Southlands Music Limited - Abbreviated accounts 16.3

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REGISTERED NUMBER: SC460254 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 MARCH 2016

FOR

SOUTHLANDS MUSIC LIMITED

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Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

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DIRECTORS:

Ms A M Grant

P E Hay

J F Van Der Schoot

SECRETARY:

Ms A M Grant

REGISTERED OFFICE:

100 Fifty Pitches Road

Glasgow

G51 4EB

REGISTERED NUMBER:

SC460254 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

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CURRENT ASSETS

Stocks

1,997,602

1,225,032

Debtors

35,285

382,100

Cash at bank and in hand

121,360

2,846

2,154,247

1,609,978

CREDITORS

Amounts falling due within one year

958,858

1,049,245

NET CURRENT ASSETS

1,195,389

560,733

TOTAL ASSETS LESS CURRENT LIABILITIES

1,195,389

560,733

CAPITAL AND RESERVES

Called up share capital

2

100

Profit and loss account

1,195,289

560,633

SHAREHOLDERS' FUNDS

1,195,389

560,733

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2016.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 22 December 2016 and were signed on its behalf by:

P E Hay - Director

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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 January 2015).

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, less returns

received and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which

the Company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as

obsolescence, have been transferred to the customer.

Stocks

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

items.

Cost consists of purchase price and 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.

Foreign currencies

Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the dates of the

transactions, or at an average rate for the period if the rates do not fluctuate significantly. Monetary assets and liabilities

are translated at year end exchange rates or, where appropriate, at rates of exchange fixed under the terms of the relevant

transaction. The resulting exchange rate differences are charged to the profit and loss account.

2.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100