REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2018 |
for |
A & L Stronach Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2018 |
for |
A & L Stronach Limited |
A & L Stronach Limited (Registered number: SC295232) |
Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
A & L Stronach Limited |
Company Information |
for the Year Ended 31 March 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
46 High Street |
Banchory |
Aberdeenshire |
AB31 5SR |
A & L Stronach Limited (Registered number: SC295232) |
Statement of Financial Position |
31 March 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Property, plant and equipment | 6 |
CURRENT ASSETS |
Inventories |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
A & L Stronach Limited (Registered number: SC295232) |
Statement of Financial Position - continued |
31 March 2018 |
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 by: |
A & L Stronach Limited (Registered number: SC295232) |
Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
1. | STATUTORY INFORMATION |
A & L Stronach Limited is a |
registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
Revenue recognition |
Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable |
for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
Income is recognised when the service has been provided, when the amount of revenue can be measured reliably |
and when it is probable that future economic benefits will flow to the entity. If a customer has not been invoiced |
for services provided during the period the income is accrued and included in debtors under prepayments and |
accrued income. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated |
impairment losses. |
Land and buildings is comprised of freehold property. The company accounts for land and buildings using the |
historic cost model. It is the opinion of the directors that the valuation is not materially different from cost. |
Depreciation in respect of Freehold Property is not being charged on the acquisition cost of the land, only on the |
building thereon. Depreciation on other assets 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 agreement, over the lease term, whichever is the |
shorter. |
Freehold Property - 4% on cost |
Plant and Machinery - 15% on reducing balance |
Fixtures and Fittings - 10% on cost |
Motor Vehicles - 25% on reducing balance |
Computer Equipment - 33% on reducing balance |
Inventories |
Inventories have been valued at the lower of costs and estimated selling price less costs to sell. |
A & L Stronach Limited (Registered number: SC295232) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and |
directors' loans. |
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, |
and subsequently at amortised cost using the effective interest method. |
Directors loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted |
amount of cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective |
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit |
and loss. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Short term employee benefits |
Short term employee benefits, including holiday pay, are recognised in the profit and loss in the period in which |
they are incurred. |
Rental income |
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease |
unless the lease payments are structured to increase in line with expected general inflation in which case the |
income is recognised as revenue in accordance with the expected payments. Rental income is included in Other |
operating income. |
A & L Stronach Limited (Registered number: SC295232) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
3. | ACCOUNTING POLICIES - continued |
Pension costs |
The company pays contributions to a third party pension provider on behalf of its employees. The payments are |
charged to the profit and loss account in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
AMORTISATION |
At 1 April 2017 |
and 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
6. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
Additions |
At 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
Included in cost of land and buildings is freehold land of £ 209,014 (2017 - £ 209,014 ) which is not |
depreciated. |
A & L Stronach Limited (Registered number: SC295232) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
6. | PROPERTY, PLANT AND EQUIPMENT - continued |
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 |
Additions |
Transfer to ownership | ( |
) |
At 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
Transfer to ownership | ( |
) |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
A & L Stronach Limited (Registered number: SC295232) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2018 | 2017 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Bank loans |
The bank overdraft and other bank borrowings are secured by a bond and floating charge over the company's |
assets, whilst there is a standard security over the premises at Unit 15 and 16 Thainstone Industrial Park, |
Thainstone, Inverurie. |
11. | RELATED PARTY DISCLOSURES |