|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
Financial Statements |
|
For The Year Ended 31 March 2017 |
|
for |
|
Cosmos Decorators Limited |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
Financial Statements |
|
For The Year Ended 31 March 2017 |
|
for |
|
Cosmos Decorators Limited |
Cosmos Decorators Limited (Registered number: SC052665) |
|
|
|
|
|
|
Contents of the Financial Statements |
For The Year Ended 31 March 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Cosmos Decorators Limited |
|
Company Information |
For The Year Ended 31 March 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
SECRETARY: |
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
ACCOUNTANTS: |
|
91 Alexander Street |
Airdrie |
North Lanarkshire |
ML6 0BD |
|
|
|
BANKERS: |
|
10 Gordon Street |
Glasgow |
G1 3PL |
|
|
|
SOLICITORS: |
|
33 Bothwell Street |
Glasgow |
G2 6NL |
Cosmos Decorators Limited (Registered number: SC052665) |
|
Balance Sheet |
31 March 2017 |
|
31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investments | 5 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 6 |
|
|
Investments | 7 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium |
|
|
Capital redemption reserve |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
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. |
Cosmos Decorators Limited (Registered number: SC052665) |
|
Balance Sheet - continued |
31 March 2017 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
|
The financial statements were approved by the Board of Directors on
by: |
|
|
|
|
|
|
|
Cosmos Decorators Limited (Registered number: SC052665) |
|
Notes to the Financial Statements |
For The Year Ended 31 March 2017 |
|
1. | STATUTORY INFORMATION |
|
Cosmos Decorators Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The company's presentational currency is pounds sterling. |
|
Significant judgements and estimates |
The preparation of financial information in compliance with FRS 102 requires management to make judgements, |
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, |
liabilities, income and expenses. Actual results may differ from these estimates. |
|
The directors have identified the following areas which give rise to estimation uncertainty: |
|
1) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where |
appropriate. The actual lives of the assets and any residual values are assessed annually and may vary depending |
on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance |
programmes are taken into account. |
|
2) Valuation of stock and work in progress requires estimations for provisions against old and obsolete items and |
amounts receivable. |
|
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are |
recognised in the period in which the estimate is revised and in any future periods affected. |
|
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and |
the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or |
receivable, excluding value added tax and any other sales taxes The following criteria must also be met before |
revenue is recognised: |
|
Sale of goods |
Revenue from sale of goods is recognised when all of the following conditions are satisfied: |
|
- the company has transferred the significant risks and rewards of ownership to the buyer; |
- the company retains neither continuing managerial involvement to the degree usually associated with |
ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the transaction; |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
|
|
Rendering of services |
Revenue from agreement to provide services is recognised in the period in which the services are provided when |
all of the following conditions are satisfied: |
|
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the agreement. |
Cosmos Decorators Limited (Registered number: SC052665) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2017 |
|
2. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
|
The company adds to the carrying amount of an item of fixed asset the cost of replacing part of such an item |
when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the |
company. Any carrying amount of the replaced part is written off. Repairs and maintenance are charged to |
the profit and loss during the year in which they are incurred except for any parts unused at the year end. |
Asset residual values, useful lives and depreciation methods of relevant assets are reviewed, and adjusted |
prospectively if appropriate. Gains and losses on disposals are determined by comparing the proceeds with |
the carrying amount and recognised in the profit and loss during the year of disposal. |
|
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
|
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
|
Stocks and work in progress are stated at the lower of cost and net realisable value being the estimated selling |
price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in |
progress and finished goods include labour and attributable overheads. |
|
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 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 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 reversed 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 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. |
|
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. |
|
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Cosmos Decorators Limited (Registered number: SC052665) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2017 |
|
2. | ACCOUNTING POLICIES - continued |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
|
Financial instruments and other |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank |
loans, directors' loans and forward currency contracts (derivatives). |
|
Any bank loans are initially measured at the present value of future payments, discounted at a market rate of |
interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable |
on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other |
consideration expected to be paid or received. Forward currency contracts are derivative financial instruments. |
They are measured at fair value. Gains and losses arising from changes in the fair value of derivative financial |
instruments are included in the profit or loss in the period in which they arise. |
|
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective |
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the |
profit and loss. |
|
Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so |
that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a |
reduction in the proceeds of the associated capital instrument. |
|
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised |
when paid. Final equity dividends are recognised when approved by the shareholders at an annual general |
meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest |
payable. |
|
Holiday pay |
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance |
sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future |
holiday entitlement so accrued at the balance sheet date. |
|
Investments |
Investments are included at fair value. |
|
Liquid resources |
Monetary amounts held on short term deposits are included within current asset investments. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
Cosmos Decorators Limited (Registered number: SC052665) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2017 |
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2016 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
( |
) | ( |
) |
At 31 March 2017 |
|
|
|
|
DEPRECIATION |
At 1 April 2016 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
( |
) | ( |
) |
At 31 March 2017 |
|
|
|
|
NET BOOK VALUE |
At 31 March 2017 |
|
|
|
|
At 31 March 2016 |
|
|
|
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2016 |
|
Transfer to ownership | (48,571 | ) |
At 31 March 2017 |
|
DEPRECIATION |
At 1 April 2016 |
|
Transfer to ownership | (29,104 | ) |
At 31 March 2017 |
|
NET BOOK VALUE |
At 31 March 2017 |
|
At 31 March 2016 |
|
Cosmos Decorators Limited (Registered number: SC052665) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2017 |
|
5. | FIXED ASSET INVESTMENTS |
Interest |
in other |
participating | Other |
interests | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2016 | 40 |
|
122,720 |
Revaluations | - |
|
1,186 |
At 31 March 2017 | 40 |
|
123,906 |
NET BOOK VALUE |
At 31 March 2017 | 40 |
|
123,906 |
At 31 March 2016 | 40 |
|
122,720 |
|
Cost or valuation at 31 March 2017 is represented by: |
|
Interest |
in other |
participating | Other |
interests | investments | Totals |
£ | £ | £ |
Valuation in 2015 | - | 5,066 | 5,066 |
Valuation in 2016 | - | (15,728 | ) | (15,728 | ) |
Valuation in 2017 | - | 11,848 | 11,848 |
Cost | 40 | 122,680 | 122,720 |
40 | 123,866 | 123,906 |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade debtors |
|
|
Amounts owed by participating interests | 442,000 | 224,000 |
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
7. | CURRENT ASSET INVESTMENTS |
31.3.17 | 31.3.16 |
£ | £ |
Investment deposit account |
|
|
Cosmos Decorators Limited (Registered number: SC052665) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2017 |
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Hire purchase contracts |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 68,300 | 58,748 |
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.3.17 | 31.3.16 |
£ | £ |
Hire purchase contracts | - | 5,453 |
|
The amounts outstanding relating to hire purchase agreements are secured against the assets concerned. |
|
10. | RELATED PARTY DISCLOSURES AND TRANSACTIONS WITH DIRECTORS |
|
During the year, total dividends of £32,000 (2016 - £31,745) were paid to the directors . |
|
Cosmos Decorators Limited was charged rent for the property at £32,000 per annum by Cosmos Properties |
Limited. Both companies have common shareholders. |
|
Included within debtors due within one year is an amount of £442,000 (2016 - £224,000) due from Cosmos |
Properties Limited. The company wrote off loans of £nil (2016 - £50,000) with Cosmos Properties Limited |
during the year. |
|
|
Cosmos Decorators Limited owns 50% of the ordinary share capital of Cosmos Projects Limited. |
|
The following transactions occurred during the year: |
|
Included with trade debtors is an amount of £57,447 (2016 - £13,562) due from Cosmos Projects Limited. |
During the year Cosmos Decorators Limited charged Cosmos Projects Limited £31,956 (2016 - £38,280) for |
administration and made sales of £317,409 (2016 - £96,067) for recharges and work carried out. |
|
11. | ULTIMATE CONTROLLING PARTY |
|
|
Cosmos Decorators Limited (Registered number: SC052665) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2017 |
|
12. | FIRST YEAR ADOPTION |
|
1) Listed investments |
|
FRS 102 requires that listed investment are recorded at fair value. Under previous UK GAAP listed investments |
were stated at cost. Increases and decreases in fair value are included within the profit and loss account for each |
year there is a change (Note 8). The company has taken advantage of concessions available not to restate |
comparative information with regard to the fair value measurement of listed investments. |
|
FRS also requires that deferred tax be recognised on changes in fair value. However due to the existence of |
capital losses and indexation allowances, no deferred tax is currently due. |
|
|
The date of transition to FRS 102 was 1 April 2015. |
|