REGISTERED NUMBER: SC216589 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

AC & IC Fraser & Son Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs I C Fraser

A C Fraser

A C Fraser

SECRETARY:

Mrs I C Fraser

REGISTERED OFFICE:

Glendhu

Garve Road

Ullapool

Ross shire

IV26 2SX

REGISTERED NUMBER:

SC216589 (Scotland)

ACCOUNTANTS:

Mackay & Co

Chartered Accountants

Main Street

Golspie

Sutherland

KW10 6RH

FIXED ASSETS

Tangible assets

4

491,328

285,874

CURRENT ASSETS

Stocks

104,863

85,260

Debtors

109,140

225,371

Cash at bank and in hand

163,213

152,901

377,216

463,532

CREDITORS

Amounts falling due within one year

254,556

273,755

NET CURRENT ASSETS

122,660

189,777

TOTAL ASSETS LESS CURRENT LIABILITIES

613,988

475,651

CREDITORS

Amounts falling due after more than one year

(171,052

)

(134,972

)

PROVISIONS FOR LIABILITIES

(30,446

)

(14,307

)

NET ASSETS

412,490

326,372

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

412,390

326,272

SHAREHOLDERS' FUNDS

412,490

326,372

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 31 March 2017 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 17 October 2017 and were signed on its behalf by:

A C Fraser - Director

1.	STATUTORY INFORMATION

AC & IC Fraser & Son 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.

Freehold property

-

4% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

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.

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 13 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

784,654

Additions

265,222

Disposals

(14,650

)

At 31 March 2017

1,035,226

DEPRECIATION

At 1 April 2016

498,780

Charge for year

57,953

Eliminated on disposal

(12,835

)

At 31 March 2017

543,898

NET BOOK VALUE

At 31 March 2017

491,328

At 31 March 2016

285,874

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

follows:

Totals

£

COST

At 1 April 2016

and 31 March 2017

137,626

DEPRECIATION

At 1 April 2016

121,396

Charge for year

4,058

At 31 March 2017

125,454

NET BOOK VALUE

At 31 March 2017

12,172

At 31 March 2016

16,230

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank overdrafts

35,501

36,999

Bank loans

160,655

107,846

196,156

144,845

Secured over personal assets of the directors, and by a bond and floating charge over the

whole of the company's property and undertaking.