Adrian Smith Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC054033 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Adrian Smith Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J S Smith

Mrs E A Smith

SECRETARY:

J R Davie

REGISTERED OFFICE:

Avondow

Miltimber

Aberdeenshire

AB13 0AD

REGISTERED NUMBER:

SC054033 (Scotland)

ACCOUNTANTS:

SBP

Accountants

49 Carden Place

Aberdeen

AB10 1UN

FIXED ASSETS

Intangible assets

3

10,402

10,402

Tangible assets

4

752,276

772,220

762,678

782,622

CURRENT ASSETS

Debtors

5

300

300

Cash at bank

1,350

15,270

1,650

15,570

CREDITORS

Amounts falling due within one year

6

405,092

438,567

NET CURRENT LIABILITIES

(403,442

)

(422,997

)

TOTAL ASSETS LESS CURRENT LIABILITIES

359,236

359,625

CREDITORS

Amounts falling due after more than one year

7

1,062,432

1,190,277

NET LIABILITIES

(703,196

)

(830,652

)

CAPITAL AND RESERVES

Called up share capital

1,085,000

1,085,000

Revaluation reserve

9

652,306

652,306

Retained earnings

(2,440,502

)

(2,567,958

)

SHAREHOLDERS' FUNDS

(703,196

)

(830,652

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 12 December 2017 and were signed on its behalf by:

A J S Smith - Director

1.	STATUTORY INFORMATION

Adrian Smith 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.

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2.475% on cost

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.

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2016

and 31 March 2017

10,402

NET BOOK VALUE

At 31 March 2017

10,402

At 31 March 2016

10,402

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2016

and 31 March 2017

1,031,300

DEPRECIATION

At 1 April 2016

259,080

Charge for year

19,944

At 31 March 2017

279,024

NET BOOK VALUE

At 31 March 2017

752,276

At 31 March 2016

772,220

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Other debtors

300

300

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

127,844

122,717

Taxation and social security

46,710

48,997

Other creditors

230,538

266,853

405,092

438,567

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans

1,062,432

1,190,277

31.3.17

31.3.16

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

522,622

645,340

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank loans

1,190,276

1,312,994

The bank loan is secured over the property.

9.

RESERVES

Revaluation

reserve

£

At 1 April 2016

and 31 March 2017

652,306

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

31.3.17

31.3.16

£

£

A J S Smith

Balance outstanding at start of year

255,084

237,264

Amounts advanced

-

17,820

Amounts repaid

(25,706

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

229,378

255,084

11.	ULTIMATE CONTROLLING PARTY

The controlling party is A J S Smith.