Prime Cuts Butchers (Ayrshire) Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: SC456630 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

FOR

PRIME CUTS BUTCHERS (AYRSHIRE) LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

Mr J Kennedy

REGISTERED OFFICE:

7 Royal Crescent

Glasgow

G3 7SL

REGISTERED NUMBER:

SC456630 (Scotland)

ACCOUNTANTS:

K M Stewart & Company

7 Royal Crescent

Glasgow

G3 7SL

BANKERS:

Santander

Customer Service Centre

Bootle

Merseyside

L30 4GB

FIXED ASSETS

Intangible assets

2

7,700

8,800

Tangible assets

3

40,370

16,497

48,070

25,297

CURRENT ASSETS

Stocks

3,450

3,300

Debtors

8,577

46,560

Cash at bank

14,414

25,361

26,441

75,221

CREDITORS

Amounts falling due within one year

16,556

46,381

NET CURRENT ASSETS

9,885

28,840

TOTAL ASSETS LESS CURRENT
LIABILITIES

57,955

54,137

PROVISIONS FOR LIABILITIES

6,652

1,947

NET ASSETS

51,303

52,190

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

51,203

52,090

SHAREHOLDERS' FUNDS

51,303

52,190

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 27 February 2017 and were signed by:

Mr J Kennedy - 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 retail butcher products, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten 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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

Straight line over 3 years

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 shall be recognised when the tax allowances for the cost of a fixed asset are received before or after

the depreciation of the fixed asset is recognised in the profit and loss account. However, if and when all

conditions for retaining the tax allowances have been met, the deferred tax shall be reversed.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

11,000

AMORTISATION

At 1 September 2015

2,200

Amortisation for year

1,100

At 31 August 2016

3,300

NET BOOK VALUE

At 31 August 2016

7,700

At 31 August 2015

8,800

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

21,347

Additions

31,080

At 31 August 2016

52,427

DEPRECIATION

At 1 September 2015

4,850

Charge for year

7,207

At 31 August 2016

12,057

NET BOOK VALUE

At 31 August 2016

40,370

At 31 August 2015

16,497

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

5.	RELATED PARTY DISCLOSURES

There was a balance of £3,337 (2015: £24,966) owed to the company by the director, Mr J Kennedy as at 31

August 2016. No interest was charged on this balance and there are no formal repayment terms.

No other transactions with related parties were undertaken such as are required to be disclosed under Financial

Reposting Standard 8.