false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2016-08-01
Sage Accounts Production Advanced 2017 Update 4 - FRS
104,597
26,855
131,452
22,006
23,535
45,541
85,911
82,591
17,007
2,970
14,037
xbrli:pure
xbrli:shares
iso4217:GBP
SC403282
2016-08-01
2017-07-31
SC403282
2017-07-31
SC403282
2016-07-31
SC403282
2015-08-01
2016-07-31
SC403282
2016-07-31
SC403282
bus:RegisteredOffice
2016-08-01
2017-07-31
SC403282
bus:OrdinaryShareClass1
2016-08-01
2017-07-31
SC403282
bus:LeadAgentIfApplicable
2016-08-01
2017-07-31
SC403282
bus:Director1
2016-08-01
2017-07-31
SC403282
bus:Director2
2016-08-01
2017-07-31
SC403282
bus:CompanySecretary1
2016-08-01
2017-07-31
SC403282
core:FurnitureFittings
2016-07-31
SC403282
core:FurnitureFittings
2017-07-31
SC403282
core:FurnitureFittings
2016-08-01
2017-07-31
SC403282
core:WithinOneYear
2017-07-31
SC403282
core:WithinOneYear
2016-07-31
SC403282
core:AfterOneYear
2017-07-31
SC403282
core:AfterOneYear
2016-07-31
SC403282
bus:OrdinaryShareClass1
2015-08-01
2016-07-31
SC403282
core:ShareCapital
2017-07-31
SC403282
core:ShareCapital
2016-07-31
SC403282
core:RetainedEarningsAccumulatedLosses
2017-07-31
SC403282
core:RetainedEarningsAccumulatedLosses
2016-07-31
SC403282
core:BetweenOneFiveYears
2017-07-31
SC403282
core:BetweenOneFiveYears
2016-07-31
SC403282
core:AcceleratedTaxDepreciationDeferredTax
2017-07-31
SC403282
core:AcceleratedTaxDepreciationDeferredTax
2016-07-31
SC403282
core:FurnitureFittings
2016-07-31
SC403282
core:FurnitureFittings
core:LeasedAssetsHeldAsLessee
2017-07-31
SC403282
core:FurnitureFittings
core:LeasedAssetsHeldAsLessee
2016-07-31
SC403282
core:DeferredTaxation
2016-07-31
SC403282
core:DeferredTaxation
2017-07-31
SC403282
core:DeferredTaxation
2016-08-01
2017-07-31
SC403282
bus:FRS102
2016-08-01
2017-07-31
SC403282
bus:AuditExempt-NoAccountantsReport
2016-08-01
2017-07-31
SC403282
bus:FullAccounts
2016-08-01
2017-07-31
SC403282
bus:SmallCompaniesRegimeForAccounts
2016-08-01
2017-07-31
SC403282
bus:PrivateLimitedCompanyLtd
2016-08-01
2017-07-31
SC403282
bus:OrdinaryShareClass1
2017-07-31
SC403282
bus:OrdinaryShareClass1
2016-07-31
SC403282
bus:CompanySecretaryDirector1
2016-08-01
2017-07-31
COMPANY REGISTRATION NUMBER:
SC403282
Filleted Unaudited Financial Statements
|
|
Year ended 31 July 2017
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
4
|
|
|
Officers and Professional Advisers
|
|
The board of directors
|
Mrs F C T Traill
|
|
Mr J M Traill
|
|
|
Company secretary
|
Mr J M Traill
|
|
|
Registered office
|
25 Bothwell Road
|
|
Hamilton
|
|
Lanarkshire
|
|
Scotland
|
|
ML3 0AS
|
|
|
Accountants
|
Stranville John
|
|
Chartered Certified Accountants
|
|
First Floor
|
|
80 High Street
|
|
Johnstone
|
|
Renfrewshire
|
|
PA5 8SP
|
|
|
Bankers
|
Santander
|
|
Bridle Road
|
|
Bootle
|
|
Merseyside
|
|
L30 4GB
|
|
|
Statement of Financial Position
|
|
31 July 2017
Fixed assets
Tangible assets
|
6
|
|
85,911
|
82,591
|
|
|
|
|
|
Current assets
Stocks
|
17,213
|
|
6,000
|
Debtors
|
7
|
18,279
|
|
16,302
|
Cash at bank and in hand
|
37,998
|
|
33,377
|
|
--------
|
|
--------
|
|
73,490
|
|
55,679
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
112,780
|
|
96,051
|
|
---------
|
|
--------
|
Net current liabilities
|
|
39,290
|
40,372
|
|
|
--------
|
--------
|
Total assets less current liabilities
|
|
46,621
|
42,219
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
|
4,017
|
11,810
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
10
|
|
14,037
|
17,007
|
|
|
--------
|
--------
|
Net assets
|
|
28,567
|
13,402
|
|
|
--------
|
--------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
12
|
|
100
|
100
|
Profit and loss account
|
|
28,467
|
13,302
|
|
|
--------
|
--------
|
Shareholders' funds
|
|
28,567
|
13,402
|
|
|
--------
|
--------
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2017 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
31 July 2017
These financial statements were approved by the
board of directors
and authorised for issue on
7 March 2018
, and are signed on behalf of the board by:
Mrs F C T Traill
|
Director
|
|
Company registration number:
SC403282
Notes to the Financial Statements
|
|
Year ended 31 July 2017
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 25 Bothwell Road, Hamilton, Lanarkshire, ML3 0AS, Scotland.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on a going concern basis, under the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors, the company has adequate resources to continue in operational existence for the foreseeable future, with their support and that of short term creditors.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 16.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions which affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events, which are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax, which is recognised on taxable profit for the current and past periods, is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured, on an undiscounted basis, using the tax rates and laws that have been enacted or substantively enacted by the reporting date which are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
|
Fixtures, fittings & equipment
|
-
|
25% reducing balance / 33.33% straight line
|
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2016:
5
).
5.
Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
Ordinary shares of £1 each
|
10,000
|
20,500
|
|
--------
|
--------
|
|
|
|
6.
Tangible assets
|
Fixtures, fittings & equipment
|
Total
|
|
£
|
£
|
|
|
|
Cost
|
|
|
At 1 August 2016
|
104,597
|
104,597
|
Additions
|
26,855
|
26,855
|
|
---------
|
---------
|
At 31 July 2017
|
131,452
|
131,452
|
|
---------
|
---------
|
Depreciation
|
|
|
At 1 August 2016
|
22,006
|
22,006
|
Charge for the year
|
23,535
|
23,535
|
|
---------
|
---------
|
At 31 July 2017
|
45,541
|
45,541
|
|
---------
|
---------
|
Carrying amount
|
|
|
At 31 July 2017
|
85,911
|
85,911
|
|
---------
|
---------
|
At 31 July 2016
|
82,591
|
82,591
|
|
---------
|
---------
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Fixtures, fittings & equipment
|
|
£
|
|
|
At 31 July 2017
|
38,505
|
|
--------
|
At 31 July 2016
|
54,775
|
|
--------
|
|
|
7.
Debtors
Trade debtors
|
4,342
|
6,081
|
Other debtors
|
13,937
|
10,221
|
|
--------
|
--------
|
|
18,279
|
16,302
|
|
--------
|
--------
|
|
|
|
8.
Creditors:
amounts falling due within one year
Trade creditors
|
24,877
|
11,832
|
Corporation tax
|
1,542
|
–
|
Social security and other taxes
|
1,037
|
–
|
Other creditors
|
85,324
|
84,219
|
|
---------
|
--------
|
|
112,780
|
96,051
|
|
---------
|
--------
|
|
|
|
Included under other creditors is £7,793 (2016 - £18,449) in relation to hire purchase and finance agreements. Each hire purchase and finance agreement is secured against the assets to which the specific hire purchase or finance agreement relates.
9.
Creditors:
amounts falling due after more than one year
Other creditors
|
4,017
|
11,810
|
|
-------
|
--------
|
|
|
|
Included under other creditors is £4,017 (2016 - £11,810) in relation to hire purchase and finance agreements. Each hire purchase and finance agreement is secured against the assets to which the specific hire purchase or finance agreement relates.
10.
Provisions
At 1 August 2016
|
17,007
|
Unused amounts reversed
|
(
2,970)
|
|
--------
|
At 31 July 2017
|
14,037
|
|
--------
|
|
|
11.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
Included in provisions (note 10)
|
14,037
|
17,007
|
|
--------
|
--------
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
Accelerated capital allowances
|
14,037
|
17,007
|
|
--------
|
--------
|
|
|
|
12.
Called up share capital
Issued, called up and fully paid
Ordinary shares of £ 1 each
|
100
|
100
|
100
|
100
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
13.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Later than 1 year and not later than 5 years
|
45,900
|
62,100
|
|
--------
|
--------
|
|
|
|
14.
Directors' advances, credits and guarantees
As at 31 July 2017, the directors,
Mr J M Traill and Mrs F C T Traill
had advanced the total sum of £72,957 (2016 - £64,148) to the company. No interest is charged on this unsecured loan which is repayable on demand.
15.
Related party transactions
During the year, dividends of £5,000 (2016 - £20,500) were paid to the director, Mrs F C T Traill. During the year, dividends of £5,000 (2016 - £nil) were paid to the director,
Mr J M Traill
.
16.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
No transitional adjustments were required in equity or profit or loss for the year.