Ravel (Scotland) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC330704 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019

FOR

RAVEL (SCOTLAND) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Colaluca

SECRETARY:

Mrs L Colaluca

REGISTERED OFFICE:

C/O Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

REGISTERED NUMBER:

SC330704 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

305,676

367,617

Investments

6

200

200

305,876

367,817

CURRENT ASSETS

Stocks

2,600

2,500

Debtors

7

156,618

150,500

Cash at bank and in hand

23,323

23,199

182,541

176,199

CREDITORS

Amounts falling due within one year

8

119,671

116,677

NET CURRENT ASSETS

62,870

59,522

TOTAL ASSETS LESS CURRENT LIABILITIES

368,746

427,339

CREDITORS

Amounts falling due after more than one year

9

(340,785

)

(389,696

)

PROVISIONS FOR LIABILITIES

11

(22,356

)

(30,091

)

NET ASSETS

5,605

7,552

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

5,505

7,452

SHAREHOLDERS' FUNDS

5,605

7,552

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 June 2020 and were signed by:

R Colaluca - Director

1.	STATUTORY INFORMATION

Ravel (Scotland)Limited is a private company, limited by shares, registered in Scotland. The Company's registered number

and registered office address are as below:

Registered number:

SC330704

Registered office:

C/O Consilium Chartered Accountants

169 West George Street

Glasgow

United Kingdom

G2 2LB

The presentation and functional currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Consolidation

In the opinion of the directors, the Company and its subsidiary undertakings comprise a small group. The Company has

therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group

accounts.

Turnover

The turnover shown in the Income Statement represents the value of all goods sold during the year, at selling price

exclusive of Value Added Tax. Income is recognised at the point of sale to the customer.

Goodwill

Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition (being the cash paid and

the fair value of other consideration given) over the fair value of the separable net assets acquired. The fair value of the

acquired assets and liabilities are assessed in the year of acquisition and the subsequent year, which may impact on the

goodwill recognised. Goodwill is capitalised and written off on a straight line basis over its useful economic life of 10 years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated

useful economic life of that asset as follows:

Goodwill - over 10 years

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

5% straight line

Improvements to property

-

10% reducing balance

Fixtures and fittings

-

25% reducing balance

Motor vehicle

-

25% reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items. Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present

location and condition.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

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.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2018

and 31 August 2019

226,500

AMORTISATION

At 1 September 2018

and 31 August 2019

226,500

NET BOOK VALUE

At 31 August 2019

-

At 31 August 2018

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

Motor

property

property

fittings

vehicle

Totals

£

£

£

£

£

COST

At 1 September 2018

and 31 August 2019

178,345

105,855

265,165

7,297

556,662

DEPRECIATION

At 1 September 2018

79,511

11,379

91,421

6,734

189,045

Charge for year

8,917

9,447

43,436

141

61,941

At 31 August 2019

88,428

20,826

134,857

6,875

250,986

NET BOOK VALUE

At 31 August 2019

89,917

85,029

130,308

422

305,676

At 31 August 2018

98,834

94,476

173,744

563

367,617

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 September 2018

and 31 August 2019

200

NET BOOK VALUE

At 31 August 2019

200

At 31 August 2018

200

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by associates

147,944

133,758

Other debtors

8,674

16,742

156,618

150,500

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

41,385

69,388

Trade creditors

4,925

26,213

Taxation and social security

51,546

18,240

Other creditors

21,815

2,836

119,671

116,677

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

340,785

389,696

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

116,561

270,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

382,170

459,084

Bank borrowing are secured by a floating charge over the assets of the Company.

11.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Accelerated capital allowances

22,356

30,091

Deferred

tax

£

Balance at 1 September 2018

30,091

Credit to Income Statement during year

(7,735

)

Balance at 31 August 2019

22,356

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly

owned subsidiaries within the group.

During the year, management charges of £75,000 (2018: £80,000) were received from an associated company

At the year end the balance due to the directors was £1,836 (2018 - £872). The loan is unsecured, interest free and has no

fixed repayment terms.

No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of

Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland".

14.	ULTIMATE CONTROLLING PARTY

The Company was under the control of the holders of issued share capital during the current and prior year. No individual

shareholder had overall control of the Company.