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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 March 2015 |
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A Buchanan Contractors Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 March 2015 |
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for |
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A Buchanan Contractors Limited |
A Buchanan Contractors Limited (Registered number: 02910751) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2015 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Profit and Loss Account | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 5 |
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A Buchanan Contractors Limited |
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Company Information |
for the Year Ended 31 March 2015 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
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A Buchanan Contractors Limited (Registered number: 02910751) |
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Report of the Directors |
for the Year Ended 31 March 2015 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2015. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2014 to the date of this report. |
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This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating |
to small companies. |
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ON BEHALF OF THE BOARD: |
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A Buchanan Contractors Limited (Registered number: 02910751) |
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Profit and Loss Account |
for the Year Ended 31 March 2015 |
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31.3.15 | 31.3.14 |
Notes | £ | £ |
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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 | 2 |
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Interest receivable and similar income |
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26,899 | 51,753 |
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Interest payable and similar charges |
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PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION |
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Tax on profit on ordinary activities | 3 |
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PROFIT FOR THE FINANCIAL YEAR |
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A Buchanan Contractors Limited (Registered number: 02910751) |
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Balance Sheet |
31 March 2015 |
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31.3.15 | 31.3.14 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Profit and loss account | 11 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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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. |
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The financial statements were approved by the Board of Directors on
by: |
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A Buchanan Contractors Limited (Registered number: 02910751) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to the profit and loss account in the period to which they relate. |
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2. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.3.15 | 31.3.14 |
£ | £ |
Depreciation - owned assets |
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Pension costs |
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Directors' remuneration |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes | 2 | 2 |
A Buchanan Contractors Limited (Registered number: 02910751) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2015 |
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3. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit on ordinary activities for the year was as follows: |
31.3.15 | 31.3.14 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
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Tax on profit on ordinary activities |
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4. | DIVIDENDS |
31.3.15 | 31.3.14 |
£ | £ |
Ordinary A share of £1 |
Interim | 27,000 | 11,357 |
Ordinary B share of £1 |
Interim | 27,000 | 11,357 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2014 |
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Additions |
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At 31 March 2015 |
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DEPRECIATION |
At 1 April 2014 |
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Charge for year |
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At 31 March 2015 |
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NET BOOK VALUE |
At 31 March 2015 |
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At 31 March 2014 |
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6. | STOCKS |
31.3.15 | 31.3.14 |
£ | £ |
Stocks |
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Work-in-progress |
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A Buchanan Contractors Limited (Registered number: 02910751) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2015 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.15 | 31.3.14 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.15 | 31.3.14 |
£ | £ |
Trade creditors |
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Taxation |
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Social security and other taxes |
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Other creditors and accruals |
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9. | PROVISIONS FOR LIABILITIES |
31.3.15 | 31.3.14 |
£ | £ |
Deferred tax |
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Deferred |
tax |
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Balance at 1 April 2014 |
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Credit to Profit and Loss Account during year | ( |
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Balance at 31 March 2015 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.15 | 31.3.14 |
value: | £ | £ |
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Ordinary A | £1 |
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Ordinary B | £1 |
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2 | 2 |
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11. | RESERVES |
Profit |
and loss |
account |
£ |
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At 1 April 2014 |
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Profit for the year |
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Dividends | ( |
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At 31 March 2015 |
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A Buchanan Contractors Limited (Registered number: 02910751) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2015 |
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12. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme for the directors and staff. The assets of the |
scheme are held separately from those of the company in an independently administered fund. The pension cost |
represents contributions payable by the company to the fund during the year and amounted to £8,879 (2014 |
£11,358). There were no outstanding contributions due to the fund at the balance sheet date. |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 March 2015 and |
31 March 2014: |
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31.3.15 | 31.3.14 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Balance outstanding at end of year |
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The directors have personally guaranteed the bank overdraft facility. |
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14. | RELATED PARTY DISCLOSURES |
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A Buchanan Contractors Limited (Registered number: 02910751) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2015 |
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14. | RELATED PARTY DISCLOSURES - continued |
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Included in debtors as at 31 March 2015 is an amount of £398,001 (2014 £503,036) due from The Garden |
Room (Guildford) Limited, a company owned by the directors of the company. |
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The Garden Room (Guildford) Limited is wholly owned by the shareholders of A Buchanan Contractors |
Limited. The company granted the loan to Garden Room (Guildford) Limited for capital expenditure and |
working capital. The company is no longer required to provide any financial support to the Garden Room |
(Guildford) Limited and has not done so since the year ending March 2010. |
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The Garden Room (Guildford) Limited is now profitable and there is a commitment by the shareholders to repay |
the loan from all available profits. That company does not pay directors' remuneration nor dividends and the |
shareholders of that company expect to repay the loan over a ten year period, with regular payments each year. |
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The directors wish to make clear certain points to the user of these financial statements in relation to this loan to |
the Garden Room (Guildford) Limited :- |
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1. The loan represents historic cash given to that organisation a number of years ago. If that company were to |
fail and not repay the loan it would have no impact on the ongoing operations of A Buchanan Contractors |
Limited, a company which is profitable in its own right. The company does not rely on Garden Room |
(Guildford) Limited in any way financially nor is it granting any further loans of any description. |
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2. A Buchanan Contractors Limited has not given any guarantees of any description in relation to any financial |
commitments of The Garden Room (Guildford) Limited. |
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Also included in debtors at 31 March 2015 is an amount of £5,125 (2014 £Nil) due from Uber Travel Limited, a |
company in which the directors are also directors and shareholders. |
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15. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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