SCOTSTREAM_LTD - Accounts

SCOTSTREAM LIMITED - Company Information

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Company Registration No. SC114977 (Scotland)

SCOTSTREAM LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

SCOTSTREAM LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

SCOTSTREAM LTD

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

9,048

12,920

Current assets

Stocks

148,789

234,219

Debtors

57,308

23,469

Cash at bank and in hand

3,416

209,513

257,763

Creditors: amounts falling due within one year

(242,876)

(295,704)

Net current liabilities

(33,363)

(37,941)

Total assets less current liabilities

(24,315)

(25,021)

Creditors: amounts falling due after more than one year

(26,500)

(29,294)

Provisions for liabilities

(1,629)

(52,444)

(54,315)

Capital and reserves

Called up share capital

2,000

Profit and loss account

(54,444)

(56,315)

Shareholders' funds

(52,444)

(54,315)

SCOTSTREAM LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2015

- 2 -

For the financial year ended 31 December 2015 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 23 September 2016

A D Todd

Director

Company Registration No. SC114977

SCOTSTREAM LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

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).

The company has financial support from its directors and they will only seek repayment of their loans once the company is able to satisfy all other liabilities. Hence it is considered appropriate to prepare these accounts on a going concern basis.

1.2

Turnover

Turnover comprises revenue recognised by the company when the work has been carried out in respect of the supply and installation of heating and ventilation systems during the year, exclusive of Value Added Tax and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets 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:

Office equipment

33.3% straight line

Fixtures, fittings & equipment

15% straight line

Motor vehicles

25% reducing balance

1.4

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.5

Stock and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.6

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

SCOTSTREAM LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 4 -

Fixed assets

Tangible assets

Cost

At 1 January 2015

50,701

Additions

233

Disposals

(7,460)

At 31 December 2015

43,474

Depreciation

At 1 January 2015

37,782

On disposals

(6,464)

Charge for the year

3,108

At 31 December 2015

34,426

Net book value

At 31 December 2015

9,048

At 31 December 2014

12,920

Share capital

2015

2014

Allotted, called up and fully paid

2,000 Ordinary shares of £1 each

2,000