back to SCOTT CUNNINGHAM JOINERY LTD detail Scott Cunningham Joinery Ltd Small abridged accounts
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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Scott Cunningham Joinery Ltd have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 October 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: SC548695
Scott Cunningham Joinery Ltd
Filleted Unaudited Abridged Financial Statements
31 October 2017
Scott Cunningham Joinery Ltd
Abridged Financial Statements
Period from 27 October 2016 to 31 October 2017
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
2
Scott Cunningham Joinery Ltd
Abridged Statement of Financial Position
31 October 2017
31 Oct 17
Note
£
Fixed assets
Tangible assets
5
8,904
Current assets
Cash at bank and in hand
2,531
Creditors: amounts falling due within one year
8,036
-------
Net current liabilities
5,505
-------
Total assets less current liabilities
3,399
Creditors: amounts falling due after more than one year
3,203
-------
Net assets
196
-------
Capital and reserves
Called up share capital
100
Profit and loss account
96
----
Shareholders funds
196
----
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the period ending 31 October 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 abridged financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 16 March 2018 , and are signed on behalf of the board by:
Mr S Cunningham
Director
Company registration number: SC548695
Scott Cunningham Joinery Ltd
Notes to the Abridged Financial Statements
Period from 27 October 2016 to 31 October 2017
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 6 Bankton Terrace, Prestonpans, East Lothian, EH32 9EX.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
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 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 residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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 its liabilities.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 .
5. Tangible assets
£
Cost
At 27 October 2016
Additions
11,147
--------
At 31 October 2017
11,147
--------
Depreciation
At 27 October 2016
Charge for the period
2,243
--------
At 31 October 2017
2,243
--------
Carrying amount
At 31 October 2017
8,904
--------