Adamson Violins Ltd Company accounts


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COMPANY REGISTRATION NUMBER: SC507152
Adamson Violins Ltd
Unaudited Financial Statements
31 March 2017
Adamson Violins Ltd
Financial Statements
Year ended 31 March 2017
Contents
Page
Director's report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
The following pages do not form part of the financial statements
Detailed income statement
9
Notes to the detailed income statement
10
Adamson Violins Ltd
Director's Report
Year ended 31 March 2017
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2017 .
Director
The director who served the company during the year was as follows:
Mr C Adamson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 May 2017 and signed on behalf of the board by:
Mr C Adamson
Director
Company Secretary
Registered office:
1 Cedar Court
Stirling
Scotland
FK16 6JQ
Adamson Violins Ltd
Statement of Comprehensive Income
Year ended 31 March 2017
2017
2016
Note
£
£
Turnover
73,454
42,038
Cost of sales
25,686
14,589
--------
--------
Gross profit
47,768
27,449
Distribution costs
1,700
470
Administrative expenses
11,260
7,914
--------
--------
Operating profit
34,808
19,065
--------
--------
Profit before taxation
5
34,808
19,065
Tax on profit
7,010
3,897
--------
--------
Profit for the financial year and total comprehensive income
27,798
15,168
--------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Adamson Violins Ltd
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
6
3,409
4,546
Current assets
Debtors
7
12,517
4,114
Cash at bank and in hand
12,312
11,867
--------
--------
24,829
15,981
Creditors: amounts falling due within one year
8
15,271
10,358
--------
--------
Net current assets
9,558
5,623
--------
--------
Total assets less current liabilities
12,967
10,169
--------
--------
Net assets
12,967
10,169
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
12,966
10,168
--------
--------
Members funds
12,967
10,169
--------
--------
These financial statements have been prepared 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'.
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 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 May 2017 , and are signed on behalf of the board by:
Mr C Adamson
Director
Company registration number: SC507152
Adamson Violins Ltd
Statement of Changes in Equity
Year ended 31 March 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2015
Profit for the year
15,168
15,168
----
--------
--------
Total comprehensive income for the year
15,168
15,168
Issue of shares
1
1
Dividends paid and payable
( 5,000)
( 5,000)
----
--------
--------
Total investments by and distributions to owners
1
( 5,000)
( 4,999)
At 31 March 2016
1
10,168
10,169
Profit for the year
27,798
27,798
----
--------
--------
Total comprehensive income for the year
27,798
27,798
Dividends paid and payable
( 25,000)
( 25,000)
----
--------
--------
Total investments by and distributions to owners
( 25,000)
( 25,000)
----
--------
--------
At 31 March 2017
1
12,966
12,967
----
--------
--------
Adamson Violins Ltd
Notes to the 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 1 Cedar Court, Stirling, FK16 6JQ, Scotland.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
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:
-
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2016: 1 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2017
2016
£
£
Depreciation of tangible assets
1,137
1,516
-------
-------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2016 and 31 March 2017
6,062
6,062
-------
-------
Depreciation
At 1 April 2016
1,516
1,516
Charge for the year
1,137
1,137
-------
-------
At 31 March 2017
2,653
2,653
-------
-------
Carrying amount
At 31 March 2017
3,409
3,409
-------
-------
At 31 March 2016
4,546
4,546
-------
-------
7. Debtors
2017
2016
£
£
Trade debtors
12,517
Other debtors
4,114
--------
-------
12,517
4,114
--------
-------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
7,010
3,897
Other creditors
8,261
6,461
--------
--------
15,271
10,358
--------
--------
9. Related party transactions
The company was under the control of Mr Adamson throughout the current and previous year. Mr Adamson is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
Adamson Violins Ltd
Management Information
Year ended 31 March 2017
The following pages do not form part of the financial statements.
Adamson Violins Ltd
Detailed Income Statement
Year ended 31 March 2017
2017
2016
£
£
Turnover
73,454
42,038
Cost of sales
Purchases
13,949
9,073
Directors salaries
10,600
4,000
Depreciation of tangible assets
1,137
1,516
--------
--------
25,686
14,589
--------
--------
Gross profit
47,768
27,449
Overheads
Distribution costs
1,700
470
Administrative expenses
11,260
7,914
--------
-------
12,960
8,384
--------
--------
Operating profit
34,808
19,065
--------
--------
Profit before taxation
34,808
19,065
--------
--------
Adamson Violins Ltd
Notes to the Detailed Income Statement
Year ended 31 March 2017
2017
2016
£
£
Distribution costs
Commissions paid
1,700
470
-------
----
Administrative expenses
Insurance
482
510
Travel and subsistence
7,006
1,949
Telephone
2,060
936
Printing postage and stationery
793
1,134
General expenses (allowable)
591
1,051
Accountancy fees
200
2,177
Bank charges
128
157
--------
-------
11,260
7,914
--------
-------