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COMPANY REGISTRATION NUMBER
SC497016
FRANK OGG & SON LTD
UNAUDITED ABBREVIATED ACCOUNTS
FOR
31 March 2016
RITSONS
Chartered Accountants
103 High Street
ELGIN
Moray
IV30 1EB
FRANK OGG & SON LTD
ABBREVIATED BALANCE SHEET
31 March 2016
|
31 Mar 16
|
Note
|
£
|
£
|
FIXED ASSETS
|
2
|
|
|
Tangible assets
|
|
101,915
|
|
|
|
|
CURRENT ASSETS
Stocks
|
51,259
|
|
Debtors
|
54,135
|
|
Cash at bank and in hand
|
362,611
|
|
|
----------
|
|
|
468,005
|
|
CREDITORS: Amounts falling due within one year
|
510,531
|
|
|
----------
|
|
NET CURRENT LIABILITIES
|
|
(
42,526)
|
|
|
----------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
59,389
|
|
|
|
PROVISIONS FOR LIABILITIES
|
|
19,132
|
|
|
---------
|
|
|
40,257
|
|
|
---------
|
|
|
|
CAPITAL AND RESERVES
Called up equity share capital
|
3
|
|
100
|
Profit and loss account
|
|
40,157
|
|
|
---------
|
SHAREHOLDERS' FUNDS
|
|
40,257
|
|
|
---------
|
|
|
|
|
For the period from 5 February 2015 to 31 March 2016 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 accounts for the period in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved by the directors and authorised for issue on
4 October 2016
, and are signed on their behalf by:
Mr M Ogg
Mrs S Ogg
Company Registration Number:
SC497016
FRANK OGG & SON LTD
NOTES TO THE ABBREVIATED ACCOUNTS
PERIOD FROM 5 FEBRUARY 2015 TO 31 MARCH 2016
1.
ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant & Machinery-15% reducing balance
Motor Vehicles-25% reducing balance
Equipment-15% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
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 tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
2.
FIXED ASSETS
COST
Additions
|
124,341
|
Disposals
|
(
2,281)
|
|
----------
|
At 31 March 2016
|
122,060
|
|
----------
|
|
|
DEPRECIATION
Charge for period
|
20,145
|
|
---------
|
At 31 March 2016
|
20,145
|
|
---------
|
|
|
NET BOOK VALUE
At 31 March 2016
|
101,915
|
|
----------
|
|
|
At 4 February 2015
|
–
|
|
----------
|
|
|
3.
SHARE CAPITAL
Allotted, called up and fully paid:
|
No.
|
£
|
|
Ordinary shares of £ 1 each
|
100
|
100
|
|
|
----
|
----
|
|
|
|
|
FRANK OGG & SON LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTORS ON THE
PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF
FRANK OGG & SON LTD
PERIOD FROM 5 FEBRUARY 2015 TO 31 MARCH 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Frank Ogg & Son Ltd for the period ended 31 March 2016 which comprise the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of Frank Ogg & Son Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the abbreviated accounts of Frank Ogg & Son Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Frank Ogg & Son Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Frank Ogg & Son Ltd has kept adequate accounting records and to prepare statutory abbreviated accounts that give a true and fair view of the assets, liabilities, financial position and profit of Frank Ogg & Son Ltd. You consider that Frank Ogg & Son Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the abbreviated accounts of Frank Ogg & Son Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abbreviated accounts.
RITSONS
Chartered Accountants
103 High Street
ELGIN
Moray
IV30 1EB
4 October 2016