AJC CONSTRUCTION SCOTLAND LIMITED
SC216542
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED
31 MARCH 2015
31 March 2015
MESTON REID & CO.
CHARTERED ACCOUNTANTS
12 CARDEN PLACE
ABERDEEN
AB10 1UR
AJC CONSTRUCTION SCOTLAND LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
AJC CONSTRUCTION SCOTLAND LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
517,073
440,431
Current assets
Stocks
19,452
18,554
Debtors
2,639,538
2,057,991
Cash at bank and in hand
774
200
2,659,764
2,076,745
Creditors: amounts falling due within one year
3
(1,562,168)
(1,389,103)
Net current assets
1,097,596
687,642
Total assets less current liabilities
1,614,669
1,128,073
Creditors: amounts falling due after more than one year
(8,562)
(54,599)
Provisions for liabilities
(103,218)
(79,755)
1,502,889
993,719
Capital and reserves
Called up share capital
4
5,000
5,000
Profit and loss account
1,497,889
988,719
Shareholders' funds
1,502,889
993,719
For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 11 November 2015
Earl of Aboyne
Director
Company Registration No. SC216542
AJC CONSTRUCTION SCOTLAND LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for general construction services net of VAT and trade discounts and in the case of long term contracts the value of work undertaken during the year.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. During the year the depreciation policy was reviewed by the directors, with a straight line depreciation basis being deemed most appropriate. The company previously adopted a reducing balance approach. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, the rates are now as follows:
During the year the depreciation policy was reviewed by the directors, with a straight line depreciation basis being deemed most appropriate. The company previously adopted a reducing balance approach.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life,
the rates are now
as follows:
Tenant improvements
15% straight line
Plant and machinery
15% straight line
Fixtures, fittings & equipment
25 % straight line
Motor vehicles
20 % straight line
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
1.7
Revenue recognition
Profits in respect of long term contracts are included where the contract outcome can be foreseen with reasonable certaintity and are determined by reference to the valuation of work done less related costs. Provision is made for all forseeable contract losses.
1.8
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.9
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
AJC CONSTRUCTION SCOTLAND LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
1
Accounting policies
(Continued)
- 3 -
1.10
Government grants
Grants towards capital expenditure are credited to deferred revenue and are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are recorded in the profit and loss account in the period in which the related expenditure is incurred.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014
731,616
Additions
256,498
Disposals
(101,172)
At 31 March 2015
886,942
Depreciation
At 1 April 2014
291,185
On disposals
(55,710)
Charge for the year
134,394
At 31 March 2015
369,869
Net book value
At 31 March 2015
517,073
At 31 March 2014
440,431
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £72,264 (2014 - £532,783).
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
5,000 Ordinary shares of £1 each
5,000
5,000
5
Related party relationships and transactions
AJC CONSTRUCTION SCOTLAND LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
5
Related party relationships and transactions
(Continued)
- 4 -
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Earl of Aboyne -
-
(744)
35,874
-
20,000
15,130
(744)
35,874
-
20,000
15,130
The loan is unsecured, interest free and repayable on demand. The maximum liability during the year was £35,131.