Label Tec Scotland Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC292141 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

Label Tec Scotland Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr John Phillips

Mr Paul Dunne

Mrs Caroline Dunne

Mrs Wilma Jane Phillips

SECRETARY:

Mr Paul Dunne

REGISTERED OFFICE:

Unit 4, Block 4

Chapelhall Industrial Estate

Airdrie

Lanarkshire

ML6 8QH

REGISTERED NUMBER:

SC292141 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Intangible assets

2

275,000

302,500

Tangible assets

3

482,638

336,592

757,638

639,092

CURRENT ASSETS

Stock

22,600

24,750

Debtors

357,298

369,012

Cash at bank and in hand

316,140

438,329

696,038

832,091

CREDITORS

Amounts falling due within one year

291,762

328,043

NET CURRENT ASSETS

404,276

504,048

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,161,914

1,143,140

PROVISIONS FOR LIABILITIES

72,769

38,344

NET ASSETS

1,089,145

1,104,796

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

1,089,045

1,104,696

SHAREHOLDERS' FUNDS

1,089,145

1,104,796

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 23 December 2016 and were signed on
its behalf by:

Mr John Phillips - Director

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).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Stocks

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

and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

550,000

AMORTISATION

At 1 April 2015

247,500

Amortisation for year

27,500

At 31 March 2016

275,000

NET BOOK VALUE

At 31 March 2016

275,000

At 31 March 2015

302,500

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

1,005,768

Additions

305,438

At 31 March 2016

1,311,206

DEPRECIATION

At 1 April 2015

669,176

Charge for year

159,392

At 31 March 2016

828,568

NET BOOK VALUE

At 31 March 2016

482,638

At 31 March 2015

336,592

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100