Elmer Wallace Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC278062 (Scotland)

Abbreviated Accounts

for the Year Ended 30 September 2016

for

Elmer Wallace Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A G M McRobbie

J M Darling

SECRETARY:

A G M McRobbie

REGISTERED OFFICE:

30 Naysmyth Road South

Colquhoun Road

Hillington

Glasgow

G52 4RE

REGISTERED NUMBER:

SC278062 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Intangible assets

2

-

6,624

Tangible assets

3

42,978

45,445

42,978

52,069

CURRENT ASSETS

Stocks

40,485

38,674

Debtors

86,959

73,785

Cash at bank and in hand

26,808

19,302

154,252

131,761

CREDITORS

Amounts falling due within one year

160,024

128,991

NET CURRENT (LIABILITIES)/ASSETS

(5,772

)

2,770

TOTAL ASSETS LESS CURRENT
LIABILITIES

37,206

54,839

CREDITORS

Amounts falling due after more than one
year

22,040

17,030

NET ASSETS

15,166

37,809

CAPITAL AND RESERVES

Called up share capital

4

20,000

Profit and loss account

(4,834

)

17,809

SHAREHOLDERS' FUNDS

15,166

37,809

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 16 June 2017 and were signed on its behalf by:

A G M McRobbie - Director

J M Darling - 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).

Revenue

Turnover represents the amounts derived from the provision of goods and services, excluding value added tax

and trade discounts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, was being amortised

evenly over its estimated useful life of twenty years. This has been changed to five years after being reviewed by

the directors on the basis that the nature of the business has changed significantly.

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

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Inventories

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.

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 October 2015

and 30 September 2016

47,314

AMORTISATION

At 1 October 2015

40,690

Amortisation for year

6,624

At 30 September 2016

47,314

NET BOOK VALUE

At 30 September 2016

-

At 30 September 2015

6,624

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

100,987

Additions

9,290

Disposals

(3,000

)

At 30 September 2016

107,277

DEPRECIATION

At 1 October 2015

55,542

Charge for year

10,808

Eliminated on disposal

(2,051

)

At 30 September 2016

64,299

NET BOOK VALUE

At 30 September 2016

42,978

At 30 September 2015

45,445

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

20,000

Ordinary

£1

20,000