A D Munro (Harris) Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC344202 (Scotland)

A D MUNRO (HARRIS) LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A D Munro

Mrs V A Murray

Mrs M E Smith

Mrs J M Macaskill

SECRETARY:

A D Munro

REGISTERED OFFICE:

26 Lewis Street

Stornway

Isle of Lewis

HS1 2JF

REGISTERED NUMBER:

SC344202 (Scotland)

ACCOUNTANTS:

Mann Judd Gordon Ltd

Chartered Accountants

26 Lewis Street

Stornoway

Isle of Lewis

HS1 2JF

FIXED ASSETS

Intangible assets

4

1,500

3,000

Tangible assets

5

16,309

17,940

17,809

20,940

CURRENT ASSETS

Stocks

76,500

75,000

Debtors

6

29,464

28,545

Cash at bank and in hand

43,535

28,748

149,499

132,293

CREDITORS

Amounts falling due within one year

7

98,125

121,238

NET CURRENT ASSETS

51,374

11,055

TOTAL ASSETS LESS CURRENT LIABILITIES

69,183

31,995

PROVISIONS FOR LIABILITIES

2,988

2,988

NET ASSETS

66,195

29,007

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

66,095

28,907

SHAREHOLDERS' FUNDS

66,195

29,007

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 21 May 2018 and were signed on its behalf by:

Mrs V A Murray - Director

1.	STATUTORY INFORMATION

A D Munro (Harris) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The accounts are rounded to the nearest £1.

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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 June 2017 are the first that are prepared in accordance with FRS

102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 July 2015.

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 2009, is being amortised evenly over its estimated useful life of ten 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

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2016

and 30 June 2017

15,000

AMORTISATION

At 1 July 2016

12,000

Charge for year

1,500

At 30 June 2017

13,500

NET BOOK VALUE

At 30 June 2017

1,500

At 30 June 2016

3,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 July 2016

7,153

7,747

34,317

20,487

69,704

Additions

-

3,000

-

819

3,819

At 30 June 2017

7,153

10,747

34,317

21,306

73,523

DEPRECIATION

At 1 July 2016

2,828

7,465

21,921

19,550

51,764

Charge for year

1,081

753

3,099

517

5,450

At 30 June 2017

3,909

8,218

25,020

20,067

57,214

NET BOOK VALUE

At 30 June 2017

3,244

2,529

9,297

1,239

16,309

At 30 June 2016

4,325

282

12,396

937

17,940

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

14,769

28,545

Other debtors

14,695

-

29,464

28,545

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade creditors

78,947

100,412

Taxation and social security

7,923

4,803

Other creditors

11,255

16,023

98,125

121,238

8.	RELATED PARTY DISCLOSURES

Creditors include a loan of £5,280 (2016: £10,223) from directors. There are no repayment terms in place and no

interest is being charged.

9.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

10.	FIRST YEAR ADOPTION

The transition to this new accounting framework has not resulted in any material changes to accounting policies

or to the previously reported accounting results for the year ended 30 June 2016. As such no restatement of

figures reported in 2016 was deemed necessary.