A. A. Hagan Limited Company Accounts

COMPANY REGISTRATION NUMBER: SC300058

A. A. Hagan Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2017

A. A. Hagan Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

A. A. Hagan Limited

Officers and Professional Advisers

The board of directors	Mr J A Hagan
	Mrs A A Hagan

Company secretary	Mr J A Hagan

Registered office	Glengour
	Kilbarchan Road
	Bridge of Weir
	Renfrewshire
	PA11 3ET

Accountants	Stranville John
	Chartered Certified Accountants
	First Floor
	80 High Street
	Johnstone
	Renfrewshire
	PA5 8SP

Bankers	Bank of Scotland
	Grosvenor Centre
	76 Gordon Street
	Glasgow
	G1 3RS

A. A. Hagan Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	6	120,000	160,000
Tangible assets	7	30,499	38,794
		---------	---------
		150,499	198,794

Current assets

Stocks		36,297	31,394
Debtors	8	62,028	53,482
Cash at bank and in hand		109,651	65,931
		---------	---------
		207,976	150,807

Creditors: amounts falling due within one year	9	157,255		134,995
		---------		---------
Net current assets			50,721	15,812
			---------	---------
Total assets less current liabilities			201,220	214,606

Provisions

Taxation including deferred tax	11	4,716	6,082
		---------	---------
Net assets		196,504	208,524
		---------	---------

Capital and reserves

Called up share capital	13	100	100
Profit and loss account		196,404	208,424
		---------	---------
Members funds		196,504	208,524
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

A. A. Hagan Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 17 October 2017 , and are signed on behalf of the board by:

Mrs A A Hagan

Director

Company registration number: SC300058

A. A. Hagan Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Glengour, Kilbarchan Road, Bridge of Weir, Renfrewshire, PA11 3ET.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, measured at fair value through profit or loss. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 17.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions which affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events, which are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax, which is recognised on taxable profit for the current and past periods, is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured, on an undiscounted basis, using the tax rates and laws that have been enacted or substantively enacted by the reporting date which are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Property Improvements	-	10% straight line
Fixtures & Equipment	-	20% straight line
Motor Vehicles	-	20% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2016: 6 ).

5. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2017	2016
	£	£
Ordinary shares of £1 each	24,000	33,800
	--------	--------

6. Intangible assets

	Goodwill
	£
Cost
At 1 April 2016 and 31 March 2017	400,000
	---------
Amortisation
At 1 April 2016	240,000
Charge for the year	40,000
	---------
At 31 March 2017	280,000
	---------
Carrying amount
At 31 March 2017	120,000
	---------
At 31 March 2016	160,000
	---------

7. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2016 and 31 March 2017	14,635	49,267	23,446	87,348
	--------	--------	--------	--------
Depreciation
At 1 April 2016	6,252	39,447	2,855	48,554
Charge for the year	1,464	2,142	4,689	8,295
	--------	--------	--------	--------
At 31 March 2017	7,716	41,589	7,544	56,849
	--------	--------	--------	--------
Carrying amount
At 31 March 2017	6,919	7,678	15,902	30,499
	--------	--------	--------	--------
At 31 March 2016	8,383	9,820	20,591	38,794
	--------	--------	--------	--------

8. Debtors

	2017	2016
	£	£
Trade debtors	51,805	44,997
Other debtors	10,223	8,485
	--------	--------
	62,028	53,482
	--------	--------

9. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	59,743	34,255
Corporation tax	14,727	2,927
Social security and other taxes	1,139	3,455
Other creditors	81,646	94,358
	---------	---------
	157,255	134,995
	---------	---------

10. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2017	2016
	£	£
Not later than 1 year	–	7,200
	----	-------

11. Provisions

	Deferred tax (note 12)
	£
At 1 April 2016	6,082
Unused amounts reversed	( 1,366)
	-------
At 31 March 2017	4,716
	-------

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions (note 11)	4,716	6,082
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Accelerated capital allowances	4,716	6,082
	-------	-------

13. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

14. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Later than 5 years	152,000	160,000
	---------	---------

15. Directors' advances, credits and guarantees

As at 31 March 2017, the directors Mrs A A Hagan and Mr J A Hagan had advanced a total sum of £80,078 (2016 - £49,160) to the company. No interest is charged on these unsecured loans which are repayable on demand.

16. Related party transactions

Dividends of £12,000 (2016 - £16,900) were paid to each of the directors, during the year. During the year, the company repaid £36,723, being the balance owed at 31 March 2016, to Garnal Limited, a company in which Mrs A A Hagan and Mr J A Hagan were directors and 100% shareholders.

17. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.