Registration number:
Willow Tree Catering Limited
for the
Period from 1 September 2018 to 28 February 2019
Willow Tree Catering Limited
Contents
Statement of Financial Position |
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Notes to the Financial Statements |
Willow Tree Catering Limited
(Registration number: SC361999)
Statement of Financial Position as at 28 February 2019
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2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
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Willow Tree Catering Limited
(Registration number: SC361999)
Statement of Financial Position as at 28 February 2019
Approved and authorised by the
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Director
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Willow Tree Catering Limited
Notes to the Financial Statements for the Period from 1 September 2018 to 28 February 2019
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
The principal place of business is:
McManus Gallery
Albert Square
Meadowside
DUNDEE
DD1 1DA
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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Willow Tree Catering Limited
Notes to the Financial Statements for the Period from 1 September 2018 to 28 February 2019
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixture & Fittings |
20% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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 the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Classification
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Willow Tree Catering Limited
Notes to the Financial Statements for the Period from 1 September 2018 to 28 February 2019
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Taxation |
Tax charged/(credited) in the income statement
1 September 2018 to 28 February 2019 |
Year ended 31 August 2018 |
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Current taxation |
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UK corporation tax |
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The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2018 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
1 September 2018 to 28 February 2019 |
Year ended 31 August 2018 |
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Profit before tax |
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Corporation tax at standard rate |
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Tax increase (decrease) from effect of capital allowances and depreciation |
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Total tax charge |
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Willow Tree Catering Limited
Notes to the Financial Statements for the Period from 1 September 2018 to 28 February 2019
Tangible assets |
Furniture, fittings and equipment |
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Cost or valuation |
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At 1 September 2018 |
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At 28 February 2019 |
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Depreciation |
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At 1 September 2018 |
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Charge for the period |
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At 28 February 2019 |
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Carrying amount |
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At 28 February 2019 |
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At 31 August 2018 |
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Stocks |
2019 |
2018 |
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Other inventories |
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Debtors |
Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Willow Tree Catering Limited
Notes to the Financial Statements for the Period from 1 September 2018 to 28 February 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank overdrafts |
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Dividends |
Final dividends paid
2019 |
2018 |
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Final dividend of £
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