The Volunteer Arms (Tillicoultry) Limited - Period Ending 2019-03-31
The Volunteer Arms (Tillicoultry) Limited - Period Ending 2019-03-31
Registration number:
The Volunteer Arms (Tillicoultry) Limited
for the Year Ended 31 March 2019
Chartered Accountants
5 Station Road
Grangemouth
Stirlingshire
FK3 8DG
The Volunteer Arms (Tillicoultry) Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
The Volunteer Arms (Tillicoultry) Limited
Company Information
Director |
Mr John Ford Black |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Volunteer Arms (Tillicoultry) Limited
for the Year Ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Volunteer Arms (Tillicoultry) Limited for the year ended 31 March 2019 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at
http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017.
This report is made solely to the Board of Directors of The Volunteer Arms (Tillicoultry) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Volunteer Arms (Tillicoultry) Limited and state those matters that we have agreed to state to the Board of Directors of The Volunteer Arms (Tillicoultry) Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Volunteer Arms (Tillicoultry) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Volunteer Arms (Tillicoultry) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Volunteer Arms (Tillicoultry) Limited. You consider that The Volunteer Arms (Tillicoultry) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of The Volunteer Arms (Tillicoultry) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Grangemouth
Stirlingshire
FK3 8DG
Page 2 |
The Volunteer Arms (Tillicoultry) Limited
(Registration number: SC501519)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
( |
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For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 3 |
The Volunteer Arms (Tillicoultry) Limited
(Registration number: SC501519)
Balance Sheet as at 31 March 2019
Approved and authorised by the
.........................................
Director
Page 4 |
The Volunteer Arms (Tillicoultry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
The principal place of business is:
132 High Street
Tillicoultry
FK13 6DU
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 5 |
The Volunteer Arms (Tillicoultry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & Fittings |
20% Straight Line |
Computer Equipment |
20% Straight Line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 6 |
The Volunteer Arms (Tillicoultry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 7 |
The Volunteer Arms (Tillicoultry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Stocks |
2019 |
2018 |
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Raw materials and consumables |
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Debtors |
2019 |
2018 |
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Prepayments |
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- |
Other debtors |
- |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Page 8 |
The Volunteer Arms (Tillicoultry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
The director of the company Mr JF Black has withdrew £10,306 from the company. This loan is interest free and has no fixed terms of repayment. It was repaid on 29 July 2019.
Transactions with directors |
2019 |
At 31 March 2019 |
Directors' remuneration
The director's remuneration for the year was as follows:
2019 |
2018 |
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Remuneration |
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Page 9 |