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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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WESTSIDE DISTRIBUTION LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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WESTSIDE DISTRIBUTION LIMITED |
WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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WESTSIDE DISTRIBUTION LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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169 West George Street |
Glasgow |
G2 2LB |
WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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( |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Westside Distribution Limited is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
The turnover shown in the Income Statement represents the value of all goods sold during the year, less returns received |
and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the |
Company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, |
have been transferred to the customer. |
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Goodwill |
Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition (being the cash paid and |
the fair value of other consideration given) over the fair value of the separable net assets acquired. The fair value of the |
acquired assets and liabilities are assessed in the year of acquisition and the subsequent year, which may impact on the |
goodwill recognised. Goodwill is capitalised and written off on a straight line basis over its useful economic life. |
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Amortisation |
Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated |
useful economic life of that asset as follows: |
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Goodwill | - | 5 years straight line |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs |
of acquisition. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
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Cost consists of purchase price and the normal cost of transporting stock to its present location and condition. |
WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, |
according to the substance of the contractual arrangement. |
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Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at |
principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the |
outstanding balance and are amortised over the period to the due date for repayment of the financial liability. |
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An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of |
its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated |
financial instrument. |
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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 |
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. |
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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. |
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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 the Income Statement in the period to which they relate. |
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Foreign currencies |
Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the dates of the |
transactions, or at an average rate for the period if the rates do not fluctuate significantly. Monetary assets and liabilities |
are translated at year end exchange rates or, where appropriate, at rates of exchange fixed under the terms of the relevant |
transaction. The resulting exchange rate differences are charged to the Income Statement. |
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Hire purchase and leasing commitments |
Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, |
are charged against profits on a straight line basis over the period of the lease. |
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Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and |
are depreciated in accordance with the above depreciation policies. |
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Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable |
are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the |
finance element, which is charged to the Income Statement on a straight line basis. |
WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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AMORTISATION |
At 1 April 2016 |
and 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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Included within the net book value is £35,105 (2016: £44,897) relating to assets held under hire purchase agreements. The |
depreciation charged to the financial statements in the year in respect of such assets amounted to £9,792 (2016: £12,578). |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 9) |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 9) |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2017 | 2016 |
£ | £ |
Gross obligations repayable: |
Within one year |
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Between one and five years |
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Finance charges repayable: |
Within one year |
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Between one and five years |
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Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Hire purchase contracts | 14,204 | 25,624 |
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Hire purchase creditor balances are secured over the assets to which they relate. |
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11. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Deferred |
tax |
£ |
Balance at 1 April 2016 |
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Provided during year | ( |
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Balance at 31 March 2017 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 |
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13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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14. | RELATED PARTY DISCLOSURES |
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During the year, the Company purchased goods totalling £8,950,867 (2016: £8,956,000) and incurred rental costs |
amounting to £68,000 (2016: £68,000) from related parties with common ownership. |
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The balance owed to these parties at the year end totalled £76,293 (2016: £809,600). Of this balance, £100,975 (2016: |
£844,885) is included within amounts owed by related parties falling due within one year and £177,268 (2016: £35,285) is |
included within amounts owed to related parties falling due within one year. |
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Directors |
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The directors' current accounts are unsecured, interest free and repayable on demand. Total amounts outstanding at 31 |
March 2017 were £1,012,402 (2016: £181,890) and are included within other creditors falling due within one year. |
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No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of |
Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland". |
WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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15. | POST BALANCE SHEET EVENTS |
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On 3 April 2017, the Company acquired the entire share capital of Southlands Music Limited and Eastlands Music Limited. |
As a result, 200 Ordinary £1 shares were issued to shareholders in the same proportion as their existing shareholdings. As |
defined in section 32 of FRS102, this is a non-adjusting post balance sheet event. |
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16. | ULTIMATE CONTROLLING PARTY |
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The Company was under the control of P E Hay throughout the current and previous year by virtue of his majority interest |
in the issued share capital of the Company. |