Art Pewter-Silver Limited - Accounts to registrar - small 17.2
Art Pewter-Silver Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| ART PEWTER-SILVER LIMITED |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| BALANCE SHEET |
| 31 DECEMBER 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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. |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2016 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 1. | STATUTORY INFORMATION |
| Art Pewter-Silver Limited is a private company, limited by shares, registered in Scotland. The registered office is |
| 3 Colvilles Road, Kelvin, East Kilbride, Lanarkshire, G75 0RS. |
| The financial statements are presented in Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
| of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
| Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial |
| statements have been prepared under the historical cost convention. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Art Pewter-Silver 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 comprises the invoiced cost of goods sold during the year, excluding value added tax, and net of trade |
| discounts. The company's policy is to recognise a sale when substantively all the risks and rewards in connection |
| with the goods have been passed to the buyer. |
| Goodwill and other intangible assets |
| Goodwill, being the amount paid in connection with the acquisition of Textile Heritage Collection in 2003, has |
| been written off over its estimated useful life of 8 and 1/3 years. |
| Design assignations were written off over their estimated useful life of 4 years. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Tangible fixed assets are included at cost less depreciation and impairment. |
| Investments in subsidiaries |
| Investments representing shareholdings in unquoted subsidiary undertakings are stated at the lower of cost or |
| where the difference is material, net asset value. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Replacement cost of stock would not be materially different. |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is |
| calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
| The charge for taxation takes into account taxation deferred as a result of timing differences between the |
| treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
| respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
| deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that |
| there will be suitable taxable profits from which the future reversal of the underlying timing differences can be |
| deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in |
| the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted |
| at the balance sheet date. |
| With the exception of changes arising on the initial recognition of a business combination, the tax expense is |
| presented either in profit or loss, other comprehensive income or statement of changes in equity depending on |
| the transaction that resulted in the tax expense. |
| Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
| Pension costs and other post-retirement benefits |
| The company operates defined contribution pension schemes for directors and employees. The assets of each |
| scheme are held separately from those of the company. The annual contributions payable are charged to the |
| Profit and Loss Account. |
| Operating lease 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| and 31 December 2016 |
| AMORTISATION |
| At 1 January 2016 |
| and 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| Goodwill was acquired on the purchase of Textile Heritage Collection in 2003. |
| Patents and licenses are design assignations. These are title to cross-stitch designs assigned to the company by |
| freelance designers. These have been written off over their useful life of 4 years. |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2016 |
| and 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| ART PEWTER-SILVER LIMITED (REGISTERED NUMBER: SC045838) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2016 | 2015 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 10. | RELATED PARTY DISCLOSURES |
| Included in creditors is a loan from Stephen F Dawson-Bowman totalling £Nil (2015: £100,000). No interest was |
| payable on this loan. |
| Dividends of £37,500 (2015: £Nil) were paid to the directors in the year. |
| 11. | FIRST YEAR ADOPTION |
| As required in Section 35 of FRS 102, the balances previously reported under the old UK GAAP at the date of |
| transition, 1 January 2015, and the prior year end, 31 December 2015 need to be restated for the changes which |
| have occurred on transition to FRS 102. |
| No restatement of the Profit and Loss Account, Other Comprehensive Income or Balance Sheet and no changes |
| to accounting policies have been required on transition. |