Art Pewter-Silver Limited - Accounts to registrar (filleted) - small 18.2
Art Pewter-Silver Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| ART PEWTER-SILVER LIMITED |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| BALANCE SHEET |
| 31 DECEMBER 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 1. | STATUTORY INFORMATION |
| Art Pewter-Silver Limited is a private company, limited by shares, registered in Scotland. The registered office |
| is 3 Colvilles Road, Kelvin, East Kilbride, Lanarkshire, G75 0RS. |
| The financial statements are presented in Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small |
| Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and |
| Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The |
| financial statements have been prepared under the historical cost convention. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Art Pewter-Silver Limited as an individual company and |
| do not contain consolidated financial information as the parent of a group. The company is exempt under |
| Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial |
| statements. |
| Turnover |
| Turnover comprises the invoiced cost of goods sold during the year, excluding value added tax, and net of |
| trade discounts. The company's policy is to recognise a sale when substantively all the risks and rewards in |
| connection with the goods have been passed to the buyer. |
| Goodwill |
| Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet |
| and amortised over its estimated useful life up to a maximum of 8 and 1/4 years. This length of time is |
| presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections |
| beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following |
| each acquisition and subsequently, as and when necessary, if circumstances emerge that indicate that the |
| carrying value may not be recoverable. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Tangible fixed assets are included at cost less depreciation and impairment. |
| Investments in subsidiaries |
| Investments representing shareholdings in unquoted subsidiary undertakings are stated at the lower of cost or |
| where the difference is material, net asset value. |
| Stocks |
| Stocks are valued at the lower of cost and estimated selling price less costs to sell. |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. |
| Basic financial instruments are initially recognised at transaction value and subsequently at their settlement |
| value. |
| Taxation |
| Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is |
| calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
| The charge for taxation takes into account taxation deferred as a result of timing differences between the |
| treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
| respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
| deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not |
| that there will be suitable taxable profits from which the future reversal of the underlying timing differences |
| can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to |
| apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or |
| substantively enacted at the balance sheet date. |
| With the exception of changes arising on the initial recognition of a business combination, the tax expense is |
| presented either in profit or loss, other comprehensive income or statement of changes in equity depending on |
| the transaction that resulted in the tax expense. |
| Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
| Pension costs and other post-retirement benefits |
| The company operates defined contribution pension schemes for directors and employees. The assets of each |
| scheme are held separately from those of the company. The annual contributions payable are charged to the |
| Profit and Loss Account. |
| Operating lease commitments |
| Rentals paid under operating leases are charged to the Profit and Loss Account on a straight line basis over the |
| period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2018 |
| Additions |
| At 31 December 2018 |
| AMORTISATION |
| At 1 January 2018 |
| Charge for year |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| Goodwill was acquired on the purchase of Textile Heritage Collection in 2003 and Hamilton and Young in |
| 2018. |
| Patents and licenses are design assignations. These are title to cross-stitch designs assigned to the company by |
| freelance designers. These have been written off over their useful life of 4 years. |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2018 |
| Additions |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1 January 2018 |
| and 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2018 | 2017 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank loans |
| The bank loan is secured by a bond and floating charge over the assets of the company. |