Samac1 Ltd - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: SC214116 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Samac1 Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Report of the Accountants

6

DIRECTORS:

Alexander James McLeman

Mrs Margaret McLeman

SECRETARY:

Margaret McLeman

REGISTERED OFFICE:

Killen Wood

Killen

Avoch

Ross-shire

IV9 8RQ

REGISTERED NUMBER:

SC214116 (Scotland)

ACCOUNTANTS:

Acumen Accountants & Advisors Limited

Acumen House

Grange Road

Peterhead

Aberdeenshire

AB42 1WN

FIXED ASSETS

Tangible assets

5

67

89

CURRENT ASSETS

Debtors

6

74,703

74,703

Cash at bank

130,428

41,714

205,131

116,417

CREDITORS

Amounts falling due within one year

7

40,983

31,349

NET CURRENT ASSETS

164,148

85,068

TOTAL ASSETS LESS CURRENT LIABILITIES

164,215

85,157

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

164,115

85,057

SHAREHOLDERS' FUNDS

164,215

85,157

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 31 March 2017 and were signed on its behalf by:

Alexander James McLeman - Director

1.	STATUTORY INFORMATION

Samac1 Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office

address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31st December 2016 are the first set of financial statements that comply with FRS 102

Section 1A small entities. The date of transition is 1st 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, this has not impacted on opening equity or profit for the comparative period so the reconciliations have not been included.

The presentation currency is sterling.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is

recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 that have been enacted or substantively enacted

by the balance sheet date.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2016

and 31 December 2016

500

DEPRECIATION

At 1 January 2016

411

Charge for year

22

At 31 December 2016

433

NET BOOK VALUE

At 31 December 2016

67

At 31 December 2015

89

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other debtors

74,703

74,703

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Corporation tax

39,442

29,524

Directors' current accounts

233

517

Accruals

1,308

1,308

40,983

31,349

The loan from the director is interest free with no fixed terms of repayment.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2016 and 31 December 2015:

2016

2015

£

£

Alexander James McLeman

Balance outstanding at start of year

(517

)

(46

)

Amounts advanced

228,500

135,000

Amounts repaid

(228,216

)

(135,471

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(233

)

(517

)

9.	ULTIMATE CONTROLLING PARTY

10.	FIRST YEAR ADOPTION

As at 1st January 2015, the company transitioned from UK GAAP to FRS 102 Section 1A small entities, there have been no transitional

adjustments and we have not included the reconciliation reports.

The following reproduces the text of the report prepared for the directors and members in respect of the company's annual unaudited

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are

cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed

with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2016 set out on pages to and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Acumen Accountants & Advisors Limited

Acumen House

Grange Road

Peterhead

Aberdeenshire

AB42 1WN

31 March 2017