The Achiltibuie Garden Ltd Company Accounts
The Achiltibuie Garden Ltd Company Accounts
COMPANY REGISTRATION NUMBER:
SC339195
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For the year ended |
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Financial Statements |
Year ended 31 March 2017
Contents |
Page |
Directors' report |
1 |
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
Statement of income and retained earnings |
3 |
Statement of financial position |
4 |
Notes to the financial statements |
6 |
The following pages do not form part of the financial statements
Detailed income statement |
11 |
Notes to the detailed income statement |
12 |
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Directors' Report |
Year ended 31 March 2017
The directors present their report and the unaudited financial statements of the company for the year ended
31 March 2017
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Directors
The directors who served the company during the year were as follows:
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Small company provisions
This report was approved by the board of directors on
30 October 2017
and signed on behalf of the board by:
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Director |
Registered office: |
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Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
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Year ended 31 March 2017
Tulloch Street
Dingwall
IV15 9JY
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Statement of Income and Retained Earnings |
Year ended 31 March 2017
2017 |
2016 |
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Note |
£ |
£ |
Turnover |
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Cost of sales |
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Gross profit |
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Administrative expenses |
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-------- |
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Operating loss |
(
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(
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Other interest receivable and similar income |
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Loss before taxation |
5 |
(
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(
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Tax on loss |
– |
– |
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Loss for the financial year and total comprehensive income |
(
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(
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Retained losses at the start of the year |
(
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(
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Retained losses at the end of the year |
(
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(
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All the activities of the company are from continuing operations.
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Current assets
Stocks |
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Debtors |
7 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
8 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
9 |
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Net liabilities |
(
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(
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Capital and reserves
Called up share capital |
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Profit and loss account |
(
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(
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Members deficit |
(
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(
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Directors' responsibilities:
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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
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
30 October 2017
, and are signed on behalf of the board by:
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Director |
Company registration number:
SC339195
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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 103 Achiltibuie, Ullapool, Ross-shire, IV26 2YG.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
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 12.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Tangible assets
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:
Greenhouses |
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Equipment |
- |
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Office equipment |
- |
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Impairment of fixed assets
Stocks
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2016:
2
).
5.
Profit before taxation
Loss before taxation is stated after charging:
2017 |
2016 |
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£ |
£ |
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Depreciation of tangible assets |
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6.
Tangible assets
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 April 2016 |
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Additions |
– |
– |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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7.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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------- |
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8.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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9.
Creditors:
amounts falling due after more than one year
2017 |
2016 |
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£ |
£ |
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Other creditors |
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10.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding |
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2017 |
2016 |
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£ |
£ |
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11.
Related party transactions
The company was under the control of Mrs Graham, Mrs Edwards and Mr Graham throughout this year and the previous period. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
12.
Transition to FRS 102
These are the first 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.
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Management Information |
Year ended 31 March 2017
The following pages do not form part of the financial statements.
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Detailed Income Statement |
Year ended 31 March 2017
2017 |
2016 |
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£ |
£ |
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Turnover |
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Cost of sales
Opening stock |
7,085 |
8,359 |
Purchases |
6,972 |
8,352 |
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14,057 |
16,711 |
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Closing stock |
8,374 |
7,085 |
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5,683 |
9,626 |
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Gross profit |
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Overheads
Administrative expenses |
16,685 |
15,978 |
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Operating loss |
(
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(
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Other interest receivable and similar income |
2 |
2 |
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Loss before taxation |
(2,228) |
(769) |
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Notes to the Detailed Income Statement |
Year ended 31 March 2017
2017 |
2016 |
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£ |
£ |
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Administrative expenses
Directors salaries |
8,000 |
7,000 |
Wages and salaries |
394 |
138 |
Rent |
360 |
460 |
Light and heat |
40 |
100 |
Insurance |
917 |
883 |
Repairs and maintenance |
843 |
1,188 |
Telephone |
1,075 |
1,018 |
Subscriptions |
40 |
70 |
Printing postage and stationery |
490 |
120 |
Sundry expenses |
34 |
26 |
Advertising |
160 |
452 |
Legal and professional fees |
538 |
298 |
Accountancy fees |
564 |
500 |
Depreciation |
2,400 |
2,769 |
Bad debts written off |
1 |
– |
Bank charges |
829 |
956 |
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16,685 |
15,978 |
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Other interest receivable and similar income
Interest on cash and cash equivalents |
2 |
2 |
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