R B Grant Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC450490 (Scotland)

R B GRANT LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R B Grant

R B Grant

Ms K Young

REGISTERED OFFICE:

Office 17

The Business Incubator

Myregormie Place

Kirkcaldy

Fife

KY1 3NA

REGISTERED NUMBER:

SC450490 (Scotland)

ACCOUNTANTS:

Harley Hepburn

28 Townsend Place

Kirkcaldy

Fife

KY1 1HB

FIXED ASSETS

Intangible assets

4

256,000

272,000

Tangible assets

5

75,339

84,606

331,339

356,606

CURRENT ASSETS

Stock & wip

109,586

157,780

Debtors

6

358,763

183,457

Cash at bank and in hand

339,430

229,060

807,779

570,297

CREDITORS

Amounts falling due within one year

7

559,689

434,306

NET CURRENT ASSETS

248,090

135,991

TOTAL ASSETS LESS CURRENT LIABILITIES

579,429

492,597

CREDITORS

Amounts falling due after more than one year

8

(24,414

)

(31,926

)

PROVISIONS FOR LIABILITIES

(11,212

)

(13,680

)

NET ASSETS

543,803

446,991

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

543,793

446,981

SHAREHOLDERS' FUNDS

543,803

446,991

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 20 February 2018 and were signed on its behalf by:

R B Grant - Director

1.	STATUTORY INFORMATION

R B Grant 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

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

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of

operating as intended.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost

includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present

location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged,

obsolete and slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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 payable and receivable under operating leases are charged to the profit and loss account on a

straight line basis over the period of the lease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the

employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that

service.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded

at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each

balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash

generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its

recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a

revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a

past event, it is probable that an outflow of economic benefits will be required in settlement and the amount

can be reliably estimated.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2016 - 44 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

320,000

AMORTISATION

At 1 January 2017

48,000

Amortisation for year

16,000

At 31 December 2017

64,000

NET BOOK VALUE

At 31 December 2017

256,000

At 31 December 2016

272,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2017

9,493

138,780

5,227

153,500

Additions

3,394

17,314

356

21,064

Disposals

(716

)

(8,611

)

(1,330

)

(10,657

)

At 31 December 2017

12,171

147,483

4,253

163,907

DEPRECIATION

At 1 January 2017

5,414

61,122

2,358

68,894

Charge for year

1,793

22,654

667

25,114

Eliminated on disposal

(414

)

(4,257

)

(769

)

(5,440

)

At 31 December 2017

6,793

79,519

2,256

88,568

NET BOOK VALUE

At 31 December 2017

5,378

67,964

1,997

75,339

At 31 December 2016

4,079

77,658

2,869

84,606

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

346,207

174,802

Prepayments

12,556

8,655

358,763

183,457

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Loan - Energy Saving Trust Ltd

7,512

7,512

Trade creditors

230,967

111,149

Corporation tax

44,302

40,313

Social security and other taxes

40,406

35,284

VAT

65,310

41,246

Outstanding accounts

6,777

2,688

Directors' current accounts

164,415

196,114

559,689

434,306

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other loans - 1-2 years

7,512

7,512

Other loans - 2-5 years

16,902

22,536

Other loans more 5yrs instal

-

1,878

24,414

31,926

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

-

1,878