Shortbread House of Edinburgh Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC115377 (Scotland)

Unaudited Financial Statements for the Year Ended 28 February 2017

for

Shortbread House of Edinburgh Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A R Laing

Mrs F Laing

R A Laing

C H Laing

SECRETARY:

Mrs F Laing

REGISTERED OFFICE:

14 Saxe Coburg Place

Edinburgh

Lothian

EH3 5BR

REGISTERED NUMBER:

SC115377 (Scotland)

ACCOUNTANTS:

Douglas Home & Co Ltd

Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

2,943,050

1,846,294

Investments

6

96,604

-

3,039,654

1,846,294

CURRENT ASSETS

Inventories

406,564

272,713

Debtors

7

372,073

272,657

Cash at bank and in hand

463,427

939,527

1,242,064

1,484,897

CREDITORS

Amounts falling due within one year

8

1,003,272

509,302

NET CURRENT ASSETS

238,792

975,595

TOTAL ASSETS LESS CURRENT LIABILITIES

3,278,446

2,821,889

PROVISIONS FOR LIABILITIES

57,500

26,500

NET ASSETS

3,220,946

2,795,389

CAPITAL AND RESERVES

Called up share capital

172,455

172,455

Share premium

9

359,900

359,900

Retained earnings

9

2,688,591

2,263,034

SHAREHOLDERS' FUNDS

3,220,946

2,795,389

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 28 November 2017 and were signed on its behalf by:

A R Laing - Director

1.	STATUTORY INFORMATION

Shortbread House of Edinburgh 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Purchased goodwill represents the difference between the cost of an acquired business and the aggregate of the

fair values of its identifiable assets and liabilities. Purchased goodwill is capitalised and amortised through the

profit and loss account on a straight line basis over its useful economic life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Straight line over 50 years

Plant and machinery

-

at varying rates on cost

Motor vehicles

-

25% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The Company operates two defined contribution pension schemes. The assets of the schemes are held separately

from those of the company in independently administered funds. Contributions payable to the Company's

pension schemes are charged to the profit and loss account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2016

and 28 February 2017

110,000

AMORTISATION

At 1 March 2016

and 28 February 2017

110,000

NET BOOK VALUE

At 28 February 2017

-

At 29 February 2016

-

5.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 March 2016

1,652,354

642,391

55,800

2,350,545

Additions

931,320

279,553

-

1,210,873

Disposals

-

(11,375

)

-

(11,375

)

At 28 February 2017

2,583,674

910,569

55,800

3,550,043

DEPRECIATION

At 1 March 2016

13,047

439,210

51,994

504,251

Charge for year

16,906

89,285

3,804

109,995

Eliminated on disposal

-

(7,253

)

-

(7,253

)

At 28 February 2017

29,953

521,242

55,798

606,993

NET BOOK VALUE

At 28 February 2017

2,553,721

389,327

2

2,943,050

At 29 February 2016

1,639,307

203,181

3,806

1,846,294

Included in cost of land and buildings is freehold land of £ 1,000,000 (2016 - £ 1,000,000 ) which is not

depreciated.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

96,604

At 28 February 2017

96,604

NET BOOK VALUE

At 28 February 2017

96,604

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/17

29/2/16

£

£

Trade debtors

235,694

189,998

Other debtors

10,000

-

VAT

111,743

58,749

Prepayments and accrued income

14,636

23,910

372,073

272,657

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/17

29/2/16

£

£

Other loans

451,658

-

Trade creditors

128,107

72,475

Tax

50,248

128,821

Social security and other taxes

11,687

7,831

Other creditors

31,681

17,717

Directors' loan accounts

249,975

249,975

Accrued expenses

79,916

32,483

1,003,272

509,302

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 March 2016

2,263,034

359,900

2,622,934

Profit for the year

535,787

535,787

Dividends

(110,230

)

(110,230

)

At 28 February 2017

2,688,591

359,900

3,048,491

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2017 and

29 February 2016:

28/2/17

29/2/16

£

£

A R Laing

Balance outstanding at start of year

(249,975

)

(249,975

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(249,975

)

(249,975

)

Mr A R Laing, a director of Shortbread House of Edinburgh Limited, had a loan balance of £249,975 as at 28

February 2017 (2016 - £249,975). This money is owed to Mr Laing by the Company, is interest free and has no

fixed repayment terms.

11.	ULTIMATE CONTROLLING PARTY

The Company is controlled by the Director, Mr A R Laing, being the majority shareholder.