Seaton Joinery Limited Company Accounts

SEATON JOINERY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC324458

Seaton Joinery Limited

Filleted Unaudited Financial Statements

31 July 2018

Seaton Joinery Limited

Financial Statements

Year ended 31 July 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Seaton Joinery Limited

Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		432,040	539,605

Current assets

Stocks		20,547	16,889
Debtors	7	377,384	257,574
Cash at bank and in hand		188,328	198,814
		---------	---------
		586,259	473,277

Creditors: amounts falling due within one year	8	159,171		114,632
		---------		---------
Net current assets			427,088	358,645
			---------	---------
Total assets less current liabilities			859,128	898,250

Creditors: amounts falling due after more than one year	9		17,197	132,560

Provisions

Taxation including deferred tax	35,141	29,956
	---------	---------
Net assets	806,790	735,734
	---------	---------

Seaton Joinery Limited

Statement of Financial Position (continued)

31 July 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	806,690	735,634
	---------	---------
Shareholders funds	806,790	735,734
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 20 December 2018 , and are signed on behalf of the board by:

Mr E Irons	Mr C Irons
Director	Director

Mr D MacGregor
Director

Company registration number: SC324458

Seaton Joinery Limited

Notes to the Financial Statements

Year ended 31 July 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Richard Spiers Road, Kirkton Industrial Estate, Arbroath, ANGUS, DD11 3LT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% reducing balance
Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

	Office equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2017: 10 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 August 2017 and 31 July 2018	20,000
	--------
Amortisation
At 1 August 2017 and 31 July 2018	20,000
	--------
Carrying amount
At 31 July 2018	–
	--------
At 31 July 2017	–
	--------

6. Tangible assets

	Freehold property	Investment property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Aug 2017	203,443	189,041	202,162	33,855	24,270	652,771
Additions	–	–	45,333	1,136	25,500	71,969
Disposals	–	( 130,996)	( 7,639)	–	( 24,270)	( 162,905)
	---------	---------	---------	--------	--------	---------
At 31 Jul 2018	203,443	58,045	239,856	34,991	25,500	561,835
	---------	---------	---------	--------	--------	---------
Depreciation
At 1 Aug 2017	10,540	–	70,958	17,034	14,634	113,166
Charge for the year	3,858	–	21,948	2,620	4,250	32,676
Disposals	–	–	( 1,413)	–	( 14,634)	( 16,047)
	---------	---------	---------	--------	--------	---------
At 31 Jul 2018	14,398	–	91,493	19,654	4,250	129,795
	---------	---------	---------	--------	--------	---------
Carrying amount
At 31 Jul 2018	189,045	58,045	148,363	15,337	21,250	432,040
	---------	---------	---------	--------	--------	---------
At 31 Jul 2017	192,903	189,041	131,204	16,821	9,636	539,605
	---------	---------	---------	--------	--------	---------

The directors believe that the investment property is correctly valued at year-end.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 July 2018	21,250
	--------
At 31 July 2017	9,636
	--------

7. Debtors

	2018	2017
	£	£
Trade debtors	164,677	176,315
Other debtors	212,707	81,259
	---------	---------
	377,384	257,574
	---------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	13,782
Trade creditors	50,174	24,824
Corporation tax	45,153	39,780
Social security and other taxes	4,484	3,954
Other creditors	59,360	32,292
	---------	---------
	159,171	114,632
	---------	---------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	–	125,060
Other creditors	17,197	7,500
	--------	---------
	17,197	132,560
	--------	---------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr C Irons	20,000	–	( 20,000)	–
	--------	----	--------	----

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr C Irons	–	27,000	( 7,000)	20,000
	----	--------	-------	--------