A & D Cowan Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC241803 (Scotland)

Unaudited Financial Statements for the Year Ended 31st January 2018

for

A & D Cowan Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

A Cowan

D Cowan

SECRETARY:

D Cowan

REGISTERED OFFICE:

16 Albert Street

Dalbeattie

Dumfriesshire

DG5 4JP

REGISTERED NUMBER:

SC241803 (Scotland)

ACCOUNTANTS:

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

FIXED ASSETS

Tangible assets

4

3,815

2,720

CURRENT ASSETS

Stocks

100

Debtors

5

853

Cash at bank

206

871

1,159

1,824

CREDITORS

Amounts falling due within one year

6

(2,172

)

(2,514

)

NET CURRENT LIABILITIES

(1,013

)

(690

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,802

2,030

PROVISIONS FOR LIABILITIES

(590

)

-

NET ASSETS

2,212

2,030

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

2,112

1,930

SHAREHOLDERS' FUNDS

2,212

2,030

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 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 25th October 2018 and were signed on its behalf by:

D Cowan - Director

1.	STATUTORY INFORMATION

A & D Cowan 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.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

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.

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.

Financial instruments

Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are

readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of

business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged

to customers, including any amounts charged on for third parties.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from

suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the

reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an

unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current

liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are

subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount

due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st February 2017

17,010

Additions

2,000

At 31st January 2018

19,010

DEPRECIATION

At 1st February 2017

14,290

Charge for year

905

At 31st January 2018

15,195

NET BOOK VALUE

At 31st January 2018

3,815

At 31st January 2017

2,720

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Other debtors

853

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Other loans

520

-

Trade creditors

780

1,431

Tax

-

442

Social security and other taxes

83

119

Directors' current accounts

789

522

2,172

2,514

7.	RELATED PARTY DISCLOSURES

At 31st January 2018 the company owed Mr A Cowan £127 (2017 - £127) and Mr D Cowan £662 (2017 - £395) by way of

interest free directors current accounts.