Collinsons Restaurant Limited Small abridged accounts

COLLINSONS RESTAURANT LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Collinsons Restaurant Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: SC337922

Collinsons Restaurant Limited

Filleted Unaudited Abridged Financial Statements

31 March 2017

Collinsons Restaurant Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Statement of changes in equity	4

Notes to the abridged financial statements	5

Collinsons Restaurant Limited

Officers and Professional Advisers

Director	Mr S. Collinson

Registered office	122 Brown Street
	Broughty Ferry
	Dundee
	Scotland
	DD5 1EN

Accountants	Dand Carnegie LLP
	Chartered Accountants
	Spalding House
	90-92 Queen Street
	Broughty Ferry
	Dundee DD5 1AJ

Bankers	HSBC Bank plc
	25-29 Murraygate
	Dundee
	Scotland
	DD1 2EE

Collinsons Restaurant Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		76,282	92,001

Current assets

Stocks	4,207	4,125
Debtors	929	898
Cash at bank and in hand	65,875	44,280
	--------	--------
	71,011	49,303

Creditors: amounts falling due within one year	94,149		108,518
	--------		---------
Net current liabilities		23,138	59,215
		--------	--------
Total assets less current liabilities		53,144	32,786

Creditors: amounts falling due after more than one year	–	4,702
	--------	--------
Net assets	53,144	28,084
	--------	--------

Capital and reserves

Called up share capital	100	1
Profit and loss account	53,044	28,083
	--------	--------
Members funds	53,144	28,084
	--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Collinsons Restaurant Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 21 August 2017 , and are signed on behalf of the board by:

Mr S. Collinson
Director

Company registration number: SC337922

Collinsons Restaurant Limited

Statement of Changes in Equity

Year ended 31 March 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 April 2015	–	9,167	9,167

Profit for the year		46,766	46,766
	----	--------	--------
Total comprehensive income for the year	–	46,766	46,766

Issue of shares	1	–	1
Dividends paid and payable	–	( 27,850)	( 27,850)
	----	--------	--------
Total investments by and distributions to owners	1	( 27,850)	( 27,849)

At 31 March 2016	1	28,083	28,084

Profit for the year		54,961	54,961
	----	--------	--------
Total comprehensive income for the year	–	54,961	54,961

Issue of shares	99	–	99
Dividends paid and payable	–	( 30,000)	( 30,000)
	----	--------	--------
Total investments by and distributions to owners	99	( 30,000)	( 29,901)

	----	--------	--------
At 31 March 2017	100	53,044	53,144
	----	--------	--------

Collinsons Restaurant Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 122 Brown Street, Broughty Ferry, Dundee, DD5 1EN, Scotland.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	10% straight line
Fixtures & fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2016: 9 ).

5. Tangible assets

	£
Cost
At 1 April 2016 and 31 March 2017	160,120
	---------
Depreciation
At 1 April 2016	68,119
Charge for the year	15,719
	---------
At 31 March 2017	83,838
	---------
Carrying amount
At 31 March 2017	76,282
	---------
At 31 March 2016	92,001
	---------

6. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Later than 5 years	18,000	18,000
	--------	--------

7. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.