K.W. Contractors Limited - Limited company accounts 11.6

REGISTERED NUMBER: SC265471 (Scotland)

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2014

FOR

K.W. CONTRACTORS LIMITED

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

to

7

DIRECTOR:

Mr A N Ironside

SECRETARY:

Mrs J Ironside

REGISTERED OFFICE:

51-53 High Street

Turriff

Aberdeenshire

AB53 4EJ

REGISTERED NUMBER:

SC265471 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

51-53 High Street

Turriff

AB53 4EJ

The director presents his report with the financial statements of the company for the year ended 30 April 2014.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of building contractors and the operation of a hotel.

DIRECTOR

Mr A N Ironside was the sole director during the year under review.

His beneficial interest in the issued share capital of the company was as follows:

30.4.14

1.5.13

Ordinary £1 shares

900

900

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law

and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to

prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom

Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is

satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that

period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's

transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that

the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and

hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mr A N Ironside - Director

31 December 2014

TURNOVER

3,150,911

3,237,557

Cost of sales

(2,110,717

)

(2,055,021

)

GROSS PROFIT

1,040,194

1,182,536

Administrative expenses

(255,460

)

(276,592

)

OPERATING PROFIT

2

784,734

905,944

Interest receivable and similar income

29,084

15,194

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

813,818

921,138

Tax on profit on ordinary activities

3

(177,673

)

(223,039

)

PROFIT FOR THE FINANCIAL YEAR

636,145

698,099

FIXED ASSETS

Tangible assets

5

414,320

440,853

CURRENT ASSETS

Stocks

1,122,821

900,944

Debtors

6

96,550

729,286

Cash at bank and in hand

2,378,609

1,428,001

3,597,980

3,058,231

CREDITORS

Amounts falling due within one year

7

(843,084

)

(826,701

)

NET CURRENT ASSETS

2,754,896

2,231,530

TOTAL ASSETS LESS CURRENT LIABILITIES

3,169,216

2,672,383

CREDITORS

Amounts falling due after more than one year

8

(11,810

)

(16,489

)

PROVISIONS FOR LIABILITIES

9

(20,895

)

(28,028

)

NET ASSETS

3,136,511

2,627,866

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Profit and loss account

11

3,135,511

2,626,866

SHAREHOLDERS' FUNDS

3,136,511

2,627,866

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2014 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the director on 31 December 2014 and were signed by:

Mr A N Ironside - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, 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.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different

from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences

which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply

when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment

to sell the asset.

Deferred tax assets and liabilities are not discounted.

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 the profit and loss account in the period to which they relate.

2.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2014

2013

£

£

Depreciation - owned assets

47,387

60,893

(Profit)/loss on disposal of fixed assets

(6,953

)

641

Pension costs

3,225

3,140

Director's remuneration and other benefits etc

41,698

36,651

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

2014

2013

£

£

Current tax:

UK corporation tax

184,806

224,384

Deferred tax

(7,133

)

(1,345

)

Tax on profit on ordinary activities

177,673

223,039

4.

DIVIDENDS

2014

2013

£

£

Ordinary shares of £1 each

Interim

127,500

228,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2013

300,700

432,442

733,142

Additions

-

24,590

24,590

Disposals

-

(11,830

)

(11,830

)

At 30 April 2014

300,700

445,202

745,902

DEPRECIATION

At 1 May 2013

18,030

274,259

292,289

Charge for year

6,010

41,377

47,387

Eliminated on disposal

-

(8,094

)

(8,094

)

At 30 April 2014

24,040

307,542

331,582

NET BOOK VALUE

At 30 April 2014

276,660

137,660

414,320

At 30 April 2013

282,670

158,183

440,853

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Trade debtors

63,462

690,322

Other debtors

1,241

21,938

Tax

1,391

1,391

VAT

12,901

-

Prepayments and accrued income

17,555

15,635

96,550

729,286

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Finance leases

4,679

4,679

Trade creditors

484,107

389,879

Tax

185,365

224,923

Social security and other taxes

8,135

10,511

VAT

-

85,911

Directors' loan accounts

141,198

91,198

Accrued expenses

19,600

19,600

843,084

826,701

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2014

2013

£

£

Finance leases

11,810

16,489

9.	PROVISIONS FOR LIABILITIES

2014

2013

£

£

Deferred tax

20,895

28,028

Deferred

tax

£

Balance at 1 May 2013

28,028

Movement in year

(7,133

)

Balance at 30 April 2014

20,895

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.

RESERVES

Profit

and loss

account

£

At 1 May 2013

2,626,866

Profit for the year

636,145

Dividends

(127,500

)

At 30 April 2014

3,135,511

12.	ULTIMATE CONTROLLING PARTY