THE_ARGYLL_AND_SUTHERLAND - Accounts

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial period ended 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Argyll and Sutherland Highlanders Shop Limited is a private company limited by guarantee incorporated in Scotland. The registered office is The Castle, Stirling, United Kingdom, FK8 1EH.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The reporting period has been extended from 12 months to 18 months, therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

Income and expenses are included in the financial statements as they become receivable or due.

Expenses include VAT where applicable as the company cannot reclaim it.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, hire purchase and directors' loans.

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.

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The average monthly number of persons (including directors) employed by the company during the period was 4 (2017 - 4).

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

The following are related parties of the Argyll and Sutherland Highlanders Shop Limited due to common officers and a partnership agreement;

• The Argyll and Sutherland Highlanders Museum Trust

• The Argyll and Sutherland Highlanders Regimental Trust

Related party transactions and balances are as follows;

During the year the company made a donation of £18,708 (2017 - £29,494) to The Argyll and Sutherland Highlanders Museum Trust.

At the year end the company had a loan balance of £20,720 (2017 - £19,875) due to The Argyll and Sutherland Highlanders Museum Trust. This loan is being charged interest at 3% annually.

Included in other creditors is £11,903 (2017 - £15,152) due to The Argyll and Sutherland Highlanders Museum Trust.