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A. and J. Beattie Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2017

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD

A. and J. Beattie Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

A. and J. Beattie Limited

Company Information

Director

AB Beattie

Company secretary

E Beattie

Registered office

1 Back Feus Selkirk TD7 4LL

Solicitors

Messrs Haddon & Turnbull W S 55 High Street Hawick Roxburghshire TD9 9BP

Bankers

Bank of Scotland Selkirk Branch Market Place Selkirk TD7 4BX

Accountants

Deans Accountants And Business Advisors Ltd Chartered Accountants and Business Advisors 27 North Bridge Street Hawick Borders TD9 9BD

Page 1

A. and J. Beattie Limited

(Registration number: SC081259)
Balance Sheet as at 31 January 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	173,642	174,550
Current assets
Stocks	5	15,750	15,750
Debtors	6	2,753	4,352
Cash at bank and in hand		19,240	24,434
		37,743	44,536
Creditors: Amounts falling due within one year	7	(21,955)	(26,309)
Net current assets		15,788	18,227
Net assets		189,430	192,777
Capital and reserves
Called up share capital		5,000	5,000
Revaluation reserve		82,773	82,773
Profit and loss account		101,657	105,004
Total equity		189,430	192,777

For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 13 September 2017
 

.........................................

AB Beattie

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

A. and J. Beattie Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

1	General information

The company is a private company limited by share capital incorporated in Scotland.

The address of its registered office is:
1 Back Feus
Selkirk
TD7 4LL

These financial statements were authorised for issue by the director on 13 September 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Property	Nil
Plant and machinery	25% reducing balance
Motor vehicles	25% reducing balance

Page 3

A. and J. Beattie Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

Cash and cash equivalents

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 4

A. and J. Beattie Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2016 - 0).

4	Tangible assets

	Land and buildings £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 February 2016	167,483	3,926	48,452	219,861
Additions	-	-	1,147	1,147
At 31 January 2017	167,483	3,926	49,599	221,008
Depreciation
At 1 February 2016	-	3,581	41,730	45,311
Charge for the year	-	87	1,968	2,055
At 31 January 2017	-	3,668	43,698	47,366
Carrying amount
At 31 January 2017	167,483	258	5,901	173,642
At 31 January 2016	167,483	345	6,722	174,550

Included within the net book value of land and buildings above is £167,483 (2016 - £167,483) in respect of freehold land and buildings.
 

5

Stocks

Page 5

A. and J. Beattie Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

	2017 £	2016 £
Finished goods and goods for resale	15,000	15,000
Other inventories	750	750
	15,750	15,750

6

Debtors

	2017 £	2016 £
Trade debtors	52	510
Other debtors	2,701	3,842
Total current trade and other debtors	2,753	4,352

7

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		2,068	2,171
Taxation and social security		-	1,404
Other creditors		19,887	22,734
		21,955	26,309