ACCOUNTS - Final Accounts preparation

NORTH STREET CHIP SHOP (FORFAR) LIMITED - Company Information

Company registration number SC353686


	NORTH STREET CHIP SHOP (FORFAR) LTD

	ABBREVIATED ACCOUNTS
	FOR THE YEAR ENDED 31 MARCH 2016

NORTH STREET CHIP SHOP (FORFAR) LTD

CONTENTS

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Notes to the Abbreviated Accounts	4 - 6

NORTH STREET CHIP SHOP (FORFAR) LTD

The following reproduces the text of the Report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORTH STREET CHIP SHOP (FORFAR) LTD
FOR THE YEAR ENDED 31 MARCH 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of North Street Chip Shop (Forfar) Ltd for the year ended 31 March 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As a member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/
framework-for-the-preparation-of-accounts-revised-april-2010.

This report is made solely to the Board of Directors of North Street Chip Shop (Forfar) Ltd, as a body, in accordance with the terms of our engagement letter dated 19 August 2009. Our work has been undertaken solely to prepare for your approval the financial statements of North Street Chip Shop (Forfar) Ltd and state those matters that we have agreed to state to the Board of Directors of North Street Chip Shop (Forfar) Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-april-2010. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than North Street Chip Shop (Forfar) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that North Street Chip Shop (Forfar) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of North Street Chip Shop (Forfar) Ltd. You consider that North Street Chip Shop (Forfar) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of North Street Chip Shop (Forfar) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Findlay & Company

Chartered Accountants

Peasiehill Road

Arbroath

DD11 2NJ

27 October 2016

Page 1

NORTH STREET CHIP SHOP (FORFAR) LTD

REGISTERED NUMBER: SC353686

ABBREVIATED BALANCE SHEET

AS AT 31 MARCH 2016

2016

2015

	Note	£	£	£	£
FIXED ASSETS
Intangible assets	2		36,000		48,000
Tangible assets	3		62,468		2,447

			98,468		50,447

CURRENT ASSETS
Stocks		3,433		2,705
Debtors		9,878		265
Cash in hand		900		400

		14,211		3,370
CREDITORS: amounts falling due within one year	4	(104,502)		(53,338)
NET CURRENT LIABILITIES			(90,291)		(49,968)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,177

479

PROVISIONS FOR LIABILITIES
Deferred tax	(7,792)	-
NET ASSETS	385	479

CAPITAL AND RESERVES
Called up share capital	5	100	100
Profit and loss account		285	379

SHAREHOLDERS' FUNDS

385

479

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Page 2

NORTH STREET CHIP SHOP (FORFAR) LTD

ABBREVIATED BALANCE SHEET (continued)

AS AT 31 MARCH 2016

The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 27 October 2016.

Stuart Atkinson

Director

The notes on pages 4 to 6 form part of these financial statements.

Page 3

NORTH STREET CHIP SHOP (FORFAR) LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	1.2	Turnover
		Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

	1.3	Intangible fixed assets and amortisation
		Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and Loss Account over its estimated economic life of 10 years.

	1.4	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 of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures and fittings

20% Straight Line

	1.5	Leasing and hire purchase
		Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. 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.

	1.6	Operating leases
		Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.

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

Page 4

NORTH STREET CHIP SHOP (FORFAR) LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

1.ACCOUNTING POLICIES (continued)

	1.8	Deferred taxation
		Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
		A net deferred tax asset is recognised only if it can be regarded as 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 are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

2.INTANGIBLE FIXED ASSETS

		£
	Cost
	At 1 April 2015 and 31 March 2016	120,000
	Amortisation
	At 1 April 2015	72,000
	Charge for the year	12,000
	At 31 March 2016	84,000

	Net book value
	At 31 March 2016	36,000
	At 31 March 2015	48,000

Page 5

NORTH STREET CHIP SHOP (FORFAR) LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

3.TANGIBLE FIXED ASSETS

		£
	Cost
	At 1 April 2015	26,101
	Additions	64,003
	At 31 March 2016	90,104

	Depreciation
	At 1 April 2015	23,654
	Charge for the year	3,982
	At 31 March 2016	27,636

	Net book value
	At 31 March 2016	62,468
	At 31 March 2015	2,447

4.CREDITORS:
Amounts falling due within one year

The bank overdraft of £5,053 (2015 - £8,895) is secured by the company.

5.SHARE CAPITAL

	2016	2015
	£	£
Allotted, called up and fully paid

100 Ordinary Shares shares of £1 each	100	100

Page 6