REGISTERED NUMBER: SC375607 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018

FOR

A & B BUCHAN LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

Chartered Accountants' Report

8

DIRECTORS:

Mr S A Buchan

Mrs S M Smith

REGISTERED OFFICE:

Block 1

Old Station Yard

Main Street

ALFORD

Aberdeenshire

AB33 8FD

REGISTERED NUMBER:

SC375607 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon Accord Square

ABERDEEN

AB11 6YL

BANKERS:

Clydesdale Bank plc

49 Main Street

ALFORD

Aberdeenshire

AB33 8PX

FIXED ASSETS

Intangible assets

4

20,000

30,000

Tangible assets

5

176,040

169,200

196,040

199,200

CURRENT ASSETS

Stocks

257,400

414,700

Debtors

6

221,242

180,971

Cash at bank and in hand

415,535

425,519

894,177

1,021,190

CREDITORS

Amounts falling due within one year

7

449,365

558,358

NET CURRENT ASSETS

444,812

462,832

TOTAL ASSETS LESS CURRENT LIABILITIES

640,852

662,032

PROVISIONS FOR LIABILITIES

33,448

-

NET ASSETS

607,404

662,032

CAPITAL AND RESERVES

Called up share capital

106

106

Retained earnings

607,298

661,926

SHAREHOLDERS' FUNDS

607,404

662,032

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 9 January 2019 and were signed on its behalf by:

Mr S A Buchan - Director

Mrs S M Smith - Director

1.	STATUTORY INFORMATION

A & B Buchan 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 consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes. Turnover includes revenue earned from the rendering of services.

Rendering of services:

The company provides roofing services. When the outcome of a transaction for the rendering of services can be

estimated reliably in terms of revenue, cost and its stage of completion, the company recognises revenue on the sale

of services in the reporting period in which the services are rendered by reference to the stage of completion of the

specific transaction at the end of the reporting period. The stage of completion is determined on the basis of actual

completion as a proportion of the total services to be rendered.

When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the

extent of the recoverable expenses recognised.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

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

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Office equipment

-

20% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to sell.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference

and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or 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 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 16 (2017 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2017

and 31 May 2018

100,000

AMORTISATION

At 1 June 2017

70,000

Charge for year

10,000

At 31 May 2018

80,000

NET BOOK VALUE

At 31 May 2018

20,000

At 31 May 2017

30,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2017

332,673

Additions

36,623

At 31 May 2018

369,296

DEPRECIATION

At 1 June 2017

163,473

Charge for year

29,783

At 31 May 2018

193,256

NET BOOK VALUE

At 31 May 2018

176,040

At 31 May 2017

169,200

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

196,452

155,474

Other debtors

24,790

25,497

221,242

180,971

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

113,243

141,954

Taxation and social security

75,837

156,576

Other creditors

260,285

259,828

449,365

558,358

8.	RELATED PARTY DISCLOSURES

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a

Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of A & B Buchan Limited for the year ended 31 May 2018 which comprise the Income Statement, Balance

Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of A & B Buchan Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A & B Buchan Limited and state those matters that we have agreed to state to the Board of Directors of A & B Buchan Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A & B Buchan Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A & B Buchan Limited. You consider that A & B Buchan Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of A & B Buchan Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon Accord Square

ABERDEEN

AB11 6YL

9 January 2019