REGISTERED NUMBER: SC243281 (Scotland)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

A & L MCCRAE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Alistair James McCrae

Linda Helen Stevenson McCrae

SECRETARY:

Linda Helen Stevenson McCrae

REGISTERED OFFICE:

c/o Abacus Services

Abacus Building,

8 High Street

Oban

Argyll

PA34 4BG

REGISTERED NUMBER:

SC243281 (Scotland)

ACCOUNTANTS:

R A Clement Associates

5 Argyll Square

Oban

Argyll

PA34 4AZ

FIXED ASSETS

Intangible assets

4

280,500

301,000

Tangible assets

5

2,868,569

2,554,291

3,149,069

2,855,291

CURRENT ASSETS

Stocks

138,898

175,427

Debtors

6

101,672

552,143

Cash at bank

473,680

402,111

714,250

1,129,681

CREDITORS

Amounts falling due within one year

7

333,969

526,601

NET CURRENT ASSETS

380,281

603,080

TOTAL ASSETS LESS CURRENT LIABILITIES

3,529,350

3,458,371

CREDITORS

Amounts falling due after more than one year

8

(193,866

)

(256,978

)

PROVISIONS FOR LIABILITIES

(311,610

)

(321,960

)

NET ASSETS

3,023,874

2,879,433

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

3,022,874

2,878,433

SHAREHOLDERS' FUNDS

3,023,874

2,879,433

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.

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 15 December 2017 and were signed on its behalf by:

Linda Helen Stevenson McCrae - Director

1.	STATUTORY INFORMATION

A & L McCrae 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.

The financial statements are presented in Sterling (£).

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill represents the amounts paid in connection with the acquisition of businesses in 2003 and 2012 and is

being amortised over the estimated useful life of twenty 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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Heritable property

-

in accordance with the property

Plant and machinery

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

410,000

AMORTISATION

At 1 April 2016

109,000

Amortisation for year

20,500

At 31 March 2017

129,500

NET BOOK VALUE

At 31 March 2017

280,500

At 31 March 2016

301,000

5.	TANGIBLE FIXED ASSETS

Heritable

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 April 2016

487,334

3,240,053

1,657

3,729,044

Additions

10,908

1,329,903

-

1,340,811

Disposals

-

(831,255

)

-

(831,255

)

At 31 March 2017

498,242

3,738,701

1,657

4,238,600

DEPRECIATION

At 1 April 2016

66,690

1,106,607

1,456

1,174,753

Charge for year

16,244

432,904

66

449,214

Eliminated on disposal

-

(253,936

)

-

(253,936

)

At 31 March 2017

82,934

1,285,575

1,522

1,370,031

NET BOOK VALUE

At 31 March 2017

415,308

2,453,126

135

2,868,569

At 31 March 2016

420,644

2,133,446

201

2,554,291

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

Plant and

machinery

£

COST

At 1 April 2016

211,500

Additions

66,000

At 31 March 2017

277,500

DEPRECIATION

At 1 April 2016

31,725

Charge for year

45,116

At 31 March 2017

76,841

NET BOOK VALUE

At 31 March 2017

200,659

At 31 March 2016

179,775

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

11,890

541,174

Amounts owed by group undertakings

11,640

4,805

Other debtors

78,142

6,164

101,672

552,143

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

50,000

50,000

Hire purchase contracts

41,712

54,750

Trade creditors

192,745

284,149

Taxation and social security

34,116

45,942

Other creditors

15,396

91,760

333,969

526,601

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

191,666

241,666

Hire purchase contracts

2,200

15,312

193,866

256,978

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

41,666

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

241,666

291,666

The Bank of Scotland holds a Standard Security for all sums due or to become due over Barrachander Quarry,

Taynuilt, Argyll.