Roost Interiors Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: SC135871

ROOST INTERIORS LTD

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2016

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2

FIXED ASSETS

Tangible assets

2

42,760

10,774

CURRENT ASSETS

Stocks

50,000

-

Debtors

3

1,317,078

1,811,620

Cash at bank and in hand

250,795

130,750

1,617,873

1,942,370

CREDITORS

Amounts falling due within one year

4

28,956

145,634

NET CURRENT ASSETS

1,588,917

1,796,736

TOTAL ASSETS LESS CURRENT LIABILITIES

1,631,677

1,807,510

PROVISIONS FOR LIABILITIES

-

2,155

NET ASSETS

1,631,677

1,805,355

CAPITAL AND RESERVES

Called up share capital

5

1,656,200

1,656,200

Profit and loss account

(24,523

)

149,155

SHAREHOLDERS' FUNDS

1,631,677

1,805,355

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 31 March 2017 and were signed on its behalf by:

D L Hood - 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, which is stated net of value added tax, represents the net invoice value of goods supplied. In the

previous year, turnover included goods supplied, services rendered, licence fees and operating allowances

receivable and rents receivable under operating leases. The company's policy is to recognise a sale when

substantively all the risks and rewards in connection with the goods and services have been passed to the buyer

and to recognise rental income in accordance with the terms of the lease agreement.

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.

Tenant improvements

-

written off over the term of the lease

Motor vehicles

-

25% 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. Replacement cost of stock would not be materially different.

Deferred tax

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date. However,

deferred tax assets are recognised only to the extent that the directors consider that it is 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 not recognised on revaluation gains. Deferred taxation is measured on a

non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences

reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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

Redeemable preference shares

The preference shares are non-voting, redeemable, non-participating shares that exhibit the characteristics of a

financial liability and as such are recognised as a liability in the balance sheet.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

52,232

Additions

54,138

Disposals

(16,250

)

At 30 June 2016

90,120

DEPRECIATION

At 1 July 2015

41,458

Charge for year

20,594

Eliminated on disposal

(14,692

)

At 30 June 2016

47,360

NET BOOK VALUE

At 30 June 2016

42,760

At 30 June 2015

10,774

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 856,175 (2015 - £ 1,277,766 )

4.

CREDITORS

Creditors include an amount of £ 0 (2015 - £ 3,497 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Alloted, issued and fully paid

Number

Class

Nominal value

2016

2015

£

£

155,897

Ordinary

£1

155,897

155,897

1,500,303

'A' Ordinary

£1

1,500,303

1,500,303

100,000

Preference

£1

100,000

Total

1,656,200

1,756,200

Equity element

1,656,200

1,656,200

Debt element

100,000

Total

1,656,200

1,756,200

The preference shares were classified as debt and shown under Creditors: Amounts falling due within one year

at the year end 30 June 2015. These shares were redeemed at par during the current year.

The 'A' Ordinary shares rank pari passu in all respects with the Ordinary shares, save that they confer on the

holders the right to receive notice of and to attend, but not vote at general meetings.

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2016 and

30 June 2015:

2016

2015

£

£

J A MacInnes and A C MacInnes

Balance outstanding at start of year

99,752

11,065

Amounts advanced

69,251

88,687

Amounts repaid

(145,000

)

-

Balance outstanding at end of year

24,003

99,752