11 false false false false false false false false false true false false false false true true true No description of principal activity 2021-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC102685 2021-03-01 2022-02-28 SC102685 2022-02-28 SC102685 2021-02-28 SC102685 2020-02-29 2021-02-28 SC102685 2021-02-28 SC102685 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 SC102685 core:PlantMachinery 2021-03-01 2022-02-28 SC102685 core:FurnitureFittings 2021-03-01 2022-02-28 SC102685 core:MotorVehicles 2021-03-01 2022-02-28 SC102685 bus:Director1 2021-03-01 2022-02-28 SC102685 core:LandBuildings 2021-02-28 SC102685 core:PlantMachinery 2021-02-28 SC102685 core:FurnitureFittings 2021-02-28 SC102685 core:MotorVehicles 2021-02-28 SC102685 core:LandBuildings 2022-02-28 SC102685 core:PlantMachinery 2022-02-28 SC102685 core:FurnitureFittings 2022-02-28 SC102685 core:MotorVehicles 2022-02-28 SC102685 core:LandBuildings 2021-03-01 2022-02-28 SC102685 core:WithinOneYear 2022-02-28 SC102685 core:WithinOneYear 2021-02-28 SC102685 core:AfterOneYear 2022-02-28 SC102685 core:AfterOneYear 2021-02-28 SC102685 core:ShareCapital 2022-02-28 SC102685 core:ShareCapital 2021-02-28 SC102685 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC102685 core:RetainedEarningsAccumulatedLosses 2021-02-28 SC102685 core:LandBuildings 2021-02-28 SC102685 core:PlantMachinery 2021-02-28 SC102685 core:FurnitureFittings 2021-02-28 SC102685 core:MotorVehicles 2021-02-28 SC102685 bus:SmallEntities 2021-03-01 2022-02-28 SC102685 bus:AuditExemptWithAccountantsReport 2021-03-01 2022-02-28 SC102685 bus:FullAccounts 2021-03-01 2022-02-28 SC102685 bus:SmallCompaniesRegimeForAccounts 2021-03-01 2022-02-28 SC102685 bus:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28 SC102685 core:OfficeEquipment 2021-03-01 2022-02-28 SC102685 core:OfficeEquipment 2021-02-28 SC102685 core:OfficeEquipment 2022-02-28
COMPANY REGISTRATION NUMBER: SC102685
Ross & Co (Painters & Decorators) Limited
Filleted Unaudited Financial Statements
For the year ended
28 February 2022
Ross & Co (Painters & Decorators) Limited
Statement of Financial Position
28 February 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
207,755
179,625
Current assets
Stocks
49,254
28,812
Debtors
6
40,696
51,469
Cash at bank and in hand
76,972
105,763
---------
---------
166,922
186,044
Creditors: amounts falling due within one year
7
61,323
64,919
---------
---------
Net current assets
105,599
121,125
---------
---------
Total assets less current liabilities
313,354
300,750
Creditors: amounts falling due after more than one year
8
176,453
161,095
Provisions
Taxation including deferred tax
17,950
12,122
---------
---------
Net assets
118,951
127,533
---------
---------
Capital and reserves
Called up share capital
3,105
3,105
Profit and loss account
115,846
124,428
---------
---------
Shareholders funds
118,951
127,533
---------
---------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 28 February 2022 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 financial statements for the year 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 financial statements .
Ross & Co (Painters & Decorators) Limited
Statement of Financial Position (continued)
28 February 2022
These financial statements were approved by the board of directors and authorised for issue on 7 September 2022 , and are signed on behalf of the board by:
D F Ross
Director
Company registration number: SC102685
Ross & Co (Painters & Decorators) Limited
Notes to the Financial Statements
Year ended 28 February 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Alder House, Cradlehall Business Park, Inverness, IV2 5GH.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented.
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.
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 is recognised on taxable profit for the current and past periods. Current tax 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 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 using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Freehold property (excluding flat)
-
4% straight line
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33% reducing balance
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.
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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2021: 19 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Office Equipment
Total
£
£
£
£
£
£
Cost
At 1 Mar 2021
157,089
26,263
16,113
197,757
8,180
405,402
Additions
328
72,430
72,758
Disposals
( 1,750)
( 1,518)
( 101,941)
( 2,904)
( 108,113)
---------
--------
--------
---------
-------
---------
At 28 Feb 2022
157,089
24,841
14,595
168,246
5,276
370,047
---------
--------
--------
---------
-------
---------
Depreciation
At 1 Mar 2021
41,266
15,448
13,589
148,490
6,984
225,777
Charge for the year
2,541
1,047
217
27,342
239
31,386
Disposals
( 1,072)
( 1,155)
( 90,221)
( 2,423)
( 94,871)
---------
--------
--------
---------
-------
---------
At 28 Feb 2022
43,807
15,423
12,651
85,611
4,800
162,292
---------
--------
--------
---------
-------
---------
Carrying amount
At 28 Feb 2022
113,282
9,418
1,944
82,635
476
207,755
---------
--------
--------
---------
-------
---------
At 28 Feb 2021
115,823
10,815
2,524
49,267
1,196
179,625
---------
--------
--------
---------
-------
---------
6. Debtors
2022
2021
£
£
Trade debtors
26,024
49,882
Other debtors
14,672
1,587
--------
--------
40,696
51,469
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
14,463
7,720
Corporation tax
9,829
18,848
Social security and other taxes
11,571
25,042
Other creditors
25,460
13,309
--------
--------
61,323
64,919
--------
--------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
176,453
161,095
---------
---------
9. Related party transactions