A & S Properties (Glasgow) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC103304 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

A & S PROPERTIES (GLASGOW) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Andrew Allan Strang

REGISTERED OFFICE:

6th Floor

Gordon Chambers

90 Mitchell Street

Glasgow

G1 3NQ

REGISTERED NUMBER:

SC103304 (Scotland)

ACCOUNTANTS:

Henderson Loggie

Gordon Chambers

90 Mitchell Street

Glasgow

Lanarkshire

G1 3NQ

FIXED ASSETS

Tangible assets

4

6,672

8,897

Investment property

5

90,000

96,672

98,897

CURRENT ASSETS

Stocks

6

320,167

543,167

Debtors

7

162,016

145,412

Cash at bank

69,701

9,940

551,884

698,519

CREDITORS

Amounts falling due within one year

8

408,599

130,739

NET CURRENT ASSETS

143,285

567,780

TOTAL ASSETS LESS CURRENT
LIABILITIES

239,957

666,677

CREDITORS

Amounts falling due after more than one
year

9

(222,720

)

(631,327

)

PROVISIONS FOR LIABILITIES

(13,385

)

(13,385

)

NET ASSETS

3,852

21,965

CAPITAL AND RESERVES

Called up share capital

2

Other reserves

11,084

Retained earnings

(7,234

)

10,879

SHAREHOLDERS' FUNDS

3,852

21,965

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 director acknowledges his 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 director on 21 December 2017 and were signed by:

Andrew Allan Strang - Director

1.	STATUTORY INFORMATION

A & S Properties (Glasgow) 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 as modified by the revaluation of certain assets.

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

-

25% on a reducing balance basis

Motor vehicles

-

25% on a reducing balance basis

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

COST OR VALUATION

At 1 April 2016

and 31 March 2017

39,581

6,355

45,936

DEPRECIATION

At 1 April 2016

31,313

5,726

37,039

Charge for year

2,067

158

2,225

At 31 March 2017

33,380

5,884

39,264

NET BOOK VALUE

At 31 March 2017

6,201

471

6,672

At 31 March 2016

8,268

629

8,897

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

90,000

NET BOOK VALUE

At 31 March 2017

90,000

At 31 March 2016

90,000

Fair value at 31 March 2017 is represented by:

£

Valuation in 2012

11,085

Valuation in 2016

50,000

Cost

28,915

90,000

6.

STOCKS

2017

2016

£

Work-in-progress

320,167

543,167

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Other debtors

162,016

145,412

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Bank loans and overdrafts

31,920

Social security and other taxes

-

6

Directors' current accounts

375,179

97,423

Accruals and deferred income

1,500

1,390

408,599

130,739

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2017

2016

£

Bank loans - 1-2 years

31,920

Bank loans - 2-5 years

95,760

Bank loans more 5 yr by instal

95,040

503,647

222,720

631,327

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

95,040

503,647

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

Bank loans

254,640

663,247

The bank loan is secured by a standard security over the investment property and a personal guarantee by the

director.

11.	FIRST YEAR ADOPTION

The financial statements of A & S Properties (Glasgow) Limited for the year ended 31 March 2017 are the first

financial statements prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the

UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position

and financial performance for the previous period have been corrected by the transition to FRS 102.

Restatement of financial position

31 March

1 April

2016

2015

£

Original shareholders funds

33,571

13,790

Impact of transition adjustments - Deferred tax on investment properties

(11,606

)

Restated shareholders funds

21,965

13,790

Reconciliation of profit or loss

2016

£

Loss as reported under previous UK GAAP

(30,812

)

Impact of transition adjustments - Fair value gain on investment properties

50,000

Profit reported under FRS 102

19,188

Changes for FRS 102 adoption

Revaluation gains are now included in comprehensive income for the year. Previously, revaluation gains would

have been taken to a revaluation reserve and not included in the profit for the financial year.