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REGISTERED NUMBER:
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J. H. LIGHTBODY & SON LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017 |
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REGISTERED NUMBER:
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J. H. LIGHTBODY & SON LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017 |
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J. H. LIGHTBODY & SON LIMITED (REGISTERED NUMBER: SC030933) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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J. H. LIGHTBODY & SON LIMITED (REGISTERED NUMBER: SC030933) |
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BALANCE SHEET |
31 AUGUST 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve |
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Retained earnings |
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The directors acknowledge their 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. |
J. H. LIGHTBODY & SON LIMITED (REGISTERED NUMBER: SC030933) |
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BALANCE SHEET - continued |
31 AUGUST 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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J. H. LIGHTBODY & SON LIMITED (REGISTERED NUMBER: SC030933) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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1. | STATUTORY INFORMATION |
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J.H. Lightbody & Son Limited is a private company, limited by shares, registered in Scotland. The company's |
registered office is Aultwhur By Craigievern, Stirling Road, Balfron Station, Glasgow, G63 0NQ . |
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The presentation currency of the financial statements is Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. There has been no material departures from that standard. The financial |
statements have been prepared under the historical cost convention, as modified by the revaluation of certain |
assets. |
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Turnover |
Turnover represents rents, dilapidations and insurance charges receivable from the lease of the investment |
properties held for use under operating leases. These are recognised in accordance with the terms of the lease |
agreements. |
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Investment property |
The company's investment property is held for long term investment and accounted for as follows:- |
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(i) Investment property is initially recorded at cost which includes purchase cost and any directly attributable |
expenditure. |
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(ii) Thereafter, investment property is revalued at each balance sheet date to it's fair value, where this can be |
measured reliably. |
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(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account |
for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the |
revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable |
reserve in the balance sheet. |
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(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold. |
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Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic |
financial instruments are initially recognised at transaction value and subsequently measured at their settlement |
value. |
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J. H. LIGHTBODY & SON LIMITED (REGISTERED NUMBER: SC030933) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is |
calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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The charge for taxation takes into account taxation deferred as a result of timing differences between the |
treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that |
there will be suitable taxable profits from which the future reversal of the underlying timing differences can be |
deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in |
the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted |
at the balance sheet date. |
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With the exception of changes arising on the initial recognition of a business combination, the tax expense is |
presented either in profit or loss, other comprehensive income or statement of changes in equity depending on |
the transaction that resulted in the tax expense. |
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Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 September 2016 |
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Disposals | ( |
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At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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Fair value at 31 August 2017 is represented by: |
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Valuation in 2007 | 256,364 |
Cost | 193,636 |
450,000 |
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The fair value of investment property at 31 August 2017 has been arrived at on the basis of a valuation carried |
out at that date by the directors who are not professionally qualified valuers. The valuation, which does not differ |
from the valuation at the end of the previous reporting period for the property still retained, was arrived at by |
reference to market evidence of transaction prices for similar properties in their location and takes into account |
the current state of the rental market in the area where the properties are situated. |
J. H. LIGHTBODY & SON LIMITED (REGISTERED NUMBER: SC030933) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Taxation and social security |
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Other creditors |
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7. | RELATED PARTY DISCLOSURES |
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At the balance sheet date, £176,218 (2016 - £149,169) was due to the directors. The amount is unsecured, |
interest free and carries no fixed repayment terms. |
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8. | LEASING AGREEMENTS |
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At the year end, the company had total operating lease commitments of £nil (2016 £4,500). |
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9. | FIRST YEAR ADOPTION |
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As required in Section 35 of FRS 102, the balances previously reported under the old UK GAAP at the date of |
transition, 1 September 2015, and the prior year end, 31 August 2016 need to be restated for the changes which |
have occurred on transition to FRS 102. |
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In accordance with FRS 102, investment property is included at fair value. Gains are recognised in the profit |
and loss account and deferred tax is provided on these gains at the rate expected to apply when the property is |
sold. As a result of these property changes, the balance of the revaluation reserve has been reallocated to profit |
and loss reserves. As this balance remains non distributable, it has been reclassified as a fair value reserve to |
differentiate from the profit and loss reserves available for distribution. |
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Deferred tax of £80,000, relating to investment property, has been incorporated on transition. |
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In addition, the movement in the deferred tax provision during the year ended 31 August 2016, being a decrease |
in the provision of £13,794, has been incorporated. |
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In accordance with the requirements of FRS 102 a reconciliation of opening balances is provided: |
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Reconciliation of equity | 31 Aug | 1 Sept |
2016 | 2015 |
£ | £ |
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Capital and reserves as previously stated | 727,114 | 742,909 |
Deferred tax on investment property | (66,206 | ) | (80,000 | ) |
Capital and reserves as restated | 660,908 | 662,909 |
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No further restatement of the Profit and Loss Account or Balance Sheet and no changes to accounting policies |
have been required on transition. |