McCallum Bagpipes Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC232526 (Scotland)

MCCALLUM BAGPIPES LIMITED

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

K J MacLeod

S A McCallum

SECRETARY:

S A McCallum

REGISTERED OFFICE:

Moorfield Industrial Estate

Troon Road

Kilmarnock

Ayrshire

KA2 0BA

REGISTERED NUMBER:

SC232526 (Scotland)

ACCOUNTANTS:

JRD Partnership Ltd

Chartered Accountants

11 Portland Road

Kilmarnock

Ayrshire

KA1 2BT

FIXED ASSETS

Tangible assets

2

489,911

501,024

CURRENT ASSETS

Stocks

402,719

389,905

Debtors

296,397

285,891

Cash at bank

16,460

57,776

715,576

733,572

CREDITORS

Amounts falling due within one year

399,368

376,474

NET CURRENT ASSETS

316,208

357,098

TOTAL ASSETS LESS CURRENT
LIABILITIES

806,119

858,122

CREDITORS

Amounts falling due after more than one
year

(82,620

)

(106,175

)

PROVISIONS FOR LIABILITIES

(40,556

)

(41,825

)

NET ASSETS

682,943

710,122

CAPITAL AND RESERVES

Called up share capital

3

80,000

Profit and loss account

602,943

630,122

SHAREHOLDERS' FUNDS

682,943

710,122

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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 22nd February 2017 and were signed on its behalf
by:

K J MacLeod - Director

S A McCallum - 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

at varying rates on cost

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks 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 where transactions or events that result in an obligation to pay more tax in the future or a right to pay

less tax in the future have occurred at the balance sheet date. Timing differences are differences between the

company's taxable profit and its results as stated in the financial statements that arise from the inclusion of gains

or losses in tax assessments in periods different from those in which they are recognised in the financial

statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that, on the basis

of all available evidence, 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 is measured on a

non-discount basis.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

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.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st October 2015

822,924

Additions

25,228

At 30th September 2016

848,152

DEPRECIATION

At 1st October 2015

321,900

Charge for year

36,341

At 30th September 2016

358,241

NET BOOK VALUE

At 30th September 2016

489,911

At 30th September 2015

501,024

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

80,000

Ordinary

£1

80,000