Central

FK3 8WX

18 September 2017