Company Registration No. SC231012 (Scotland)
RESTORATION & RENOVATION (SCOTLAND) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
RESTORATION & RENOVATION (SCOTLAND) LTD
COMPANY INFORMATION
Director
Mr S Clark
Company number
SC231012
Registered office
66 Tay Street
PERTH
PH2 8RA
Accountants
Johnston Carmichael LLP
66 Tay Street
PERTH
PH2 8RA
RESTORATION & RENOVATION (SCOTLAND) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RESTORATION & RENOVATION (SCOTLAND) LTD
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
281,003
286,308
Current assets
Stocks
88,157
104,818
Debtors
4
41,676
67,600
Cash at bank and in hand
-
19,528
129,833
191,946
Creditors: amounts falling due within one year
5
(129,220)
(131,919)
Net current assets
613
60,027
Total assets less current liabilities
281,616
346,335
Creditors: amounts falling due after more than one year
6
(118,275)
(131,370)
Provisions for liabilities
(2,323)
(3,141)
Net assets
161,018
211,824
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
160,918
211,724
Total equity
161,018
211,824
RESTORATION & RENOVATION (SCOTLAND) LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
31 March 2018
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the director and authorised for issue on 12 November 2018
Mr S Clark
Director
Company Registration No. SC231012
RESTORATION & RENOVATION (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information

Restoration & Renovation (Scotland) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 66 Tay Street, PERTH, PH2 8RA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for building contracting services net of VAT and trade discounts.

 

Revenue is recognised based on the stage of completion.

 

Rental income is recognised on a straight line basis over the term of the lease.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
nil
Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

No depreciation is provided in respect of freehold land and buildings. While the non-depreciation of buildings does not comply with the requirements of the Companies Act 2006, the director is of the opinion that as the buildings have residual value and are well maintained, any depreciation would be immaterial and therefore it is not considered appropriate to depreciate the buildings.

RESTORATION & RENOVATION (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

RESTORATION & RENOVATION (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 6).

RESTORATION & RENOVATION (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017 and 31 March 2018
265,084
110,820
375,904
Depreciation and impairment
At 1 April 2017
-
89,596
89,596
Depreciation charged in the year
-
5,305
5,305
At 31 March 2018
-
94,901
94,901
Carrying amount
At 31 March 2018
265,084
15,919
281,003
At 31 March 2017
265,084
21,224
286,308
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
41,676
67,600
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
42,349
12,620
Trade creditors
36,839
34,526
Corporation tax
7,305
22,258
Other taxation and social security
12,671
24,704
Other creditors
30,056
37,811
129,220
131,919

Bank loans are secured by a standard security and floating charge over the assets and undertakings of the company.

RESTORATION & RENOVATION (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
118,275
131,370

Bank loans are secured by a standard security and floating charge over the assets and undertakings of the company.

Amounts included above which fall due after five years are as follows:
Payable by instalments
59,353
74,963
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
75 Ordinary "A" shares of £1 each
75
75
25 Ordinary "B" shares of £1 each
25
25
100
100
8
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

2018
2017
Amounts owed to related parties
£
£
Key management personnel
24,925
32,569
2018-03-312017-04-01falseCCH SoftwareCCH Accounts Production 2018.220No description of principal activityMr S ClarkSC2310122017-04-012018-03-31SC231012bus:Director12017-04-012018-03-31SC231012bus:RegisteredOffice2017-04-012018-03-31SC2310122018-03-31SC2310122017-03-31SC231012core:LandBuildings2018-03-31SC231012core:OtherPropertyPlantEquipment2018-03-31SC231012core:LandBuildings2017-03-31SC231012core:OtherPropertyPlantEquipment2017-03-31SC231012core:CurrentFinancialInstruments2018-03-31SC231012core:CurrentFinancialInstruments2017-03-31SC231012core:WithinOneYear2018-03-31SC231012core:WithinOneYear2017-03-31SC231012core:AfterOneYear2018-03-31SC231012core:AfterOneYear2017-03-31SC231012core:Non-currentFinancialInstruments2018-03-31SC231012core:ShareCapital2018-03-31SC231012core:ShareCapital2017-03-31SC231012core:RetainedEarningsAccumulatedLosses2018-03-31SC231012core:RetainedEarningsAccumulatedLosses2017-03-31SC231012core:ShareCapitalOrdinaryShares2018-03-31SC231012core:ShareCapitalOrdinaryShares2017-03-31SC231012core:LandBuildingscore:OwnedOrFreeholdAssets2017-04-012018-03-31SC231012core:PlantMachinery2017-04-012018-03-31SC231012core:ComputerEquipment2017-04-012018-03-31SC231012core:MotorVehicles2017-04-012018-03-31SC231012core:LandBuildings2017-03-31SC231012core:OtherPropertyPlantEquipment2017-03-31SC2310122017-03-31SC231012core:OtherPropertyPlantEquipment2017-04-012018-03-31SC231012core:Non-currentFinancialInstruments2017-03-31SC231012bus:PrivateLimitedCompanyLtd2017-04-012018-03-31SC231012bus:FRS1022017-04-012018-03-31SC231012bus:AuditExemptWithAccountantsReport2017-04-012018-03-31SC231012bus:SmallCompaniesRegimeForAccounts2017-04-012018-03-31SC231012bus:FullAccounts2017-04-012018-03-31xbrli:purexbrli:sharesiso4217:GBP