LOGWISE_SCOTLAND_LIMITED - Accounts

LOGWISE SCOTLAND LIMITED - Company Information

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Company Registration No. SC291850 (Scotland)

LOGWISE SCOTLAND LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

LOGWISE SCOTLAND LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

LOGWISE SCOTLAND LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

3,024

2,798

Current assets

Debtors

3,600

3,084

Cash at bank and in hand

9,020

11,247

12,620

14,331

Creditors: amounts falling due within one year

(146,999)

(137,321)

Net current liabilities

(134,379)

(122,990)

Total assets less current liabilities

(131,355)

(120,192)

Capital and reserves

Called up share capital

1,000

Profit and loss account

(132,355)

(121,192)

Shareholders' funds

(131,355)

(120,192)

For the financial year ended 31 March 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 25 October 2016

Mr R L O Fyffe

Mrs V M Fyffe

Director

Company Registration No. SC291850

LOGWISE SCOTLAND LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

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

Turnover

Turnover represents amounts receivable for the supply of timber and ancillary services net of VAT. Turnover is recognised on an accruals basis.

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:

Plant and machinery

25% reducing balance

1.4

Deferred taxation

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.6

Going concern

The company's shareholders and directors have confirmed that they will provide adequate resources to ensure that the company continues its operational existence for the foreseeable future. In particular they have confirmed that they will ensure all liabilities are met. In coming to this conclusion, the directors have paid particular attention to the period of one year from the date of approval of the financial statements. The directors shall not seek repayment of their loan account until all due debts have been paid.

LOGWISE SCOTLAND LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 April 2015

11,538

Additions

1,151

At 31 March 2016

12,689

Depreciation

At 1 April 2015

8,740

Charge for the year

925

At 31 March 2016

9,665

Net book value

At 31 March 2016

3,024

At 31 March 2015

2,798

Share capital

2016

2015

Allotted, called up and fully paid

1,000 Ordinary shares of £1 each

1,000