Caseware UK (AP4) 2016.0.181 2016.0.181 2017-05-312017-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueThe principal activity of the company in the year under review was that of the hiring of skips and diposal of the waste collection.false2016-06-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. SC248844 2016-06-01 2017-05-31 SC248844 2015-06-01 2016-05-31 SC248844 2017-05-31 SC248844 2016-05-31 SC248844 2015-06-01 SC248844 c:Director1 2016-06-01 2017-05-31 SC248844 c:Director2 2016-06-01 2017-05-31 SC248844 c:Director3 2016-06-01 2017-05-31 SC248844 c:RegisteredOffice 2016-06-01 2017-05-31 SC248844 d:Buildings 2016-06-01 2017-05-31 SC248844 d:Buildings 2017-05-31 SC248844 d:Buildings 2016-05-31 SC248844 d:Buildings d:OwnedOrFreeholdAssets 2016-06-01 2017-05-31 SC248844 d:PlantMachinery 2016-06-01 2017-05-31 SC248844 d:PlantMachinery 2017-05-31 SC248844 d:PlantMachinery 2016-05-31 SC248844 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-06-01 2017-05-31 SC248844 d:MotorVehicles 2016-06-01 2017-05-31 SC248844 d:MotorVehicles 2017-05-31 SC248844 d:MotorVehicles 2016-05-31 SC248844 d:MotorVehicles d:OwnedOrFreeholdAssets 2016-06-01 2017-05-31 SC248844 d:OfficeEquipment 2016-06-01 2017-05-31 SC248844 d:OfficeEquipment 2017-05-31 SC248844 d:OfficeEquipment 2016-05-31 SC248844 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-06-01 2017-05-31 SC248844 d:OwnedOrFreeholdAssets 2016-06-01 2017-05-31 SC248844 d:CurrentFinancialInstruments 2017-05-31 SC248844 d:CurrentFinancialInstruments 2016-05-31 SC248844 d:CurrentFinancialInstruments d:WithinOneYear 2017-05-31 SC248844 d:CurrentFinancialInstruments d:WithinOneYear 2016-05-31 SC248844 d:ShareCapital 2017-05-31 SC248844 d:ShareCapital 2016-05-31 SC248844 d:RetainedEarningsAccumulatedLosses 2017-05-31 SC248844 d:RetainedEarningsAccumulatedLosses 2016-05-31 SC248844 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2016-06-01 2017-05-31 SC248844 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2017-05-31 SC248844 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2016-05-31 SC248844 c:FRS102 2016-06-01 2017-05-31 SC248844 c:AuditExempt-NoAccountantsReport 2016-06-01 2017-05-31 SC248844 c:FullAccounts 2016-06-01 2017-05-31 SC248844 c:PrivateLimitedCompanyLtd 2016-06-01 2017-05-31 iso4217:GBP xbrli:pure



Registered number: SC248844














A & M SMITH SKIP 
HIRE LIMITED



UNAUDITED

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2017

 
A & M SMITH SKIP HIRE LIMITED
 

COMPANY INFORMATION


Directors
S Smith 
K Smith 
A Speid 




Registered number
SC248844



Registered office
Bankhead Recycling Centre
Duffshill Road

Portlethen

Aberdeenshire

AB12 4RX





 
A & M SMITH SKIP HIRE LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 12


 
A & M SMITH SKIP HIRE LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2017

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1


 
A & M SMITH SKIP HIRE LIMITED
REGISTERED NUMBER:SC248844

BALANCE SHEET
AS AT 31 MAY 2017

2017
         2016 (as restated)
Note
£
£

Fixed assets
  

Tangible assets
 3 
1,890,741
1,600,135

  
1,890,741
1,600,135

Current assets
  

Debtors: amounts falling due within one year
 4 
1,463,077
1,641,508

Cash at bank and in hand
 5 
1,476,220
1,625,074

  
2,939,297
3,266,582

Creditors: amounts falling due within one year
 6 
(783,262)
(1,179,367)

Net current assets
  
 
 
2,156,035
 
 
2,087,215

Total assets less current liabilities
  
4,046,776
3,687,350

Provisions for liabilities
  

Deferred tax
 7 
-
(5,040)

Other provisions
 8 
(140,040)
(134,913)

  
 
 
(140,040)
 
 
(139,953)

Net assets
  
3,906,736
3,547,397


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
3,906,536
3,547,197

  
3,906,736
3,547,397


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Page 2


 
A & M SMITH SKIP HIRE LIMITED
REGISTERED NUMBER:SC248844

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2017

................................................
S Smith
Director

Date: 19 December 2017
The notes on pages 4 to 12 form part of these financial statements.

Page 3


 
A & M SMITH SKIP HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017

1.


General information

A & M Skip Hire Ltd is a limited company incorporated in Scotland. The registered office is Bankhead Recycling Centre, Duffshill Road, Portlethen, AB12 4RX. 

2.Accounting policies

 
2.1

Going concern

The  directors,  having  made  due  and  careful  enquiry and preparing forecasts,  are of the  opinion that the  company has  adequate  working  capital  to  execute  its  operations  over  the  next  12  months.  The directors,  therefore,  have  made  an  informed  judgement,  at  the  time  of  approving  the  financial statements,  that  there  is  a  reasonable  expectation  that  the  company has  adequate  resources  to continue in  operational existence for  the  foreseeable  future.  As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.2

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4


 
A & M SMITH SKIP HIRE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land and buildings
-
5%
straight line
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
straight line
Office equipment
-
30%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each
Page 5


 
A & M SMITH SKIP HIRE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017

2.Accounting policies (continued)


2.7
Financial instruments (continued)

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

 
2.11

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 June 2015 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Page 6


 
A & M SMITH SKIP HIRE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017

2.Accounting policies (continued)

 
2.12

Pensions

Defined contribution pension plan

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.14

Provisions for liabilities

The company provides for the costs of reinstating quarrying sites where a legal or constructive obligation exists. The present value of the estimated cost of reinstatement is included within tangible fixed assets and deprecaited over the life of the site. All provisions are discounted to their present value at a rate that reflects current market assessments of the time value of money and the risks specific to the liability.  

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7


 
A & M SMITH SKIP HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017

3.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2016
644,424
3,639,556
1,030,933
147,550
5,462,463


Additions
408,961
252,974
229,315
7,039
898,289


Disposals
(6,231)
-
(87,600)
-
(93,831)



At 31 May 2017

1,047,154
3,892,530
1,172,648
154,589
6,266,921



Depreciation


At 1 June 2016
123,532
2,915,430
692,888
130,478
3,862,328


Charge owned for the period
37,548
368,096
176,541
9,563
591,748


Disposals
(419)
-
(77,477)
-
(77,896)



At 31 May 2017

160,661
3,283,526
791,952
140,041
4,376,180



Net book value



At 31 May 2017
886,493
609,004
380,696
14,548
1,890,741



At 31 May 2016
520,892
724,126
338,045
17,072
1,600,135

Page 8


 
A & M SMITH SKIP HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017

4.


Debtors

2017
2016
£
£


Trade debtors
671,088
718,072

Amounts owed by related parties
695,651
830,651

Other debtors
267
1,605

Prepayments and accrued income
96,071
91,180

1,463,077
1,641,508



5.


Cash and cash equivalents

2017
2016
£
£

Cash at bank and in hand
1,476,220
1,625,074

1,476,220
1,625,074



6.


Creditors: Amounts falling due within one year

2017
2016
£
£

Trade creditors
351,003
509,622

Corporation tax
129,741
119,374

Other taxation and social security
146,827
143,249

Other creditors
118,553
318,711

Accruals and deferred income
37,138
88,411

783,262
1,179,367



7.


Deferred taxation




2017
2016


£

£






At beginning of year
(5,040)
(39,626)


Charged to the profit or loss
5,040
34,586



At end of year
-
(5,040)

Page 9


 
A & M SMITH SKIP HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
 
7.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2017
2016
£
£


Accelerated capital allowances
-
(5,040)


8.


Provisions




Other provision 1

£





At 1 June 2016
134,913


Unwinding of discount
5,127



At 31 May 2017
140,040


.


Landfill restorations

Provision for landfill restoration reflects the company's liability under obligations to restore landfill sites to their previous condition. The provision is recognised in line with the usage of the site.  


9.


Prior year adjustment

2017
             2016 (as restated)
£
£



Opening retained earnings
3,508,758
3,589,719

Profit/(loss) for the financial year
363,651
374,039

Dividends
(10,000)
(385,000)

Prior year adjustment (as explained in note 1)

-
(70,000)

Total retained earnings
3,862,409
3,508,758

Note 1 - Dividends - prior year adjustment

The accounts have been restated to incorporate the impact of dividends which were declared but not included in the accounts.  

Page 10


 
A & M SMITH SKIP HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017

10.


Related party transactions

CONTROL 

During the current and previous year the company was controlled by the directors. 

TRANSACTIONS

During the current year, the company was due the directors £115,332 at the year end (2016 - £245,609).  There are no set repayment terms, nor is interest charged on the loan.

A company under common control was due the company £695,651 (2016 - £830,651). 


Page 11


 
A & M SMITH SKIP HIRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017

11.


First time adoption of FRS 102

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 June 2015. The impact of the transition to FRS 102 is as follows:

Reconciliation of equity at 1 June 2015

        £
Equity at 1 June 2015 under previous UK GAAP

  
3,490,865

Recognise present value of reinstatement costs within tangible fixed assets

  
85,020

Adjustment to reinstatement provision

  
46,838

Equity shareholders funds at 1 June 2015 under FRS 102

  
 
3,622,723



Reconciliation of equity at 31 May 2016

        £
Equity at 31 May 2016 under previous UK GAAP

  
3,458,827

Recognise present value of reinstatement costs within tangible fixed assets

  
81,871

Adjustment to reinstatement provision

  
76,699

Equity shareholders funds at 31 May 2016 under FRS 102

  
 
3,617,397


Reconciliation of profit and loss account for the year ended 31 May 2016

        £
Profit for the year under previous UK GAAP

  
352,962

Depreciation of tangible fixed assets

  
(3,149)

Reversal of movement in provison under previous policy

  
34,800

Unwinding of discount on provision

  
(4,939)

Profit for the year ended 31 May 2016 under FRS 102

  
 
379,674


The following were changes in accounting policies arising from the transition to FRS 102:

1

On transition to FRS102 the company has adopted the accounting policy set out in note 2.14 regarding provisions for reinstatement of quarrying sites, which has resulted in a restatement of the amounts held in the fixed assets and the associated provisions for reinstatement.

Page 12