Ductwork Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC146561 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2018

for

Ductwork Services Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mr G Lucas

REGISTERED OFFICE:

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

REGISTERED NUMBER:

SC146561 (Scotland)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

The following reproduces the text of the report prepared for the director 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 Profit and loss and certain other primary statements and the

Report of the Director 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 Ductwork Services Limited for the year ended 31 May 2018 which comprise the Profit and Loss

Account, 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 director of Ductwork Services Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ductwork Services Limited and state those matters that we have agreed to state to the director of Ductwork Services Limited 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 director for our work or for this report.

It is your duty to ensure that Ductwork Services 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 Ductwork Services Limited. You consider that Ductwork Services 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 Ductwork Services 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.

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

7 September 2018

FIXED ASSETS

Tangible assets

4

425

500

Investment property

5

596,928

528,648

597,353

529,148

CURRENT ASSETS

Debtors

6

34,677

20,600

Cash at bank

202,289

252,422

236,966

273,022

CREDITORS

Amounts falling due within one year

7

104,892

95,579

NET CURRENT ASSETS

132,074

177,443

TOTAL ASSETS LESS CURRENT LIABILITIES

729,427

706,591

PROVISIONS FOR LIABILITIES

19,281

20,142

NET ASSETS

710,146

686,449

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Other non distributable

reserve

86,613

85,687

Retained earnings

573,533

550,762

SHAREHOLDERS' FUNDS

710,146

686,449

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 7 September 2018 and were signed by:

Mr G Lucas - Director

1.	STATUTORY INFORMATION

Ductwork Services 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.

The presentation currency of the financial statements is the Pound 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. The financial statements have been prepared under the historical cost

convention.

In order to show a true and fair view the company's accounting policy in respect of investment properties departs

from the requirements of the Companies Act 2006. Details of these departures are given below.

Changes in accounting policies

The Company has taken advantage of the option to early adopt the Amendments to FRS 102 Triennial review

2017: Incremental improvements and clarifications, published by the Financial Reporting Council in December

2017.

These amendments remove the requirement for the person or persons carrying out the valuation to be

independent of the company and based on a strict revaluation cycle. The requirement going forward therefore is

that at each balance sheet date the valuation should be considered by the Director based on his knowledge of the

sector and economic climate and impaired or uplifted accordingly.

Going Concern

The director has considered the financial position of the company, of the resources available to it and current

trading conditions in concluding that it has the ability to meet commitments as they fall due for the foreseeable

future. On that basis the director has prepared the accounts on a going concern basis.

Turnover/revenue recognition

Turnover represents net invoiced sales of services, excluding value added tax. The figure in the accounts

represents rental income earned.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Investment property

Under FRS 102, investment properties should be measured at their fair value at each reporting date, with changes

in fair value recognised through the Profit & Loss Account.

The standard also requires the company to provide for deferred tax on the timing difference arising on the date of

transition, which represents the full revaluation gain less indexed cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 1 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 June 2017

and 31 May 2018

1,560

DEPRECIATION

At 1 June 2017

1,060

Charge for year

75

At 31 May 2018

1,135

NET BOOK VALUE

At 31 May 2018

425

At 31 May 2017

500

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2017

528,648

Additions

68,280

At 31 May 2018

596,928

NET BOOK VALUE

At 31 May 2018

596,928

At 31 May 2017

528,648

A number of the properties were valued by a professional chartered surveyor in September 2008. These

valuations have been carried in these accounts.

The Director has considered the fair value of the Investment Property portfolio and is of the view that this

accurately reflects the market value as at 31 May 2018.

Fair value at 31 May 2018 is represented by:

£

Valuation in 2003

30,813

Valuation in 2004

35,000

Valuation in 2008

40,000

Cost

491,115

596,928

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,300

322

Other debtors

33,377

20,278

34,677

20,600

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Corporation tax

13,487

13,800

Other creditors

14,165

11,100

Director's loan account

66,668

60,109

Accruals and deferred income

10,572

10,570

104,892

95,579

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2018 and

31 May 2017:

2018

2017

£

£

Mr G Lucas

Balance outstanding at start of year

60,109

59,676

Amounts advanced

14,621

7,323

Amounts repaid

(8,062

)

(6,890

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

66,668

60,109

The balance due to the director Mr G Lucas at 31 May 2018 is repayable on demand.

9.	RELATED PARTY DISCLOSURES

Rental income of £26,000 (2017: £26,000) was received from L&S Ventilation Engineers Limited, a company

under the control of the director. The balance due by L&S Ventilation Engineers Limited as at 31st May 2018

amounted to £30,172 (2017: £18,826).

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr G Lucas by virtue of his position as Director and owner of 44.4% of the

issued share capital with his wife.