Clanna Limited - Limited company accounts 16.3

REGISTERED NUMBER: SC201140 (Scotland)

STRATEGIC REPORT, DIRECTORS' REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

CLANNA LIMITED

Page

Company Information

1

Strategic Report

2

Directors' Report

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8

DIRECTORS:

D W Carmichael

I Wilson

SECRETARY:

Morton Fraser Secretaries Limited

REGISTERED OFFICE:

41 Inchmuir Road

Whitehill Industrial Estate

Bathgate

West Lothian

EH48 2EP

REGISTERED NUMBER:

SC201140 (Scotland)

AUDITORS:

Consilium Audit Limited (Statutory Auditor)

169 West George Street

Glasgow

G2 2LB

The directors present their strategic report for the year ended 31 March 2017.

REVIEW OF BUSINESS

The results for the year and the financial position of the Company are shown in the annexed financial statements.

The total distribution of dividends for the year ended 31 March 2017 was £1,300,000 (2016: £1,250,000). The total income received

in the year from shares in group undertakings was £1,300,000 (2016: £1,250,000). There were no other transactions and the

Company effectively remained dormant in the year under review.

ON BEHALF OF THE BOARD:

I Wilson - Director

1 September 2017

The directors present their report with the financial statements of the Company for the year ended 31 March 2017.

PRINCIPAL ACTIVITY

The principal activity of the Company in the year under review was that of a holding company for its subsidiary undertaking, JBT

Distribution Limited.

DIVIDENDS

During the year dividends of £1,300,000 (2016: £1,250,000) were paid to the shareholders.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2016 to the date of this report.

D W Carmichael

I Wilson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance

with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have

elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United

Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard

applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless

they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company

for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's

transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure

that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the

Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the

Company's website.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of

which the Company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in

order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that

information.

AUDITORS

The auditors, Consilium Audit Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General

Meeting.

ON BEHALF OF THE BOARD:

I Wilson - Director

1 September 2017

We have audited the financial statements of Clanna Limited for the year ended 31 March 2017 on pages five to eleven. The

financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting

Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act

2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to

state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or

assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this

report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable

assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an

assessment of: whether the accounting policies are appropriate to the Company's circumstances and have been consistently

applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall

presentation of the financial statements. In addition, we read all the financial and non-financial information in the Strategic Report

and the Directors' Report to identify material inconsistencies with the audited financial statements and to identify any information

that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of

performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications

for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the Company's affairs as at 31 March 2017 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit, the information given in the Strategic Report and the

Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements,

and has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the

Company and its environment, we have not identified any material misstatements in the Strategic Report or the Directors' Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our

opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

David Holt (Senior Statutory Auditor)

for and on behalf of Consilium Audit Limited (Statutory Auditor)

169 West George Street

Glasgow

G2 2LB

1 September 2017

TURNOVER

-

-

OPERATING PROFIT

4

-

-

Income from shares in group undertakings

1,300,000

1,250,000

PROFIT BEFORE TAXATION

1,300,000

1,250,000

Tax on profit

5

-

-

PROFIT FOR THE FINANCIAL YEAR

1,300,000

1,250,000

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,300,000

1,250,000

FIXED ASSETS

Investments

7

1,225,000

1,225,000

CURRENT ASSETS

Debtors

8

35,000

35,000

Cash at bank

31

31

35,031

35,031

NET CURRENT ASSETS

35,031

35,031

TOTAL ASSETS LESS CURRENT LIABILITIES

1,260,031

1,260,031

CREDITORS

Amounts falling due after more than one year

9

550,000

550,000

NET ASSETS

710,031

710,031

CAPITAL AND RESERVES

Called up share capital

10

35,000

35,000

Capital redemption reserve

11

675,000

675,000

Retained earnings

11

31

31

SHAREHOLDERS' FUNDS

710,031

710,031

The financial statements were approved by the Board of Directors on 1 September 2017 and were signed on its behalf by:

I Wilson - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2015

35,000

31

675,000

710,031

Changes in equity

Dividends

-

(1,250,000

)

-

(1,250,000

)

Total comprehensive income

-

1,250,000

-

1,250,000

Balance at 31 March 2016

35,000

31

675,000

710,031

Changes in equity

Dividends

-

(1,300,000

)

-

(1,300,000

)

Total comprehensive income

-

1,300,000

-

1,300,000

Balance at 31 March 2017

35,000

31

675,000

710,031

1.	STATUTORY INFORMATION

Clanna Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial

Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Companies Act 2006. The financial

statements have been prepared under the historical cost convention.

Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the exemption under FRS 102 from disclosing a statement of cash flows on the

grounds that it is a wholly owned subsidiary and a group statement of cash flows is included in the consolidated financial

statements of Lister Square (No.4) Limited.

Preparation of consolidated financial statements

The Company was, at the end of the year, a wholly-owned subsidiary of another company incorporated in the EEA and in

accordance with Section 400 of the Companies Act 2006, is not required to produce, and has not published, consolidated

financial statements. The financial statements present the results of the parent undertaking only and do not show the

results of the group.

Copies of consolidated financial statements are available from the Registrar of Companies, Companies House, Edinburgh

Quay 2, 139 Foundtainbridge, Edinburgh, EH3 9FF.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. In preparing

the financial statements the directors have made the following judgements:

-

Determine whether there are indicators of impairment of the Company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provisions for impairment.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income,

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

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.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2017 nor for the year ended 31 March 2016.

Directors remuneration totalling £176,647 (2016: £145,239) was paid to the directors by the Company's subsidiary, JBT

Distribution Limited, for services provided to that company.

The Company considers key management to be the directors of the Company. The key management remuneration for the

year is as disclosed above.

4.	OPERATING PROFIT

The audit fee of £500 (2016: £500) was borne by JBT Distribution Limited.

5.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 March 2017 nor for the year ended 31 March 2016.

6.

DIVIDENDS

2017

2016

£

£

Ordinary shares of £0.10 each

Paid in year

1,300,000

1,250,000

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2016

and 31 March 2017

1,225,000

NET BOOK VALUE

At 31 March 2017

1,225,000

At 31 March 2016

1,225,000

The Company's investments at the Balance Sheet date in the share capital of companies include the following:

JBT Distribution Limited

Registered office: 41 Inchmuir Road, Whitehill Industrial Estate, Bathgate, West Lothian, EH48 2EP

Nature of business: Haulage

%

Class of shares:

holding

Ordinary

100.00

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by group undertakings

35,000

35,000

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Amounts owed to group undertakings

550,000

550,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

350,000

Ordinary

£0.10

35,000

35,000

11.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2016

31

675,000

675,031

Profit for the year

1,300,000

-

1,300,000

Dividends

(1,300,000

)

-

(1,300,000

)

At 31 March 2017

31

675,000

675,031

12.	ULTIMATE PARENT COMPANY

The Company's immediate and ultimate parent undertaking is Lister Square (No.4) Limited, a company registered in

Scotland, which is the smallest and largest group of companies for which group financial statements are prepared. Copies

of the group financial statements are available to the public from Companies House, Edinburgh Quay 2, 139

Fountainbridge, Edinburgh, EH3 9FF.

13.	CONTINGENT LIABILITIES

The Company has a cross company guarantee arrangement with the other group and related companies under which the

Company guarantees the obligations of the others to the groups bankers without limit. As at the balance sheet date other

group company obligations amounted to £1,383,333 (2016: £1,783,333).

14.	RELATED PARTY DISCLOSURES

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly

owned subsidiaries within the group.

No other related party transactions took place in the year under review.

15.	ULTIMATE CONTROLLING PARTY

The Company is under the control of the directors by virtue of their controlling interest in the ultimate parent undertaking.

No individual shareholder has a controlling interest.