Scotkart Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC355282 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 30 September 2016

for

SCOTKART LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

S G Matthews

D N Matthews

SECRETARY:

S G Matthews

REGISTERED OFFICE:

86 Westburn Road

Cambuslang

Glasgow

G72 7UD

REGISTERED NUMBER:

SC355282 (Scotland)

ACCOUNTANTS:

SD Business Management

Suite 411 Baltic Chambers

50 Wellington Street

Glasgow

Strathclyde

G2 6HJ

FIXED ASSETS

Tangible assets

2

140,142

82,638

CURRENT ASSETS

Stocks

20,682

18,496

Debtors

80,050

81,378

Cash at bank and in hand

190,651

303,802

291,383

403,676

CREDITORS

Amounts falling due within one year

348,498

381,278

NET CURRENT (LIABILITIES)/ASSETS

(57,115

)

22,398

TOTAL ASSETS LESS CURRENT
LIABILITIES

83,027

105,036

PROVISIONS FOR LIABILITIES

26,320

14,444

NET ASSETS

56,707

90,592

CAPITAL AND RESERVES

Called up share capital

3

1

Profit and loss account

56,706

90,591

SHAREHOLDERS' FUNDS

56,707

90,592

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 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 18 April 2017 and were signed on its behalf
by:

D N Matthews - Director

S G Matthews - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

In accordance with their responsibilities as directors, the directors have considered the appropriateness

of the going concern basis for the preparation of the financial statements.

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 is recognised at the value of the consideration received or receivable for the sales of goods and

services in the ordinary nature of the business. Turnover is shown 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

33% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on reducing balance

All fixed assets are initially recorded at cost.

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.

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 1 October 2015

288,048

Additions

103,928

At 30 September 2016

391,976

DEPRECIATION

At 1 October 2015

205,410

Charge for year

46,424

At 30 September 2016

251,834

NET BOOK VALUE

At 30 September 2016

140,142

At 30 September 2015

82,638

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.16

30.9.15

value:

£

1

Ordinary

£1

1