Forth & Clyde Properties Ltd. - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC189052

FORTH & CLYDE PROPERTIES LTD.

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

55,928

30,093

Investment property

5

450,000

450,000

505,928

480,093

CURRENT ASSETS

Stocks

600,603

807,598

Debtors

6

244,810

73,988

Cash at bank

825,502

554,695

1,670,915

1,436,281

CREDITORS

Amounts falling due within one year

7

419,504

269,999

NET CURRENT ASSETS

1,251,411

1,166,282

TOTAL ASSETS LESS CURRENT LIABILITIES

1,757,339

1,646,375

CREDITORS

Amounts falling due after more than one year

8

(250,000

)

(500,000

)

PROVISIONS FOR LIABILITIES

(37,091

)

(33,733

)

NET ASSETS

1,470,248

1,112,642

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

217,358

213,697

Retained earnings

1,252,888

898,943

SHAREHOLDERS' FUNDS

1,470,248

1,112,642

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 28 June 2018 and were signed on its behalf by:

D D S McKeown - Director

1.	STATUTORY INFORMATION

Forth & Clyde Properties Ltd. is a private company, limited by shares, registered in Scotland. The company's registered

office is 6 Alleysbank Road, Farmeloan Industrial Estate, Rutherglen, Glasgow, G73 1LX.

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

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. There were no material departures from that standard. The financial statements have been

prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of services and rental income, excluding value added tax. The company's policy is to

recognise income when substantively all the risks and rewards in connection with the services have been passed to the

buyer. Rental income is recognised in line with the related lease terms.

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

-

33% on reducing balance and 25% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Investment properties

All of the company's properties are held for long term investment. Investment properties are accounted for as follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable

expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured

reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that

year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount

exceeds original cost in which case, a transfer is made of the surplus to a non- distributable reserve (fair value reserve) in

the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Work in progress

Work in progress is valued at the lower of cost and net realisable value and includes construction costs and professional

fees.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial

instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated

using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of

certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing

differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised

only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from

which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a

non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based

on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented

either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that

resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2016

90,749

Additions

48,864

Disposals

(25,000

)

At 30 September 2017

114,613

DEPRECIATION

At 1 October 2016

60,656

Charge for year

19,692

Eliminated on disposal

(21,663

)

At 30 September 2017

58,685

NET BOOK VALUE

At 30 September 2017

55,928

At 30 September 2016

30,093

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2016

and 30 September 2017

450,000

NET BOOK VALUE

At 30 September 2017

450,000

At 30 September 2016

450,000

The fair value of the investment property at 30 September 2017, has been arrived at on the basis of a valuation carried out

at that date by the company's director, who is not a professionally qualified valuer. The valuation, which does not differ

from the valuation at the end of the previous reporting period, was arrived at by reference to market evidence of transaction

prices for similar properties in their location and takes into account the current state of the rental market in the area where

the property is situated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

210,783

52,810

Other debtors

34,027

21,178

244,810

73,988

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

83,892

61,604

Taxation and social security

81,004

30,589

Other creditors

254,608

177,806

419,504

269,999

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

250,000

500,000

9.	RELATED PARTY DISCLOSURES

10.	FIRST YEAR ADOPTION

As required in Section 35 of FRS 102, the balances previously reported under the old UK GAAP at the date of transition, 1

October 2015, and the prior year end, 30 September 2016 need to be restated for the changes which have occurred on

transition to FRS 102.

In accordance with FRS 102, investment property is included at fair value. Gains are recognised in the profit and loss

account and deferred tax is provided on these gains at the rate expected to apply when the property is sold. As a result of

these property changes, the balance of the revaluation reserve has been reallocated to profit and loss reserves. As this

balance remains non distributable, it has been reclassified as a fair value reserve to differentiate from the profit and loss

reserves available for distribution.

Deferred tax of £31,000, relating to investment property, has been incorporated on transition.

In addition, the movement in the deferred tax provision during the year ended 30 September 2016, being a decrease in the

provision of £874, has been incorporated.

In accordance with the requirements of FRS 102 a reconciliation of opening balances is provided:

Reconciliation of equity

30 Sep

1 Oct

2016

2015

£

£

Capital and reserves as previously stated

1,142,768

1,034,793

Deferred tax on investment property

(30,126

)

(31,000

)

Capital and reserves as restated

1,112,642

1,003,793

No further restatement of the Profit and Loss Account or Balance Sheet and no changes to accounting policies have been

required on transition.