Sinclair's of Rhynie Limited - Accounts to registrar (filleted) - small 18.2
Sinclair's of Rhynie Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2018 |
for |
Sinclair's of Rhynie Limited |
Sinclair's of Rhynie Limited (Registered number: SC314515) |
Contents of the Financial Statements |
for the Year Ended 31 January 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Report of the Accountants | 9 |
Sinclair's of Rhynie Limited |
Company Information |
for the Year Ended 31 January 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
55-57 West High Street |
INVERURIE |
AB51 3QQ |
Sinclair's of Rhynie Limited (Registered number: SC314515) |
Balance Sheet |
31 January 2018 |
31.1.18 | 31.1.17 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
7 |
( |
) |
( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Sinclair's of Rhynie Limited (Registered number: SC314515) |
Balance Sheet - continued |
31 January 2018 |
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 |
Sinclair's of Rhynie Limited (Registered number: SC314515) |
Notes to the Financial Statements |
for the Year Ended 31 January 2018 |
1. | STATUTORY INFORMATION |
Sinclair's of Rhynie Limited is a |
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 |
Turnover |
Turnover represents amounts receivable for goods sold and services rendered |
during the year, exclusive of value added tax. |
Goodwill |
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 |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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. |
Sinclair's of Rhynie Limited (Registered number: SC314515) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2018 |
2. | ACCOUNTING POLICIES - continued |
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. |
Rentals paid under operating leases are charged to profit or loss on a |
straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2017 |
and 31 January 2018 |
AMORTISATION |
At 1 February 2017 |
Amortisation for year |
At 31 January 2018 |
NET BOOK VALUE |
At 31 January 2018 |
At 31 January 2017 |
Sinclair's of Rhynie Limited (Registered number: SC314515) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2018 |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2017 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2018 |
DEPRECIATION |
At 1 February 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2018 |
NET BOOK VALUE |
At 31 January 2018 |
At 31 January 2017 |
Fixed assets, included in the above, which are held under hire purchase |
contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 February 2017 |
Additions |
Transfer to ownership | (28,250 | ) |
At 31 January 2018 |
DEPRECIATION |
At 1 February 2017 |
Charge for year |
Transfer to ownership | (10,901 | ) |
At 31 January 2018 |
NET BOOK VALUE |
At 31 January 2018 |
At 31 January 2017 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.18 | 31.1.17 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
Sinclair's of Rhynie Limited (Registered number: SC314515) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2018 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.18 | 31.1.17 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Tax |
PAYE |
Directors' loan accounts | 109,188 | 102,802 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.18 | 31.1.17 |
£ | £ |
Hire purchase contracts (see note 9) |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase |
contracts |
31.1.18 | 31.1.17 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
31.1.18 | 31.1.17 |
£ | £ |
Within one year |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.18 | 31.1.17 |
£ | £ |
Bank overdraft |
The bank loan and overdraft are secured by a floating charge over the |
assets of the company created on 5 December 2010. Both are in favour of the |
Clydesdale Bank PLC. |
11. | PROVISIONS FOR LIABILITIES |
31.1.18 | 31.1.17 |
£ | £ |
Deferred tax | 41,346 | 37,318 |
Sinclair's of Rhynie Limited (Registered number: SC314515) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2018 |
11. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 February 2017 |
Provided during year |
Balance at 31 January 2018 |
12. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £79,300 (2017 - £65,000) were paid to |
the directors . |
During the year Mr A & Mrs W Duffus (Directors) increased the amount loaned |
to the company by £6,386 leaving a balance of £109,188 (2017 £102,802). |
This loan is unsecured, interest free and repayable on demand. |
13. | ULTIMATE CONTROLLING PARTY |
The company is controlled by its directors. |
Sinclair's of Rhynie Limited |
Report of the Accountants to the Directors of |
Sinclair's of Rhynie Limited |
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. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 January 2018 set out on pages three to ten 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. |
This report is made solely to the Board of Directors of the company, as a body, |
in accordance with the terms of our engagement. Our work has been undertaken |
solely to prepare for your approval the financial statements of the company and |
state those matters that we have agreed to state to the Board of Directors of |
the company, as a body, in this report in accordance with the requirements of |
the Institute of Financial Accountants. 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 the company has kept adequate accounting records |
and to prepare statutory accounts that give a true and fair view of the assets, |
liabilities and financial position of the company. You consider that the company |
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 the company. 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. |
55-57 West High Street |
INVERURIE |
AB51 3QQ |