The Crannog Concept Ltd - Accounts to registrar - small 17.2
The Crannog Concept Ltd - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
| FOR |
| THE CRANNOG CONCEPT LTD |
| THE CRANNOG CONCEPT LTD (REGISTERED NUMBER: SC202581) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| For The Year Ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| THE CRANNOG CONCEPT LTD |
| COMPANY INFORMATION |
| For The Year Ended 31 December 2016 |
| DIRECTORS: |
| SECRETARIES: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Argyll Square |
| Oban |
| Argyll |
| PA34 4AZ |
| SOLICITORS: |
| Ben Nevis Auction Mart |
| Torlumdy |
| Fort William |
| PH33 6SW |
| THE CRANNOG CONCEPT LTD (REGISTERED NUMBER: SC202581) |
| 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/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| THE CRANNOG CONCEPT LTD (REGISTERED NUMBER: SC202581) |
| BALANCE SHEET - continued |
| 31 December 2016 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| THE CRANNOG CONCEPT LTD (REGISTERED NUMBER: SC202581) |
| NOTES TO THE FINANCIAL STATEMENTS |
| For The Year Ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| The Crannog Concept Ltd is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in Sterling (£) |
| Turnover |
| Turnover represents net invoiced sales of goods and services, excluding value added tax. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Computer software |
| Computer software is amortised at 33% reducing balance per annum. |
| Tangible fixed assets |
| Boats | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| THE CRANNOG CONCEPT LTD (REGISTERED NUMBER: SC202581) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| 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 profit or loss in the period to which they relate. |
| Government grants |
| Grants received in respect of capital expenditure are credited to a deferred income account and are released to |
| the profit and loss account over the expected useful lives of the relevant assets by equal annual instalments. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1 January 2016 |
| and 31 December 2016 |
| AMORTISATION |
| At 1 January 2016 |
| Amortisation for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| THE CRANNOG CONCEPT LTD (REGISTERED NUMBER: SC202581) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2016 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor | Computer |
| Boats | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2016 |
| and 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| and 31 December 2016 | 300,892 |
| NET BOOK VALUE |
| At 31 December 2016 | 300,892 |
| At 31 December 2015 | 300,892 |
| 7. | DEBTORS |
| 2016 | 2015 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| THE CRANNOG CONCEPT LTD (REGISTERED NUMBER: SC202581) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2016 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 9. | SECURED DEBTS |
| The company's bankers, Bank of Scotland PLC, hold a Bond & Floating Charge over the whole assets of the |
| Company. There are also cross corporate guarantees between the company and other group companies. |
| 10. | RELATED PARTY DISCLOSURES |
| In 2011, the leasehold premises were subject to a sale and leaseback agreement at full market value in favour of |
| Mr Finlayson's SIPP. The annual rent is £40,000 per annum. Part of the purchase price was deferred and is |
| being paid in 120 equal monthly instalments. Interest on the loan is charged at 5.5% over the base rate of the |
| Bank of Scotland. |
| The company made charitable donations during the year totalling £18,911 to The Glencoe Trust. One of the |
| directors is also a director of the charity. |
| 11. | CONTROL |
| The company is controlled by the directors. |