Spring Distribution (Scotland) Limited Small abridged accounts

SPRING DISTRIBUTION (SCOTLAND) LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Spring Distribution (Scotland) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: SC466064

Spring Distribution (Scotland) Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

30 April 2017

Spring Distribution (Scotland) Limited

Abridged Financial Statements

Year ended 30 April 2017

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Spring Distribution (Scotland) Limited

Abridged Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		1,647,429	1,759,923

Current assets

Debtors	272,580	291,342
Cash at bank and in hand	645,231	456,645
	---------	---------
	917,811	747,987

Creditors: amounts falling due within one year	325,516		266,658
	---------		---------
Net current assets		592,295	481,329
		------------	------------
Total assets less current liabilities		2,239,724	2,241,252

Creditors: amounts falling due after more than one year		2,080,000	2,100,000

Provisions	16,241	25,728
	------------	------------
Net assets	143,483	115,524
	------------	------------

Spring Distribution (Scotland) Limited

Abridged Statement of Financial Position (continued)

30 April 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	143,383	115,424
	---------	---------
Members funds	143,483	115,524
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 30 November 2017 , and are signed on behalf of the board by:

Mr G H W Garden	Mrs L S Ward
Director	Director

Company registration number: SC466064

Spring Distribution (Scotland) Limited

Notes to the Abridged Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 34 Inchmuir Road, Whitehill Industrial Estate, Bathgate, EH48 2EP.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Investment properties Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. No depreciation is charged on investment properties.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Freehold Property	-	1% reducing balance
Plant & machinery	-	15% reducing balance
Fixtures & fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2016: 17 ).

5. Tangible assets

	£
Cost
At 1 May 2016	1,878,723
Additions	8,461
Disposals	( 76,859)
	------------
At 30 April 2017	1,810,325
	------------
Depreciation
At 1 May 2016	118,800
Charge for the year	44,148
Disposals	( 52)
	------------
At 30 April 2017	162,896
	------------
Carrying amount
At 30 April 2017	1,647,429
	------------
At 30 April 2016	1,759,923
	------------

6. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	19,552	19,552
Later than 1 year and not later than 5 years	39,104	58,656
	--------	--------
	58,656	78,208
	--------	--------

7. Directors' advances, credits and guarantees

There were no advances made to directors during the year .

8. Related party transactions

The company was under the control of the directors throughout the current year and previous period. The company has a loan of £2.1million advanced by Mr John Ward who is the husband of Lesley Ward, a director and shareholder of the company. The loan is secured on company assets and is shown in creditors due after more than one year. During the year the company repaid Mr Ward £20,000 (2016 - £Nil)and the interest charge for the year was £7,328 (2016 - £Nil). During the year dividends of £Nil (2016 - £50,000) were paid to the directors.

9. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.