Whighams Young & Saunders Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC045983 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

FOR

WHIGHAMS YOUNG & SAUNDERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I G Cumming

R Montgomerie

SECRETARY:

I G Cumming

REGISTERED OFFICE:

c/o Stewart Gilmour & Co C.A.

24 Beresford Terrace

AYR

Ayrshire

KA7 2EG

REGISTERED NUMBER:

SC045983 (Scotland)

ACCOUNTANTS:

Stewart Gilmour & Co.,

Chartered Accountants

24 Beresford Terrace

Ayr

KA7 2EG

BANKERS:

Bank of Scotland

123 High Street

Ayr

KA7 1QP

FIXED ASSETS

Investment property

3

391,000

394,000

CURRENT ASSETS

Cash at bank

3,696

4,158

CREDITORS

Amounts falling due within one year

4

13,383

20,480

NET CURRENT LIABILITIES

(9,687

)

(16,322

)

TOTAL ASSETS LESS CURRENT LIABILITIES

381,313

377,678

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Revaluation reserve

5

386,601

387,723

Retained earnings

(15,288

)

(20,045

)

381,313

377,678

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 8 January 2018 and were signed on its behalf by:

I G Cumming - Director

1.	STATUTORY INFORMATION

Whighams Young & Saunders 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 as modified by the revaluation of certain assets.

Investment property

In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are

reflected in the profit and loss account No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the

generally accepted accounting principles set out in FRS 102. The director considers that, because these properties are

not held for their consumption, but for their investment potential, to depreciation of 0.67% will give a true and fair

view.

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.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2016

and 30 April 2017

450,000

DEPRECIATION

At 1 May 2016

56,000

Charge for year

3,000

At 30 April 2017

59,000

NET BOOK VALUE

At 30 April 2017

391,000

At 30 April 2016

394,000

Fair value at 30 April 2017 is represented by:

£

Valuation in 2015

450,000

If the investment property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

150,000

-

Aggregate depreciation

(56,000

)

-

The investment property was valued on a fair value basis on 30 April 2015 by the Director, Mr I G Cumming .

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

-

7,117

Other creditors

13,383

13,363

13,383

20,480

5.

RESERVES

Revaluation

reserve

£

At 1 May 2016

387,723

Released during year

(1,122

)

At 30 April 2017

386,601