Whighams Young & Saunders Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC045983 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

FOR

WHIGHAMS YOUNG & SAUNDERS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I G Cumming

R Montgomerie

SECRETARY:

I G Cumming

REGISTERED OFFICE:

c/o Stewart Gilmour & Co C.A.

24 Beresford Terrace

AYR

Ayrshire

KA7 2EG

REGISTERED NUMBER:

SC045983 (Scotland)

ACCOUNTANTS:

Stewart Gilmour & Co.,

Chartered Accountants

24 Beresford Terrace

Ayr

KA7 2EG

BANKERS:

Bank of Scotland

123 High Street

Ayr

KA7 1QP

FIXED ASSETS

Investment property

3

388,000

391,000

CURRENT ASSETS

Cash at bank

3,972

3,696

CREDITORS

Amounts falling due within one year

19,939

20,480

NET CURRENT LIABILITIES

(15,967

)

(16,784

)

TOTAL ASSETS LESS CURRENT LIABILITIES

372,033

374,216

CAPITAL AND RESERVES

Called up share capital

4

10,000

10,000

Revaluation reserve

5

385,479

386,601

Retained earnings

5

(23,446

)

(22,385

)

SHAREHOLDERS' FUNDS

372,033

374,216

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 April 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 16 January 2019 and were signed on its behalf by:

I G Cumming - Director

1.	STATUTORY INFORMATION

Whighams Young & Saunders 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.

Investment property

In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are

reflected in the profit and loss account No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the

generally accepted accounting principles set out in FRS 102. The director considers that, because these

properties are not held for their consumption, but for their investment potential, depreciation of 0.67% will give

a true and fair view.

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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2017

and 30 April 2018

450,000

DEPRECIATION

At 1 May 2017

59,000

Charge for year

3,000

At 30 April 2018

62,000

NET BOOK VALUE

At 30 April 2018

388,000

At 30 April 2017

391,000

Fair value at 30 April 2018 is represented by:

£

Valuation in 2015

300,000

Cost

150,000

450,000

If the investment property had not been revalued it would have been included at the following historical cost:

2018

2017

£

£

Cost

150,000

150,000

Aggregate depreciation

(62,000

)

(59,000

)

The investment property was valued on a fair value basis on 30 April 2018 by the Director, Mr I G Cumming .

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

10,000

Ordinary

£1

10,000

10,000

5.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 May 2017

(22,385

)

386,601

364,216

Profit for the year

26,817

26,817

Dividends

(29,000

)

(29,000

)

Released during year

1,122

(1,122

)

-

At 30 April 2018

(23,446

)

385,479

362,033

6.	RELATED PARTY DISCLOSURES

During the year, total dividends of £29,000 were paid to the directors .

During the year the Company operated a current account with Director Mr I Cumming. As at the year end the

amount owed to the Director was £158 (2017 - £158)