Ravel (Scotland) Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC330704 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2015

FOR

RAVEL (SCOTLAND) LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

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

2

406,148

438,823

Tangible assets

3

225,956

246,625

Investments

4

100

-

632,204

685,448

CURRENT ASSETS

Stocks

4,000

4,100

Debtors

179,069

1,237

Cash at bank and in hand

17,467

23,049

200,536

28,386

CREDITORS

Amounts falling due within one year

5

164,594

117,532

NET CURRENT ASSETS/(LIABILITIES)

35,942

(89,146

)

TOTAL ASSETS LESS CURRENT LIABILITIES

668,146

596,302

CREDITORS

Amounts falling due after more than one year

5

(524,758

)

(425,370

)

PROVISIONS FOR LIABILITIES

(4,172

)

(5,126

)

NET ASSETS

139,216

165,806

CAPITAL AND RESERVES

Called up share capital

6

100

Profit and loss account

139,116

165,706

SHAREHOLDERS' FUNDS

139,216

165,806

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2015.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 August 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 6 May 2016 and were signed by:

R Colaluca - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

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.

Exemption from preparing a cash flow statement

The Company has adopted the Financial Reporting Standard for Smaller Entities (effective April 2008) and is consequently

exempt from the requirement to include a cash flow statement in the financial statements.

Turnover

The turnover shown in the profit and loss account 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

Positive 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 20 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.

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 - 20 years straight line

Tangible fixed assets

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

Freehold property

-

5% straight line

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.

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.

Deferred tax

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

date where transactions or events have occurred at that date that will result in an obligation to pay more tax, or a right to

pay less tax, or a right to receive repayments of tax.

Deferred tax assets are recognised only to the extent that the directors consider it 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 tax

assets and liabilities recognised have not been discounted.

Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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.

Investments

Investments are stated at cost less provision for any diminution of value, if such reduction is deemed to be of a permanent

nature.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

and 31 August 2015

653,500

AMORTISATION

At 1 September 2014

214,677

Amortisation for year

32,675

At 31 August 2015

247,352

NET BOOK VALUE

At 31 August 2015

406,148

At 31 August 2014

438,823

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

366,838

Additions

1,500

At 31 August 2015

368,338

DEPRECIATION

At 1 September 2014

120,213

Charge for year

22,169

At 31 August 2015

142,382

NET BOOK VALUE

At 31 August 2015

225,956

At 31 August 2014

246,625

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

Additions

100

At 31 August 2015

100

NET BOOK VALUE

At 31 August 2015

100

The Company's investments at the Balance Sheet date in the share capital of companies include the following:

Ravel (Bearsden) Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

5.

CREDITORS

Creditors include an amount of £ 577,610 (2014 - £ 488,890 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015

2014

£

Repayable by instalments

314,973

171,290

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

100

Ordinary

£1

100