Registration number:
D. I. Lamont & Co Limited
trading as
for the Year Ended 30 June 2018
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
Argyll
PA35 1AG
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
Company Information
Directors |
Mr Douglas Ian Lamont Mr Martin Iain Lamont |
Registered office |
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Accountants |
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Page 1 |
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
Directors' Report for the Year Ended 30 June 2018
The directors present their report and the financial statements for the year ended 30 June 2018.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is fishing
Small companies provision statement
This report has 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.
Approved by the
.........................................
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
for the Year Ended 30 June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of D. I. Lamont & Co Limited for the year ended 30 June 2018 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of D. I. Lamont & Co Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of D. I. Lamont & Co Limited and state those matters that we have agreed to state to the Board of Directors of D. I. Lamont & Co Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D. I. Lamont & Co Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that D. I. Lamont & Co Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of D. I. Lamont & Co Limited. You consider that D. I. Lamont & Co Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of D. I. Lamont & Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
1 Aldersyde
Taynuilt
Argyll
Argyll
PA35 1AG
Page 3 |
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
Profit and Loss Account for the Year Ended 30 June 2018
Note |
2018 |
2017 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
Statement of Comprehensive Income for the Year Ended 30 June 2018
2018 |
2017 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 5 |
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
(Registration number: SC427893)
Balance Sheet as at 30 June 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their 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.
Approved and authorised by the
.........................................
Director
Page 6 |
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
Statement of Changes in Equity for the Year Ended 30 June 2018
Share capital |
Profit and loss account |
Total |
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At 1 July 2017 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 30 June 2018 |
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Share capital |
Profit and loss account |
Total |
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At 1 July 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 30 June 2017 |
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Page 7 |
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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 |
Plant & machinery |
20% reducing balance |
Page 8 |
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Boat fishing licences |
In accordance with lifetime of licence |
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.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Page 9 |
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
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Depreciation expense |
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Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 July 2017 |
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Additions acquired separately |
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At 30 June 2018 |
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Amortisation |
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Carrying amount |
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At 30 June 2018 |
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At 30 June 2017 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
Page 10 |
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Tangible assets |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 July 2017 |
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At 30 June 2018 |
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Depreciation |
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At 1 July 2017 |
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Charge for the year |
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At 30 June 2018 |
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Carrying amount |
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At 30 June 2018 |
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At 30 June 2017 |
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Debtors |
2018 |
2017 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Trade creditors |
- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
Page 11 |
D. I. Lamont & Co Limited
trading as D.I.Lamont & Co Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
2018 |
2017 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2018 |
2017 |
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Remuneration |
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Page 12 |