James Kingan and Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC024140 (Scotland)

Unaudited Financial Statements for the Year Ended 31st May 2018

for

James Kingan and Sons Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

Report of the Accountants

7

DIRECTOR:

D S Kingan

SECRETARY:

Mrs H M Kingan

REGISTERED OFFICE:

Townhead Sawmill

New Abbey

Dumfries

Dumfriesshire

DG2 8DU

REGISTERED NUMBER:

SC024140 (Scotland)

ACCOUNTANTS:

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

BANKERS:

Bank of Scotland plc

91 High Street

Dumfries

Dumfries & Galloway

DG1 2BN

FIXED ASSETS

Tangible assets

4

1,232,875

1,267,730

CURRENT ASSETS

Stocks

414,590

301,620

Debtors

5

514,529

512,007

Cash at bank and in hand

288,633

311,068

1,217,752

1,124,695

CREDITORS

Amounts falling due within one year

6

(301,973

)

(328,557

)

NET CURRENT ASSETS

915,779

796,138

TOTAL ASSETS LESS CURRENT LIABILITIES

2,148,654

2,063,868

CREDITORS

Amounts falling due after more than one year

7

(27,778

)

(94,445

)

NET ASSETS

2,120,876

1,969,423

CAPITAL AND RESERVES

Called up share capital

110,000

110,000

Revaluation reserve

9

187,090

192,010

Retained earnings

1,823,786

1,667,413

SHAREHOLDERS' FUNDS

2,120,876

1,969,423

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 Income Statement has not been delivered.

The financial statements were approved by the director on 11th October 2018 and were signed by:

D S Kingan - Director

1.	STATUTORY INFORMATION

James Kingan and Sons 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sawmill and timber sales, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

Stocks

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

items.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are

readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of

business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged

to customers, including any amounts charged on for third parties.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from

suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the

reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an

unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current

liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are

subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount

due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2017 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1st June 2017

590,900

2,329,714

2,920,614

Additions

-

291,922

291,922

Disposals

-

(301,024

)

(301,024

)

At 31st May 2018

590,900

2,320,612

2,911,512

DEPRECIATION

At 1st June 2017

130,540

1,522,344

1,652,884

Charge for year

10,720

141,137

151,857

Eliminated on disposal

-

(126,104

)

(126,104

)

At 31st May 2018

141,260

1,537,377

1,678,637

NET BOOK VALUE

At 31st May 2018

449,640

783,235

1,232,875

At 31st May 2017

460,360

807,370

1,267,730

Cost or valuation at 31st May 2018 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2004

201,588

-

201,588

Cost

389,312

2,320,612

2,709,924

590,900

2,320,612

2,911,512

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2018

2017

£

£

Cost

389,312

389,312

Aggregate depreciation

133,213

127,128

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1st June 2017

and 31st May 2018

383,650

DEPRECIATION

At 1st June 2017

57,550

Charge for year

48,915

At 31st May 2018

106,465

NET BOOK VALUE

At 31st May 2018

277,185

At 31st May 2017

326,100

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

444,069

453,325

Prepayments

70,460

58,682

514,529

512,007

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

66,667

66,667

Trade creditors

209,028

183,059

Taxation and social security

15,021

69,365

Other creditors

11,257

9,466

301,973

328,557

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

27,778

94,445

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

94,445

161,112

The Bank of Scotland holds a security over a company property in respect of the bank overdraft.

The hire purchase creditors are secured on the assets on which the finance is actually outstanding.

9.

RESERVES

Revaluation

reserve

£

At 1st June 2017

192,010

Amortisation of revaluation

reserve

(4,920

)

At 31st May 2018

187,090

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 Income Statement and certain other primary statements and the Report of the Director are not

required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st May 2018 set out on pages three to six and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

11th October 2018