Norman Salmoni Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC328799 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 August 2016

for

Norman Salmoni Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr E Russell

Mrs H C Russell

SECRETARY:

Mrs H C Russell

REGISTERED OFFICE:

159 South Street

Perth

Perthshire

PH2 8NY

REGISTERED NUMBER:

SC328799 (Scotland)

ACCOUNTANTS:

Campbell Dallas LLP

Chartered Accountants

5 Whitefriars Crescent

Perth

Perthshire

PH2 0PA

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

32,650

19,328

Investments

4

22,972

-

55,622

19,328

CURRENT ASSETS

Stocks

36,150

28,200

Debtors

422,815

420,289

Cash at bank and in hand

58,720

26,455

517,685

474,944

CREDITORS

Amounts falling due within one year

5

287,049

111,304

NET CURRENT ASSETS

230,636

363,640

TOTAL ASSETS LESS CURRENT LIABILITIES

286,258

382,968

CREDITORS

Amounts falling due after more than one year

5

(151,792

)

(140,780

)

PROVISIONS FOR LIABILITIES

(5,487

)

(3,866

)

NET ASSETS

128,979

238,322

CAPITAL AND RESERVES

Called up share capital

6

2

2

Profit and loss account

128,977

238,320

SHAREHOLDERS' FUNDS

128,979

238,322

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 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 24 May 2017 and were signed on its behalf by:

Mr E Russell - 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).

Preparation of consolidated financial statements

The financial statements contain information about Norman Salmoni Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company has taken the

option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of goods and services, 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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Computer equipment

-

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.

Deferred tax

Deferred tax is provided at the average 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.

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.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

434,000

AMORTISATION

At 1 September 2015

and 31 August 2016

434,000

NET BOOK VALUE

At 31 August 2016

-

At 31 August 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

48,661

Additions

20,623

At 31 August 2016

69,284

DEPRECIATION

At 1 September 2015

29,333

Charge for year

7,301

At 31 August 2016

36,634

NET BOOK VALUE

At 31 August 2016

32,650

At 31 August 2015

19,328

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

Additions

189,786

Impairments

(166,814

)

At 31 August 2016

22,972

NET BOOK VALUE

At 31 August 2016

22,972

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Emma Drewery Optometrist Ltd

Nature of business: Optician

%

Class of shares:

holding

Ordinary

100.00

2016

£

Aggregate capital and reserves

22,275

Loss for the year

(2,511

)

5.

CREDITORS

Creditors include an amount of £ 174,772 (2015 - £ 158,300 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

£

Repayable by instalments

38,008

52,503

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

2

Ordinary

£1

2

2

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2016 and

31 August 2015:

2016

2015

£

£

Mr E Russell

Balance outstanding at start of year

152,739

142,886

Amounts advanced

103,677

103,087

Amounts repaid

(114,234

)

(93,234

)

Balance outstanding at end of year

142,182

152,739

Mrs H C Russell

Balance outstanding at start of year

185,594

153,004

Amounts advanced

114,960

113,800

Amounts repaid

(121,210

)

(81,210

)

Balance outstanding at end of year

179,344

185,594

Interest at rates of 3% (2015: 3.25%) have been applied to each director's beneficial loan account.

8.	ULTIMATE CONTROLLING PARTY