Craigdon Mountain Sports Inverness Ltd - Accounts to registrar (filleted) - small 17.3
Craigdon Mountain Sports Inverness Ltd - Accounts to registrar (filleted) - small 17.3
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2017 |
for |
Craigdon Mountain Sports Inverness |
Limited |
Craigdon Mountain Sports Inverness |
Limited (Registered number: SC488423) |
Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Certified Accountants' Report | 7 |
Craigdon Mountain Sports Inverness |
Limited |
Company Information |
for the Year Ended 31 March 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
9 Ardross Street |
Inverness |
IV3 5NN |
Craigdon Mountain Sports Inverness |
Limited (Registered number: SC488423) |
Balance Sheet |
31 March 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
Craigdon Mountain Sports Inverness |
Limited (Registered number: SC488423) |
Balance Sheet - continued |
31 March 2017 |
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 by: |
Craigdon Mountain Sports Inverness |
Limited (Registered number: SC488423) |
Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
1. | STATUTORY INFORMATION |
Craigdon Mountain Sports Inverness Limited is a |
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 |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Tangible fixed assets |
Land and Buildings - over 15 years straight line |
Plant and Equipment - 5% and 20% on reducing balance |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Taxation |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Craigdon Mountain Sports Inverness |
Limited (Registered number: SC488423) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2016 |
Additions |
At 31 March 2017 |
DEPRECIATION |
At 1 April 2016 |
Charge for year |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
Craigdon Mountain Sports Inverness |
Limited (Registered number: SC488423) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Bank overdraft |
Bank loans |
The bank debt is secured on Directors' personal assets. |
9. | CONTINGENT LIABILITIES |
The original 2015 agreement with the seller of the business detailed a potential liability of 1% of turnover over |
£500,000, per annum for the first 15 years ie. to 31 January 2030, being a consideration payable for goodwill of |
the trade. In the period under review, this amounts to £1,940. |
Given the material uncertainty as to the total capital cost of the business, and that such uncertainty might endure |
for up to 15 years, the Directors had approached the seller with a view to settling this capital cost for a lump sum |
up front. However, given the difficult trading climate in the year, and that the ongoing rental payments of |
£54,996 per annum are the main long-term financial benefit of the settlement to the seller, this has not been |
pursued and accordingly the original 1% cost is recognised only as a contingent liability at the balance sheet |
date. |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits by directors subsisted during the year ended 31 March 2017 and the period |
ended 31 March 2016: |
2017 | 2016 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
11. | GOING CONCERN |
These accounts have been prepared on the going concern basis, on the understanding that the directors have |
confirmed their continued support and consider that the company retains sufficient working capital to continue |
trading for the foreseeable future. |
Chartered Certified Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Craigdon Mountain Sports Inverness |
Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Craigdon Mountain Sports Inverness Limited for the year ended 31 March 2017 which comprise |
the Income Statement, Balance Sheet, and the related notes from the company's accounting records and from |
information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of Craigdon Mountain Sports Inverness Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Craigdon Mountain Sports Inverness Limited and state those matters that we have agreed to state to the Board of Directors of Craigdon Mountain Sports Inverness Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Craigdon Mountain Sports Inverness Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Craigdon Mountain Sports Inverness Limited. You consider that Craigdon Mountain Sports Inverness Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Craigdon Mountain Sports Inverness Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Certified Accountants |
9 Ardross Street |
Inverness |
IV3 5NN |