The High Street Merchants Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: SC489299 (Scotland)

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2016

FOR

THE HIGH STREET MERCHANTS LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs D Stobie

Mr C M Stobie

SECRETARY:

Mrs D Stobie

REGISTERED OFFICE:

74-76 High Street

Grantown on Spey

Moray

PH26 3EL

REGISTERED NUMBER:

SC489299 (Scotland)

ACCOUNTANTS:

MacKenzie Kerr Limited

65 High Street

Grantown on Spey

Moray

PH26 3EG

BANKERS:

The Royal Bank of Scotland

59 High Street

Grantown on Spey

Moray

PH26 3EG

FIXED ASSETS

Tangible assets

2

38,265

39,040

CURRENT ASSETS

Stocks

3,960

5,217

Debtors

-

2,471

Cash at bank and in hand

7,332

5,178

11,292

12,866

CREDITORS

Amounts falling due within one year

36,477

38,624

NET CURRENT LIABILITIES

(25,185

)

(25,758

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

13,080

13,282

CREDITORS

Amounts falling due after more than one
year

9,150

12,150

NET ASSETS

3,930

1,132

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

3,830

1,032

SHAREHOLDERS' FUNDS

3,930

1,132

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 15 March 2017 and were signed on its behalf by:

Mrs D Stobie - Director

Mr C M Stobie - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The net current liabilities at the balance sheet date are £25,185 (2015 - £25,758). However the company has net

assets and the directors are confident that the trading position of the company is continuing to grow. Also the

directors have agreed to subordinate their loan in favour of other creditors and confirmed that they will ensure

that adequate funds will be made available to meet third party liabilities as and when they fall due. On this basis

they consider it appropriate to prepare the financial statements on a going concern basis.

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 value of goods arising from coffee shop sales and gallery commission, net of 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.

Fixtures & equipment

-

15% on reducing balance

Office equipment

-

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 arises as a result of including items of income and expenditure in taxation computations in periods

different from those in which they are included in the company's accounts. Deferred tax is provided in full on

timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates

that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the asset.

Deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments

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

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

43,042

Additions

3,091

At 31 October 2016

46,133

DEPRECIATION

At 1 November 2015

4,002

Charge for year

3,866

At 31 October 2016

7,868

NET BOOK VALUE

At 31 October 2016

38,265

At 31 October 2015

39,040

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

4.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the Directors, Mr and Mrs Stobie by virtue of their 100% equal ownership of

the issued Ordinary Share Capital.