Glengowan Engineering Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC122059 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

GLENGOWAN ENGINEERING LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G W Turner

L M Rennie

SECRETARY:

M Turner

REGISTERED OFFICE:

Block 5 Unit 22

Chapelhall Industrial Estate

Airdrie

ML6 8QH

REGISTERED NUMBER:

SC122059 (Scotland)

ACCOUNTANT:

I M Neilson

Chartered Accountant

62e Cleveden Drive

Glasgow

G12 0NX

FIXED ASSETS

Tangible assets

4

162,610

189,838

CURRENT ASSETS

Stocks

1,902

1,478

Debtors

29,746

37,389

Cash at bank

218,506

209,319

250,154

248,186

CREDITORS

Amounts falling due within one year

(59,243

)

(57,277

)

NET CURRENT ASSETS

190,911

190,909

TOTAL ASSETS LESS CURRENT LIABILITIES

353,521

380,747

CREDITORS

Amounts falling due after more than one year

-

(21,830

)

PROVISIONS FOR LIABILITIES

5

(2,117

)

(7,336

)

NET ASSETS

351,404

351,581

CAPITAL AND RESERVES

Called up share capital

6

10,000

10,000

Retained earnings

341,404

341,581

SHAREHOLDERS' FUNDS

351,404

351,581

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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 16 March 2018 and were signed on its behalf by:

G W Turner - Director

1.	STATUTORY INFORMATION

Glengowan Engineering 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 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 on all tangible fixed assets, except land and buildings, on the reducing balance method at

the following rates:-

Plant & machinery

20%

Motor vehicles

25%

Office equipment & furniture

10% or more

Fixtures & fittings

20% or more

Stocks

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

moving items.

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

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

and 31 December 2017

1,158,497

DEPRECIATION

At 1 January 2017

968,659

Charge for year

27,228

At 31 December 2017

995,887

NET BOOK VALUE

At 31 December 2017

162,610

At 31 December 2016

189,838

The net book value of assets held under hire purchase contracts was £21,684 (31/12/16: £43,368)

5.	PROVISIONS FOR LIABILITIES

31.12.17

31.12.16

£

£

Deferred tax

2,117

7,336

Deferred

tax

£

Balance at 1 January 2017

7,336

Credit to Income Statement during year

(5,219

)

Balance at 31 December 2017

2,117

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

10,000

ordinary

1

10,000

10,000