Kintore Roughcasting Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC245001 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Kintore Roughcasting Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

M A Scott

Mrs J Scott

SECRETARY:

Mrs J Scott

REGISTERED OFFICE:

Allanvale

The Hill

Kintore

Inverurie

Aberdeenshire

AB51 0YX

REGISTERED NUMBER:

SC245001 (Scotland)

ACCOUNTANTS:

Keltic Accounting Limited

Crichiebank Business Centre

Mill Road

Port Elphinstone

Inverurie

Aberdeenshire

AB51 5NQ

FIXED ASSETS

Tangible assets

5

14,234

20,099

CURRENT ASSETS

Stocks

15,114

5,035

Debtors

6

4,674

20,484

Cash at bank

65,557

49,668

85,345

75,187

CREDITORS

Amounts falling due within one year

7

37,709

25,549

NET CURRENT ASSETS

47,636

49,638

TOTAL ASSETS LESS CURRENT LIABILITIES

61,870

69,737

CREDITORS

Amounts falling due after more than one year

8

-

(4,050

)

PROVISIONS FOR LIABILITIES

(2,705

)

(3,819

)

NET ASSETS

59,165

61,868

CAPITAL AND RESERVES

Called up share capital

99

99

Retained earnings

59,066

61,769

59,165

61,868

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 28 March 2018 and were signed on its behalf by:

M A Scott - Director

1.	STATUTORY INFORMATION

Kintore Roughcasting 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31 March 2017 are the first set of financial statements that comply

with FRS 102 Section 1A small entities. The date of transition is 1 April 2015.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting

policies to those used previously, this has not impacted on opening equity or profit for the comparative period so

the reconciliations have not been included.

The presentation currency is sterling.

Turnover

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

value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Turnover from the supply of services represents the value of services provided under contracts to the extent that

there is a right to consideration and is recorded at the value of the consideration due. Where the contract has only

been partially completed at the balance sheet date turnover represents the value of the services provided to date

based on a proportion of the total contract value. Where payments are received in advance of services being

provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

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 etc

-

25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and

any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the proceeds and the

carrying value of the asset and is included in the profit and loss account.

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

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the

instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured

at transaction price including transaction costs and are subsequently carried at amortised cost.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or

when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans, are initially recognised at

transaction price and are subsequently carried at amortised cost.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event

which it is probable that it will result in the transfer of economic benefits and that obligation can be estimated

reliably.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of

the time value of money is material, the provision is based on the present value of those amounts, discounted at

the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is

recognised within interest payable and similar charges.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

117,450

Additions

1,100

At 31 March 2017

118,550

DEPRECIATION

At 1 April 2016

97,351

Charge for year

6,965

At 31 March 2017

104,316

NET BOOK VALUE

At 31 March 2017

14,234

At 31 March 2016

20,099

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

1,225

18,378

Other debtors

3,449

2,106

4,674

20,484

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

4,050

6,942

Trade creditors

4,396

8,815

Taxation and social security

26,263

8,209

Other creditors

3,000

1,583

37,709

25,549

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

-

4,050

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M A Scott and Mrs J Scott.

10.	FIRST YEAR ADOPTION

The company has transitioned to FRS 102 from previously being prepared under the historical cost convention in

accordance with the FInancial Reporting Standard for Smaller Entities (effective January 2015) as at 1 April

2015.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No transitional adjustments were required.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Kintore Roughcasting Limited for the year ended 31 March 2017 which comprise the Income

Statement, Balance Sheet, and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Kintore Roughcasting Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kintore Roughcasting Limited and state those matters that we have agreed to state to the Board of Directors of Kintore Roughcasting Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kintore Roughcasting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kintore Roughcasting Limited. You consider that Kintore Roughcasting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kintore Roughcasting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Keltic Accounting Limited

Crichiebank Business Centre

Mill Road

Port Elphinstone

Inverurie

Aberdeenshire

AB51 5NQ

Date: .............................................