Saughtree Asset Finance Limited Company Accounts
Saughtree Asset Finance Limited Company Accounts
COMPANY REGISTRATION NUMBER:
SC325719
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FINANCIAL STATEMENTS |
Year ended 30 June 2017
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Contents |
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Statement of financial position |
1 to 2 |
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Notes to the financial statements |
3 to 5 |
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STATEMENT OF FINANCIAL POSITION |
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2017 |
2016 |
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Note |
£ |
£ |
£ |
£ |
Fixed assets
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Tangible assets |
5 |
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Current assets
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Debtors |
6 |
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– |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
7 |
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(
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Net current assets |
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Total assets less current liabilities |
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Provisions
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Taxation including deferred tax |
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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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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income and director's report have not been delivered.
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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STATEMENT OF FINANCIAL POSITION (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
22 February 2018
, and are signed on behalf of the board by:
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Director |
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Company registration number:
SC325719
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NOTES TO THE FINANCIAL STATEMENTS |
Year ended 30 June 2017
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Old Manse, Saughtree, Newcastleton, TD9 0SW.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Judgements and key sources of estimation uncertainty
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Revenue recognition
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and machinery |
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10% Straight line
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Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2016: Nil).
5.
Tangible assets
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Plant and machinery |
Total |
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£ |
£ |
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Cost |
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At 1 July 2016 and 30 June 2017 |
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Depreciation |
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At 1 July 2016 |
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Charge for the year |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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6.
Debtors
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2017 |
2016 |
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£ |
£ |
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Trade debtors |
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– |
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7.
Creditors:
amounts falling due within one year
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2017 |
2016 |
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£ |
£ |
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Corporation tax |
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Social security and other taxes |
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– |
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Other creditors |
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8.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.