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REGISTERED NUMBER:
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STRATEGIC REPORT, DIRECTORS' REPORT AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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WESTSIDE DISTRIBUTION LIMITED |
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REGISTERED NUMBER:
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STRATEGIC REPORT, DIRECTORS' REPORT AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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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 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Directors' Report | 3 |
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Report of the Independent Auditors | 4 |
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Statement of Comprehensive Income | 6 |
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Balance Sheet | 7 |
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Statement of Changes in Equity | 8 |
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Cash Flow Statement | 9 |
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Notes to the Financial Statements | 10 |
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WESTSIDE DISTRIBUTION LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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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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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2019 |
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The directors present their strategic report for the year ended 31 March 2019. |
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REVIEW OF BUSINESS |
There has been an increase in turnover compared to the prior year from £11,794k to £12,973k. |
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At the year end the Company had shareholders funds and distributable profits of £9,171k. The directors therefore believe the |
Company's position to be satisfactory. |
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KEY PERFORMANCE INDICATORS |
The gross profit margin for the year has increased from 27.6% to 29.9%. |
The operating profit margin for the year has increased from 14.4% to 16.7%. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The directors have assessed the main risk facing the Company as being the competition from other companies within the industry. |
The directors believe that the reputation of the Company and the quality of the products and services provided will mitigate this |
risk. |
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FINANCIAL RISK MANAGEMENT AND OBJECTIVES AND POLICIES |
The Company finances its operations through a mixture of retained profits and operational bank accounts, and where necessary |
bank borrowings and hire purchase to fund the Company's expansion or capital expenditure programmes. The management's |
objectives are to: |
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retain sufficient liquid funds to enable the Company to meet its day to day obligations as they fall due whilst
maximising returns on surplus funds; |
- | minimise the Company's exposure to fluctuating interest and exchange rates; and |
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match the repayment schedule of any external borrowings with the future cash flows expected to arise from the
Company's trading activities. |
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The Company is exposed to the normal credit risk associated with dealing with customers on commercial credit terms. |
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ON BEHALF OF THE BOARD: |
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WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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DIRECTORS' REPORT |
FOR THE YEAR ENDED 31 MARCH 2019 |
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The directors present their report with the financial statements of the Company for the year ended 31 March 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the Company during the year was the wholesale of musical instruments. |
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DIVIDENDS |
During the year dividends of £500,000 (2018: £8,333) were paid to the shareholders. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance |
with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have |
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United |
Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard |
applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless |
they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company |
for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will
continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's |
transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure |
that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the |
Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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The directors are responsible for the maintenance and integrity of the corporate and financial information included on the |
Company's website. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a |
director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors |
are aware of that information. |
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AUDITORS |
The auditors, Consilium Audit Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WESTSIDE DISTRIBUTION LIMITED |
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Opinion |
We have audited the financial statements of Westside Distribution Limited (the 'Company') for the year ended 31 March 2019 |
which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and |
Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that |
has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the Company's affairs as at 31 March 2019 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements |
section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our |
audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical |
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and |
appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt
about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report |
and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated |
in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, |
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the |
audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material |
misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material |
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material |
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements
are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have |
not identified material misstatements in the Strategic Report or the Directors' Report. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our |
opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not
visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WESTSIDE DISTRIBUTION LIMITED |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the |
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as |
the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, |
whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going |
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the |
directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable |
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always |
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, |
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis |
of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's |
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act |
2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to |
state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or |
assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this |
report, or for the opinions we have formed. |
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for and on behalf of
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169 West George Street |
Glasgow |
G2 2LB |
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WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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2,146,881 | 1,702,862 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Income from shares in group undertakings |
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Interest receivable and similar income |
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Amounts provided against investments | 5 | - | (200 | ) |
Interest payable and similar expenses | 6 |
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( |
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7,476 | 3,099,989 |
PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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BALANCE SHEET |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Stocks | 11 |
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Debtors | 12 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | 15 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Retained earnings | 17 |
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SHAREHOLDERS' FUNDS |
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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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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2017 |
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Changes in equity |
Issue of share capital |
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Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2019 |
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WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 20 |
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Interest element of hire purchase or finance
lease rental payments paid |
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( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Interest received |
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Net cash from investing activities |
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Cash flows from financing activities |
Capital repayments in year |
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( |
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Amounts introduced by directors | 501,823 | - |
Amounts paid to directors | (228,692 | ) | (591,080 | ) |
Amounts paid to related parties |
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( |
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Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of year | 21 | 3,889,352 | 3,783,066 |
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Cash and cash equivalents at end of year | 21 | 4,688,747 | 3,889,352 |
WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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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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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. In preparing |
the financial statements the directors have made the following judgements: |
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Determine whether leases entered into by the Company as a lessee are operating or finance leases. These
decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
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Determine whether there are indicators of impairment of the Company's tangible assets. Factors taken into
consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. |
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Determine whether any bad debt provision is required via review of trade debtors, with debts provided for on a
specific basis. Factors considered include customer payment history and agreed credit terms. |
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Determine whether any stock provision is required via comparison of cost and net realisable value of stock on an
item by item basis. Factors considered include stock obsolescence, stock turnover and stock condition. |
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Turnover |
The turnover shown in the Statement of Comprehensive Income 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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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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Investments in subsidiaries |
Investments in subsidiaries are recognised at cost less any provision for impairment. |
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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 2019 |
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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 Statement of Comprehensive Income, |
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 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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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 Statement of Comprehensive Income. |
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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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Pension costs and other post-retirement benefits |
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by |
the Company to the fund in respect of the year. The assets of the scheme are held separately from those of the Company in |
an independently administered fund. Contributions to the Company's defined contribution scheme are charged to the |
Statement of Comprehensive Income in the year in which they become payable. |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid |
investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are |
shown within borrowings in current liabilities. |
WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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3. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2019 | 2018 |
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Management staff | 3 | 3 |
Distribution staff | 33 | 31 |
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2019 | 2018 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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The Company considers key management to be the directors of the Company. The key management remuneration for the |
year is as disclosed above. |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2019 | 2018 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Auditors' remuneration |
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5. | AMOUNTS PROVIDED AGAINST INVESTMENTS |
2019 | 2018 |
£ | £ |
Provision against fixed asset investments |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Hire purchase interest |
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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 2019 |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
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Over provision in prior year | - | (107 | ) |
Total current tax |
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Deferred tax | ( |
) | ( |
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Tax on profit |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained |
below: |
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2019 | 2018 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Expenses not deductible for tax purposes |
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Income not taxable for tax purposes |
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( |
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Adjustments to tax charge in respect of previous periods |
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( |
) |
Deferred tax at lower rate |
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( |
) |
Non-qualifying depreciation |
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Total tax charge | 414,304 | 322,795 |
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8. | DIVIDENDS |
2019 | 2018 |
£ | £ |
Ordinary shares of £1 each |
Paid in year |
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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 2019 |
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9. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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PROVISIONS |
At 1 April 2018 |
and 31 March 2019 | 200 |
NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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The Company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: 100 Fifty Pitches Road, Glasgow, G51 4EB |
Nature of business:
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% |
Class of shares: | holding |
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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 2019 |
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10. | FIXED ASSET INVESTMENTS - continued |
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Registered office: 100 Fifty Pitches Road, Glasgow, G51 4EB |
Nature of business:
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% |
Class of shares: | holding |
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The Company's investments in its wholly owned subsidiaries have been written down to £nil as a result of the companies |
being dissolved on 11 June 2019. |
|
11. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
|
|
|
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT |
|
|
Other creditors |
|
|
Directors' current accounts |
|
|
Accruals |
|
|
|
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
15. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
15. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 April 2018 |
|
Provided during year | ( |
) |
Balance at 31 March 2019 |
|
|
16. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary | £1 |
|
|
|
17. | RESERVES |
Retained |
earnings |
£ |
|
At 1 April 2018 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 March 2019 |
|
|
18. | RELATED PARTY DISCLOSURES |
|
During the year, the Company purchased goods totalling £nil (2018: £3,290,808) and incurred rental costs amounting to |
£68,000 (2018: £68,000) from related parties with common ownership. |
|
Directors |
|
The directors' current accounts are unsecured, interest free and repayable on demand. Total net amounts outstanding at |
31 March 2019 were £694,453 (2018: £421,322) and are included within other creditors falling due within one year. |
|
No further transactions with related parties were undertaken such as are required to be disclosed under Financial |
Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
|
19. | ULTIMATE CONTROLLING PARTY |
|
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. |
WESTSIDE DISTRIBUTION LIMITED (REGISTERED NUMBER: SC365971) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
20. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2019 | 2018 |
£ | £ |
Profit before taxation |
|
|
Depreciation charges |
|
|
Impairment of investment | - | 200 |
Finance costs | - | 80 |
Finance income | (7,476 | ) | (3,100,269 | ) |
2,186,200 | 1,723,990 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
|
Cash generated from operations |
|
|
|
21. | CASH AND CASH EQUIVALENTS |
|
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance |
Sheet amounts: |
|
Year ended 31 March 2019 |
31/3/19 | 1/4/18 |
£ | £ |
Cash and cash equivalents |
|
3,889,352 |
Year ended 31 March 2018 |
31/3/18 | 1/4/17 |
£ | £ |
Cash and cash equivalents |
|
3,783,066 |