McCallum Bagpipes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC232526 (Scotland)

MCCALLUM BAGPIPES LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K J MacLeod

S A McCallum

SECRETARY:

S A McCallum

REGISTERED OFFICE:

Moorfield Industrial Estate

Troon Road

Kilmarnock

Ayrshire

KA2 0BA

REGISTERED NUMBER:

SC232526 (Scotland)

ACCOUNTANTS:

JRD Partnership Ltd

Chartered Accountants

11 Portland Road

Kilmarnock

Ayrshire

KA1 2BT

FIXED ASSETS

Tangible assets

4

467,892

469,432

CURRENT ASSETS

Stocks

413,577

386,320

Debtors

5

389,084

323,161

Cash at bank and in hand

85,274

58,355

887,935

767,836

CREDITORS

Amounts falling due within one year

6

401,019

431,736

NET CURRENT ASSETS

486,916

336,100

TOTAL ASSETS LESS CURRENT LIABILITIES

954,808

805,532

CREDITORS

Amounts falling due after more than one year

7

(41,891

)

(55,117

)

PROVISIONS FOR LIABILITIES

(35,973

)

(36,411

)

NET ASSETS

876,944

714,004

CAPITAL AND RESERVES

Called up share capital

80,000

80,000

Retained earnings

796,944

634,004

SHAREHOLDERS' FUNDS

876,944

714,004

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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 5th February 2019 and were signed on its behalf by:

K J MacLeod - Director

S A McCallum - Director

1.	STATUTORY INFORMATION

McCallum Bagpipes 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.

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.

Land and buildings

-

at varying rates on cost

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

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.

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 41 (2017 - 37 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st October 2017

287,113

577,674

864,787

Additions

-

32,887

32,887

At 30th September 2018

287,113

610,561

897,674

DEPRECIATION

At 1st October 2017

11,485

383,870

395,355

Charge for year

2,871

31,556

34,427

At 30th September 2018

14,356

415,426

429,782

NET BOOK VALUE

At 30th September 2018

272,757

195,135

467,892

At 30th September 2017

275,628

193,804

469,432

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

Plant and

machinery

etc

£

COST

At 1st October 2017

178,602

Additions

27,000

Transfer to ownership

(138,602

)

At 30th September 2018

67,000

DEPRECIATION

At 1st October 2017

75,167

Charge for year

8,824

Transfer to ownership

(65,610

)

At 30th September 2018

18,381

NET BOOK VALUE

At 30th September 2018

48,619

At 30th September 2017

103,435

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

370,251

281,560

Other debtors

18,833

41,601

389,084

323,161

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

8,318

10,631

Hire purchase contracts

13,537

19,050

Trade creditors

261,918

279,325

Taxation and social security

61,523

48,462

Other creditors

55,723

74,268

401,019

431,736

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

30,743

48,623

Hire purchase contracts

11,148

6,494

41,891

55,117