Company Registration No. SC041421 (Scotland)
WALTER BROWN (BUILDING CONTRACTORS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
WALTER BROWN (BUILDING CONTRACTORS) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WALTER BROWN (BUILDING CONTRACTORS) LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2021
28 February 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
33,944
40,040
Current assets
Stocks
16,794
8,009
Debtors
5
13,033
24,659
Cash at bank and in hand
244,707
227,706
274,534
260,374
Creditors: amounts falling due within one year
6
(120,827)
(105,763)
Net current assets
153,707
154,611
Total assets less current liabilities
187,651
194,651
Provisions for liabilities
(3,366)
(4,285)
Net assets
184,285
190,366
Capital and reserves
Called up share capital
7
1,100
1,100
Profit and loss reserves
183,185
189,266
Total equity
184,285
190,366
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WALTER BROWN (BUILDING CONTRACTORS) LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2021
28 February 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 June 2021 and are signed on its behalf by:
Mr A Candlish
Director
Company Registration No. SC041421
WALTER BROWN (BUILDING CONTRACTORS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 3 -
1
Accounting policies
Company information
Walter Brown (Building Contractors) Ltd is a
private
company
limited by shares
incorporated in Scotland.
The company's registered number and registered office address can be found on the Company Information page.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the everchanging situation as effectively as possible.
The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.
1.3
Turnover
Turnover is
measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
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 etc
25% on reducing balance
Computers
Motor vehicles
Land and Buildings
4% on cost
1.5
Work in progress
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated using the first-in, first-out method and included all purchase, transport, and handling costs in bringing stocks to their present location and condition.
Completed work, which has not been invoiced, is included in work in progress at invoice value excluding value added tax.
WALTER BROWN (BUILDING CONTRACTORS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 4 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reserved 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 law that have been enacted or substantively enacted by the period 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.
1.7
Pension costs and other post-retirement benefits
The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
2
Operating profit
2021
2020
Operating profit for the year is stated after charging:
£
£
Depreciation - owned assets
8,840
7,013
3
Employees
The average number of employees in the year was 4. (2020 - 5)
2021
2020
Number
Number
Total
4
5
WALTER BROWN (BUILDING CONTRACTORS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 5 -
4
Tangible fixed assets
Freehold Property
Plant and Machinery etc
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 29 February 2020
21,410
24,891
33,541
79,842
Additions
399
399
At 28 February 2021
21,410
24,891
399
33,541
80,241
Depreciation and impairment
At 29 February 2020
3,924
9,874
26,004
39,802
Depreciation charged in the year
856
3,754
1,885
6,495
At 28 February 2021
4,780
13,628
27,889
46,297
Carrying amount
At 28 February 2021
16,630
11,263
399
5,652
33,944
At 28 February 2020
17,486
15,017
7,537
40,040
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
10,743
22,141
Other debtors
2,290
2,518
13,033
24,659
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
5,442
1,695
Corporation tax
6,860
6,553
Other taxation and social security
6,624
7,594
Other creditors
99,635
86,811
Accruals and deferred income
2,266
3,110
120,827
105,763
WALTER BROWN (BUILDING CONTRACTORS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 6 -
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary A of £1 each
1,000
1,000
25 Ordinary B of £1 each
25
25
25 Ordinary C of £1 each
25
25
25 Ordinary D of £1 each
25
25
25 Ordinary E of £1 each
25
25
1,100
1,100
The ordinary non-voting shares are divided into four classes, B, C, D & E of 25 shares each. These classes have exactly the same rights as each other.