Coltest Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC229995 (Scotland)

Financial Statements for the Year Ended 31 January 2017

for

Coltest Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

N D Collie

SECRETARY:

Burnett & Reid

REGISTERED OFFICE:

Burnett & Reid

15 Golden Square

Aberdeen

AB10 1WF

REGISTERED NUMBER:

SC229995 (Scotland)

ACCOUNTANTS:

The Grant Considine Partnership

Chartered Accountants

46 High Street

Banchory

Aberdeenshire

AB31 5SR

FIXED ASSETS

Tangible assets

5

184,276

8,103

Investments

6

50

50

184,326

8,153

CURRENT ASSETS

Stocks

56,657

1,103

Debtors

7

171,683

22,032

Cash at bank

23,140

5,227

251,480

28,362

CREDITORS

Amounts falling due within one year

8

316,250

12,457

NET CURRENT (LIABILITIES)/ASSETS

(64,770

)

15,905

TOTAL ASSETS LESS CURRENT LIABILITIES

119,556

24,058

CREDITORS

Amounts falling due after more than one year

9

(81,768

)

-

PROVISIONS FOR LIABILITIES

(33,877

)

(1,619

)

NET ASSETS

3,911

22,439

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

3,910

22,438

SHAREHOLDERS' FUNDS

3,911

22,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 30 October 2017 and were signed by:

N D Collie - Director

1.	STATUTORY INFORMATION

Coltest 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.	STATEMENT OF COMPLIANCE

These financial statements for the year ended 31 January 2017 are the first financial statements that comply with

FRS 102 Section 1A Small Entities. The date of transition is 1 February 2015. An explanation of how transition

to FRS 102 Section 1A has affected the reported financial position and financial performance is given in the

notes below.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The 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 with the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

Revenue recognition

Sales

Turnover represents the value of sales to customers, net of discounts, allowances, volume and promotional

rebates and other payments to customers and excludes VAT. Sales of goods are recognised when the company

has delivered the product to the customer, the customer has accepted the products and collectability of the

related receivable is assured.

Rental

Revenue from equipment rental, software support and hardware maintenance provided by the company is

recognised rateably over the term of the agreement on a straight line basis. The unrecognised revenue is shown

separately in the balance sheet as deferred income.

Management Fee Income

Turnover represents revenue earned under contracts to provide professional services and advice to third parties.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in

exchange for its performance under those contracts.

Commission

Where the company does not have ownership of the products or services being sold, and acts as agent, it

receives a commission from the supplier of the product or service being sold. Turnover represents commission

earned.

Tangible fixed assets and depreciation

Tangible fixed assets are included at cost less depreciation and impairment. Depreciation is provided at the

following annual rates in order to write off each asset over its expected useful life.

Tenants Improvements - 25% straight line

Motor Vehicles - 25% on reducing balance

Computer Equipment - 33% on reducing balance

Plant and Machinery - 20% on reducing balance

Equipment - 20% on reducing balance

Fixtures and Fittings - 15% on reducing balance

Inventories

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and

directors' loans.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the

undiscounted amount of cash or other consideration expected to be paid or received.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Consolidation

In the opinion of the directors, the company is part of a small group along with other subsidiaries of the parent

company. The company has therefore taken advantage of the exemption provided by Section 398 of the

Companies Act 2006 not to prepare group accounts.

The accounts present information about the company as an individual undertaking and not about its group.

Investments

Fixed asset investments are stated at cost unless, in the opinion of the Directors, there has been a permanent

diminution in value, in which case an appropriate adjustment is made.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2016

-

5,167

-

Additions

-

-

309

Reclassification/transfer

18,478

-

5,919

At 31 January 2017

18,478

5,167

6,228

DEPRECIATION

At 1 February 2016

-

1,445

-

Charge for year

1,925

745

216

Eliminated on disposal

-

-

-

Reclassification/transfer

1,662

-

2,934

At 31 January 2017

3,587

2,190

3,150

NET BOOK VALUE

At 31 January 2017

14,891

2,977

3,078

At 31 January 2016

-

3,722

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2016

16,500

443

22,110

Additions

57,654

1,142

59,105

Disposals

(38,940

)

-

(38,940

)

Reclassification/transfer

210,655

31,079

266,131

At 31 January 2017

245,869

32,664

308,406

DEPRECIATION

At 1 February 2016

12,364

198

14,007

Charge for year

18,110

2,536

23,532

Eliminated on disposal

(17,795

)

-

(17,795

)

Reclassification/transfer

82,666

17,124

104,386

At 31 January 2017

95,345

19,858

124,130

NET BOOK VALUE

At 31 January 2017

150,524

12,806

184,276

At 31 January 2016

4,136

245

8,103

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

53,740

Disposals

(35,440

)

Reclassification/transfer

201,205

At 31 January 2017

219,505

DEPRECIATION

Charge for year

16,296

Eliminated on disposal

(16,950

)

Reclassification/transfer

79,288

At 31 January 2017

78,634

NET BOOK VALUE

At 31 January 2017

140,871

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 February 2016

and 31 January 2017

50

NET BOOK VALUE

At 31 January 2017

50

At 31 January 2016

50

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

157,678

21,964

Other debtors

14,005

68

171,683

22,032

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 10)

41,140

-

Trade creditors

71,841

571

Taxation and social security

46,398

6,298

Other creditors

156,871

5,588

316,250

12,457

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 10)

81,768

-

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

41,140

-

Between one and five years

81,768

-

122,908

-

Non-cancellable operating

leases

2017

2016

£

£

Within one year

11,500

-

Between one and five years

31,500

-

43,000

-

11.	SECURED DEBTS

The bank has a bond and floating charge over the assets of the company. Also a cross guarantee agreement is in

place between Coltel Holdings Ltd, the ultimate parent company and Coltel Ltd who are members of the same

group.

12.	RELATED PARTY DISCLOSURES

Coltel Limited

A subsidiary of Coltel Holdings Limited in which Mr N Collie is a director.

Coltel Limited paid expenses on behalf of Coltest Limited totalling £41,652 against which Coltest Limited made

repayments of £34,669.

Management fees totalling £75,000 were paid by Coltel Limited to Coltest Limited during the year.

Assets with a net book value of £161,745 were transferred from Coltel Limited to Coltest Limited during the

year.

Amount due to related party at the balance sheet date £118,602. (2016 £3,296).

13.	ULTIMATE CONTROLLING PARTY

The controlling party is N D Collie.

14.	POST BALANCE SHEET EVENT

Coltest Limited is a member of a small group and 100% owned subsidiary of Coltel Holdings Limited. After the

year end Coltest Limited was sold to Braeside Business Developments Limited, a company in which Mr N

Collie is a director.

15.	ULTIMATE PARENT COMPANY

Coltel Holdings Limited is regarded by the director as being the company's ultimate parent company.

16.	FIRST YEAR ADOPTION

The company has not recognised any adjustments on transition to FRS 102 Section 1A from the date of

transition being 1 February 2015.