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Financial Statements for the Year Ended 30th June 2018 |
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Fyall Engineering Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 30th June 2018 |
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for |
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Fyall Engineering Limited |
Fyall Engineering Limited (Registered number: SC344156) |
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Contents of the Financial Statements |
for the Year Ended 30th June 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 | to | 5 |
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Fyall Engineering Limited |
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Company Information |
for the Year Ended 30th June 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Dumfries Enterprise Park |
Heathhall |
Dumfries |
DUMFRIESSHIRE |
DG1 3SJ |
Fyall Engineering Limited (Registered number: SC344156) |
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Balance Sheet |
30th June 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
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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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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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Fyall Engineering Limited (Registered number: SC344156) |
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Notes to the Financial Statements |
for the Year Ended 30th June 2018 |
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1. | STATUTORY INFORMATION |
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Fyall Engineering Limited is a
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registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax |
and other sales taxes. |
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Tangible fixed assets |
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- Plant & Equipment 15% |
- Motor Vehicles 25% |
- Computer Equipment 15% |
The assets residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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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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 laws that have been enacted or |
substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
Fyall Engineering Limited (Registered number: SC344156) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are |
readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
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Trade Debtors |
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of he business. |
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Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to |
customers, including any amounts charged on for third parties. |
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Trade Creditors |
Trade creditors are obligations o pay for goods or services that have been acquired in the ordinary course of the business from |
suppliers. |
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Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the |
reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional |
right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities. |
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Borrowings |
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are |
subsequently carried at amortised cost, with the difference between proceeds, net of transactions costs, and the amount due on |
redemption recognised as a charge to the profit and loss account over the period of the relevant borrowing. |
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Provisions and contingencies |
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is |
probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated |
reliably. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - 2 ). |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
equipment |
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COST |
At 1st July 2017 |
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Additions |
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At 30th June 2018 |
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DEPRECIATION |
At 1st July 2017 |
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Charge for year |
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At 30th June 2018 |
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NET BOOK VALUE |
At 30th June 2018 |
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At 30th June 2017 |
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Fyall Engineering Limited (Registered number: SC344156) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
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Directors' current accounts | 30,750 | 30,750 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Bank Loan | - | 9,072 |
Funding Circle | 25,000 | - |
Trade creditors |
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Tax |
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7. | RELATED PARTY DISCLOSURES |
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There were no related party transactions in the period. |
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8. | ULTIMATE CONTROLLING PARTY |
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Graeme Fyall owns 75% of the issued shares in the company. |