Sniper & Co. (Stirling) Ltd. - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC206799 (Scotland)

Financial Statements

for the Year Ended 30 September 2017

for

Sniper & Co. (Stirling) Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Heron

J McQue

A Scott

SECRETARY:

M Heron

REGISTERED OFFICE:

Titanium 1

King's Inch Place

Glasgow

G51 4BP

REGISTERED NUMBER:

SC206799 (Scotland)

ACCOUNTANTS:

Campbell Dallas Limited

Accountants

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

FIXED ASSETS

Tangible assets

5

50,076

55,640

Investment property

6

1,300,000

1,300,000

1,350,076

1,355,640

CURRENT ASSETS

Debtors

7

-

247

Cash at bank

83,738

64,234

83,738

64,481

CREDITORS

Amounts falling due within one year

8

64,603

92,356

NET CURRENT ASSETS/(LIABILITIES)

19,135

(27,875

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,369,211

1,327,765

CREDITORS

Amounts falling due after more than one year

9

(10,772

)

(32,316

)

PROVISIONS FOR LIABILITIES

12

(70,037

)

(75,797

)

NET ASSETS

1,288,402

1,219,652

CAPITAL AND RESERVES

Called up share capital

13

3,000

3,000

Fair value reserve

14

621,652

617,768

Retained earnings

14

663,750

598,884

SHAREHOLDERS' FUNDS

1,288,402

1,219,652

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 26 March 2018 and were signed on its behalf by:

M Heron - Director

1.	STATUTORY INFORMATION

Sniper & Co. (Stirling) Ltd. 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 pound sterling (£).

Monetary amounts in these financial statements are rounded to the nearest £.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

This is the first year the financial statements have been prepared under FRS 102. The company has

transitioned to FRS 102 from previously extant UK GAAP as at 1 October 2015. An explanation of

how transition to FRS102 has affected the reported financial position and financial performance is

given in the first year adoption note..

Significant judgements and estimates

The preparation of Financial Statements required management to make judgements, estimates and

assumptions that affect the application of accounting policies and reported amounts of assets,

liabilities, income and expenses. Actual results may differ from these estimates. Estimates and

assumptions are reviewed on an ongoing basis and revisions to estimates are recognised in the period

in which the estimate is revised and in any future periods affected.

The estimates, assumptions and judgements that have a significant risk of causing a material

adjustment to the carrying amount of assets and liabilities within the financial statements within the

next financial year are addressed below:

Investment property valuations

Investment properties are included at fair value. A review of the carrying value is undertaken at each

balance sheet date and any movement in value adjusted accordingly.

Tangible fixed assets

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

Fixtures and fittings

-

10% on reducing balance

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred

tax is provided on these gains at the rate expected to apply when the property is sold.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 October 2016

and 30 September 2017

123,133

DEPRECIATION

At 1 October 2016

67,493

Charge for year

5,564

At 30 September 2017

73,057

NET BOOK VALUE

At 30 September 2017

50,076

At 30 September 2016

55,640

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2016

and 30 September 2017

1,300,000

NET BOOK VALUE

At 30 September 2017

1,300,000

At 30 September 2016

1,300,000

The property has been valued at open market value at the year end by a chartered surveyor.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

-

247

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts (see note 10)

21,544

21,545

Tax

23,499

22,446

VAT

2,260

1,085

Other creditors

15,000

15,000

Shareholder loan

-

5,000

Directors' current accounts

-

25,000

Accrued expenses

2,300

2,280

64,603

92,356

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans (see note 10)

10,772

32,316

10.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Bank loans

21,544

21,545

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,772

21,544

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

10,772

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

32,316

53,861

The bank loan and overdraft are secured by means of a floating charge over the assets of the company

as well as by standard security with Svenska Handelsbanken AB (publ) charged over The Kilted

Kangaroo, 9 Upper Craigs, Stirling, which is one of the company's properties.

12.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

70,037

75,797

Deferred

tax

£

Balance at 1 October 2016

75,797

Fair value gain

(3,884

)

Accelerated capital allowances

(1,876

)

Balance at 30 September 2017

70,037

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

3,000

Ordinary

£1.00

3,000

3,000

14.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 October 2016

598,884

617,768

1,216,652

Profit for the year

98,750

98,750

Dividends

(30,000

)

(30,000

)

Reserves transfer

(3,884

)

3,884

-

At 30 September 2017

663,750

621,652

1,285,402

Fair value reserve: this reserve records the value of investment property revaluations and fair value

movements recognised in the income statement net of deferred tax provisions. It is a non-distributable

reserve.

15.	RELATED PARTY DISCLOSURES

Other related parties under common control

2017

2016

£

£

Dividends paid to related parties

30,000

30,000

Amount due from related parties

-

247

Amount due to related parties

-

30,000

Amounts due to related parties are repayable on demand, and no interest has been applied on the

amount payable.

16.	FIRST YEAR ADOPTION

For all periods up to and including the year ended 30 September 2016, the Company prepared its

financial statements in accordance with previously exant United Kingdom generally accepted

accounting practice (UK GAAP). These financial statements, for the year ended 30 September 2017,

are the first year the Company has prepared in accordance with FRS102. The significant accounting

policies in meeting those requirements are described in relevant notes.

In preparing these financial statements, the Company started from an opening balance sheet at the

Company's date of transition to FRS 102, and made those changes in accounting policies and other

restatements required for the first-time adoption of FRS102. There has been no material impact to the

Company's financial position, results or cashflows as a result of restating its financial statements.