Engineering Supply Co (Scotland) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC333925 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

Engineering Supply Co (Scotland) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A G McMorris

J E McMorris

D W McMorris

A Liddell

Mrs C Connie

SECRETARY:

J E McMorris

REGISTERED OFFICE:

Unit 5, Block 3

Thornliebank Industrial Estate

Nitshill Road

Glasgow

G46 8TU

REGISTERED NUMBER:

SC333925 (Scotland)

ACCOUNTANTS:

MacMillan Craig

Chartered Accountants

Festival Business Centre

150 Brand Street

Glasgow

G51 1DH

FIXED ASSETS

Intangible assets

4

145,000

183,000

Tangible assets

5

8,254

1,842

153,254

184,842

CURRENT ASSETS

Stocks

336,516

304,786

Debtors

6

772,207

600,321

Cash at bank and in hand

235,782

166,110

1,344,505

1,071,217

CREDITORS

Amounts falling due within one year

7

698,812

600,566

NET CURRENT ASSETS

645,693

470,651

TOTAL ASSETS LESS CURRENT LIABILITIES

798,947

655,493

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

798,847

655,393

SHAREHOLDERS' FUNDS

798,947

655,493

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 December 2018 and were signed on its behalf by:

D W McMorris - Director

1.	STATUTORY INFORMATION

Engineering Supply Co (Scotland) 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

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.

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 20% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2017 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2017

and 31 March 2018

380,000

30,361

410,361

AMORTISATION

At 1 April 2017

197,000

30,361

227,361

Charge for year

38,000

-

38,000

At 31 March 2018

235,000

30,361

265,361

NET BOOK VALUE

At 31 March 2018

145,000

-

145,000

At 31 March 2017

183,000

-

183,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

170,247

Additions

11,681

At 31 March 2018

181,928

DEPRECIATION

At 1 April 2017

168,405

Charge for year

5,269

At 31 March 2018

173,674

NET BOOK VALUE

At 31 March 2018

8,254

At 31 March 2017

1,842

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

Plant and

machinery

etc

£

COST

At 1 April 2017

39,925

Transfer to ownership

(39,925

)

At 31 March 2018

-

DEPRECIATION

At 1 April 2017

39,925

Transfer to ownership

(39,925

)

At 31 March 2018

-

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

771,487

599,998

Other debtors

387

-

Prepayments

333

323

772,207

600,321

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Hire purchase contracts

-

5,403

Trade creditors

467,970

360,727

Tax

46,000

31,000

Social security and other taxes

9,810

8,632

VAT

43,279

30,544

Directors' loan accounts

118,857

155,406

Accrued expenses

12,896

8,854

698,812

600,566

8.	OTHER FINANCIAL COMMITMENTS

The company has total commitments at the balance sheet date of £39,316 (2017 - £25,831).

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J E and A G McMorris.