Company Registration No. SC273412 (Scotland)
INVERCOAST LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2016
INVERCOAST LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
INVERCOAST LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2016
31 January 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
1,304,274
765,220
Tangible assets
2
750,228
712,388
Investments
2
162,500
162,500
2,217,002
1,640,108
Current assets
Stocks
388,316
369,336
Debtors
565,530
629,967
Cash at bank and in hand
151,231
188,588
1,105,077
1,187,891
Creditors: amounts falling due within one year
(1,123,523)
(777,833)
Net current liabilities/(assets)
(18,446)
410,058
Total assets less current liabilities
2,198,556
2,050,166
Creditors: amounts falling due after more than one year
(754,787)
(593,058)
1,443,769
1,457,108
Capital and reserves
Called up share capital
3
4
4
Profit and loss account
1,443,765
1,457,104
Shareholders' funds
1,443,769
1,457,108
INVERCOAST LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2016
31 January 2016
- 2 -
For the financial year ended 31 January 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 9 August 2016
Brendan Semple
James Semple
Director
Director
Company Registration No. SC273412
INVERCOAST LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
no depreciation
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
15% Reducing Balance
Motor vehicles
25% reducing balance
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
INVERCOAST LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 February 2015
927,000
889,914
162,500
1,979,414
Additions
568,973
57,055
-
626,028
At 31 January 2016
1,495,973
946,969
162,500
2,605,442
Depreciation
At 1 February 2015
161,780
177,527
-
339,307
Charge for the year
29,919
19,214
-
49,133
At 31 January 2016
191,699
196,741
-
388,440
Net book value
At 31 January 2016
1,304,274
750,228
162,500
2,217,002
At 31 January 2015
765,220
712,388
162,500
1,640,108
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
4 Ordinary of £1 each
4
4
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