Southlands Music Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC460254 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 31 MARCH 2016 TO 3 APRIL 2017

FOR

SOUTHLANDS MUSIC LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs A M Grant

P E Hay

J F Van Der Schoot

SECRETARY:

Mrs A M Grant

REGISTERED OFFICE:

100 Fifty Pitches Road

Glasgow

G51 4EB

REGISTERED NUMBER:

SC460254 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

CURRENT ASSETS

Stocks

-

1,997,602

Debtors

3

138,531

35,285

Cash at bank and in hand

175

121,360

138,706

2,154,247

CREDITORS

Amounts falling due within one year

4

138,606

958,858

NET CURRENT ASSETS

100

1,195,389

TOTAL ASSETS LESS CURRENT LIABILITIES

100

1,195,389

CAPITAL AND RESERVES

Called up share capital

5

100

100

Retained earnings

-

1,195,289

SHAREHOLDERS' FUNDS

100

1,195,389

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 3 April 2017.

The members have not required the Company to obtain an audit of its financial statements for the period ended 3 April 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 15 December 2017 and were signed on its behalf by:

P E Hay - Director

1.	STATUTORY INFORMATION

Southlands Music 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 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

The turnover shown in the Income Statement represents the value of all goods sold during the period, less returns received

and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the

Company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence,

have been transferred to the customer.

Stocks

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

items.

Cost consists of purchase price and the normal cost of transporting stock to its present location and condition.

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 period 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

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 period 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

Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the dates of the

transactions, or at an average rate for the period if the rates do not fluctuate significantly. Monetary assets and liabilities

are translated at year end exchange rates or, where appropriate, at rates of exchange fixed under the terms of the relevant

transaction. The resulting exchange rate differences are charged to the Income Statement.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by related party

138,531

35,285

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

138,606

158,691

Directors' current accounts

-

800,167

138,606

958,858

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

6.	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.

During the period, the Company sold goods totalling £4,613,980 (2016: £5,286,317) to a company under common control.

The balance owed by the company under common control at the period end totalled £138,531 (2016: £35,285). This

amount is included within debtors falling due within one year.

Directors

The directors' current accounts are unsecured, interest free and repayable on demand. Total amounts outstanding at 31

March 2017 were £nil (2016: £800,167).

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of

Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland".

7.	ULTIMATE CONTROLLING PARTY

The Company was under the control of P E Hay throughout the current period and previous year by virtue of his majority

interest in the issued share capital of the Company. From 3 April 2017, the Company is under the control of P E Hay by

virtue of his majority interest in the issued share capital of the ultimate parent company, Westside Distribution Limited.

8.	FIRST YEAR ADOPTION

The policies applied under the Company's previous accounting framework are not materially different to FRS 102 and have

not impacted on equity or profit or loss. The transition date for FRS 102 reporting is 31 March 2015.