Company Registration No. SC447860 (Scotland)
A C MILLER & MACKAY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
A C MILLER & MACKAY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
A C MILLER & MACKAY LTD
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Goodwill
3
12,500
15,000
Tangible assets
4
10,466
10,703
22,966
25,703
Current assets
Stocks
27,593
32,906
Debtors
5
24,552
19,435
Cash at bank and in hand
166,151
129,205
218,296
181,546
Creditors: amounts falling due within one year
6
(152,293)
(159,812)
Net current assets
66,003
21,734
Total assets less current liabilities
88,969
47,437
Provisions for liabilities
(924)
(776)
Net assets
88,045
46,661
Capital and reserves
Called up share capital
7
400
400
Profit and loss reserves
87,645
46,261
Total equity
88,045
46,661
A C MILLER & MACKAY LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
31 March 2018
- 2 -
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 31 March 2018 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.
The financial statements were approved by the board of directors and authorised for issue on 17 December 2018 and are signed on its behalf by:
Mr W G Y Somerville
Director
Company Registration No. SC447860
A C MILLER & MACKAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
A C Miller & Mackay Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office
address
is
63 Scott Street, PERTH, PH2 8JN.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for legal services net of VAT and trade discounts.
Revenue is recognised based on the proportion of work completed. Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% reducing balance
Library
nil
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
The directors of the company believe that the library will not reduce in value due to an undefinable useful life, therefore have elected to apply nil depreciation.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
A C MILLER & MACKAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks
and work in progress
are stated at the lower of cost and
net realisable value
. Cost comprises direct materials and, where applicable, direct labour costs
.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction
cost.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
are recognised at transaction price
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less
.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
A C MILLER & MACKAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2017 - 8).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018
25,000
Amortisation and impairment
At 1 April 2017
10,000
Amortisation charged for the year
2,500
At 31 March 2018
12,500
Carrying amount
At 31 March 2018
12,500
At 31 March 2017
15,000
A C MILLER & MACKAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
4
Tangible fixed assets
Plant and machinery etc
Library
Total
£
£
£
Cost
At 1 April 2017
7,335
7,159
14,494
Additions
555
-
555
At 31 March 2018
7,890
7,159
15,049
Depreciation and impairment
At 1 April 2017
3,791
-
3,791
Depreciation charged in the year
792
-
792
At 31 March 2018
4,583
-
4,583
Carrying amount
At 31 March 2018
3,307
7,159
10,466
At 31 March 2017
3,544
7,159
10,703
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
14,444
11,001
Other debtors
10,108
8,434
24,552
19,435
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
26,231
Trade creditors
68,606
4,033
Corporation tax
13,057
16,386
Other taxation and social security
13,322
14,776
Other creditors
57,308
98,386
152,293
159,812
A C MILLER & MACKAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary 'A' shares of £1 each
100
100
100 Ordinary 'B' shares of £1 each
100
100
100 Ordinary 'C' shares of £1 each
100
100
100 Ordinary 'D' shares of £1 each
100
100
400
400
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
14,063
13,000
9
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts owed to related parties
£
£
Key management personnel
53,837
94,667
The following amounts were outstanding at the reporting end date:
2018
2017
Balance
Balance
Amounts owed by related parties
£
£
Other related parties
-
4,760