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REGISTERED NUMBER: SC240167 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2021

for

L F Bruce & Sons Limited

L F Bruce & Sons Limited (Registered number: SC240167)






Contents of the Financial Statements
for the Year Ended 30 November 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


L F Bruce & Sons Limited

Company Information
for the Year Ended 30 November 2021







DIRECTOR: K L Bruce





SECRETARY: Ms T Bruce





REGISTERED OFFICE: 23 Seaforth Crescent
Broughty Ferry
Dundee
Tayside
DD5 1QD





REGISTERED NUMBER: SC240167 (Scotland)





ACCOUNTANTS: Angela Campbell
Chartered Accountant
3 Maryfield Road
Broughty Ferry
DUNDEE
Tayside
DD5 2JJ

L F Bruce & Sons Limited (Registered number: SC240167)

Balance Sheet
30 November 2021

30.11.21 30.11.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,859 4,450

CURRENT ASSETS
Stocks 400 350
Debtors 5 300 14,191
Cash at bank 9,557 357
10,257 14,898
CREDITORS
Amounts falling due within one year 6 8,148 9,554
NET CURRENT ASSETS 2,109 5,344
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,968

9,794

CREDITORS
Amounts falling due after more than one
year

7

-

(1,698

)

PROVISIONS FOR LIABILITIES 9 (733 ) (846 )
NET ASSETS 5,235 7,250

CAPITAL AND RESERVES
Called up share capital 100 100
Capital reserves 1,357 1,357
Retained earnings 3,778 5,793
SHAREHOLDERS' FUNDS 5,235 7,250

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

L F Bruce & Sons Limited (Registered number: SC240167)

Balance Sheet - continued
30 November 2021


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 August 2022 and were signed by:





K L Bruce - Director


L F Bruce & Sons Limited (Registered number: SC240167)

Notes to the Financial Statements
for the Year Ended 30 November 2021

1. STATUTORY INFORMATION

L F Bruce & Sons Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is derived from roofing services.
Turnover represents the income from this service and is measured at the fair value consideration received or receivable, excluding discounts, rebates and value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

The company's policy is to carry all the assets at historical cost less accumulated depreciation and accumulated impairment loss.
At each balance sheet date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that any items have suffered 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. Where is is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash generating unit to which it belongs.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The following assets and liabilities are classifies as financial instruments - trade debtors, trade creditors, other loans and director's loans.

Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective rate of interest.

The director's loan ( being repayable on demand). trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

L F Bruce & Sons Limited (Registered number: SC240167)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2021

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
At the time of approving of the financial statements, the director has reasonable expectations that the company has adequate resources to continue in an operational existence for the foreseeable future. Thus the going concern basis for the preparation of the accounts has been adopted by the director.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2020
and 30 November 2021 18,895
DEPRECIATION
At 1 December 2020 14,445
Charge for year 591
At 30 November 2021 15,036
NET BOOK VALUE
At 30 November 2021 3,859
At 30 November 2020 4,450

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.21 30.11.20
£    £   
Trade debtors 300 14,191

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.21 30.11.20
£    £   
Trade creditors 3,396 1,485
Taxation and social security 1,633 4,184
Other creditors 3,119 3,885
8,148 9,554

L F Bruce & Sons Limited (Registered number: SC240167)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2021

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.21 30.11.20
£    £   
Other creditors - 1,698

8. SECURED DEBTS

The following secured debts are included within creditors:

30.11.21 30.11.20
£    £   
Other loans 1,698 3,823

The loan is secured over the asset to which it relates

9. PROVISIONS FOR LIABILITIES
30.11.21 30.11.20
£    £   
Deferred tax
Accelerated capital allowances 733 846

Deferred
tax
£   
Balance at 1 December 2020 846
Credit to Statement of Income and Retained Earnings during year (113 )
Balance at 30 November 2021 733

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2021 and 30 November 2020:

30.11.21 30.11.20
£    £   
K L Bruce
Balance outstanding at start of year (1,254 ) (87 )
Amounts advanced 8,892 8,833
Amounts repaid (8,500 ) (10,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (862 ) (1,254 )