Company Registration No. SC238303 (Scotland)
Eurasia Crafts Ltd.
Unaudited accounts
for the year ended 31 December 2016
Eurasia Crafts Ltd.
Unaudited accounts
Contents
Eurasia Crafts Ltd.
Company Information
for the year ended 31 December 2016
Directors
Mohammed Aslam Wali
Tasneem Kauser Wali
Company Number
SC238303 (Scotland)
Accountants
Aird Sakol Ltd
8 Benview Road
Clarkston Toll
Glasgow
G76 7PP
Eurasia Crafts Ltd.
Statement of financial position
as at 31 December 2016
Intangible assets
107,639
107,639
Tangible assets
114,663
118,862
Inventories
489,336
455,776
Cash at bank and in hand
115,344
200,913
Creditors: amounts falling due within one year
(187,399)
(286,890)
Net current assets
455,727
395,506
Net assets
678,029
622,007
Called up share capital
1,000
1,000
Profit and loss account
677,029
621,007
Shareholders' funds
678,029
622,007
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 14 April 2017.
Mohammed Aslam Wali
Director
Company Registration No. SC238303
Eurasia Crafts Ltd.
Notes to the Accounts
for the year ended 31 December 2016
Eurasia Crafts Ltd. is a private company, limited by shares, registered in Scotland, registration number SC238303.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Fixtures & fittings
15% reducing balance
4
Intangible fixed assets
Goodwill
At 31 December 2016
107,639
At 31 December 2016
107,639
At 31 December 2015
107,639
Eurasia Crafts Ltd.
Notes to the Accounts
for the year ended 31 December 2016
5
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2016
25,656
95,965
115,633
237,254
Additions
-
2,508
9,000
11,508
At 31 December 2016
25,656
98,473
124,633
248,762
At 1 January 2016
-
35,838
82,554
118,392
Charge for the year
-
9,395
6,312
15,707
At 31 December 2016
-
45,233
88,866
134,099
At 31 December 2016
25,656
53,240
35,767
114,663
At 31 December 2015
25,656
60,127
33,079
118,862
Finished goods
489,336
455,776
Trade debtors
14,821
5,079
Accrued income and prepayments
23,625
20,628
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Creditors: amounts falling due within one year
2016
2015
Trade creditors
61,694
110,974
Amounts owed to group undertakings and other participating interests
25,200
25,200
Taxes and social security
86,124
91,751
Other creditors
2,986
4,743
Loans from directors
7,371
50,322
9
Average number of employees
During the year the average number of employees was 34 (2015: 34).
