Yoolow Potatoes Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC295888 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 June 2017

for

YOOLOW POTATOES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

Report of the Accountants

6

DIRECTORS:

Mr D Y Stewart

Mrs A M Stewart

REGISTERED OFFICE:

Amicable House

252 Union Street

Aberdeen

Aberdeenshire

AB10 1TN

REGISTERED NUMBER:

SC295888 (Scotland)

ACCOUNTANTS:

Acumen Accountants and Advisors Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeenshire

AB12 4XX

FIXED ASSETS

Tangible assets

4

349,243

262,112

CURRENT ASSETS

Stocks

443,225

390,355

Debtors

5

66,790

34,478

510,015

424,833

CREDITORS

Amounts falling due within one year

6

482,443

368,456

NET CURRENT ASSETS

27,572

56,377

TOTAL ASSETS LESS CURRENT LIABILITIES

376,815

318,489

CREDITORS

Amounts falling due after more than one year

7

321,381

274,441

NET ASSETS

55,434

44,048

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

9

40,000

40,000

Retained earnings

9

15,432

4,046

SHAREHOLDERS' FUNDS

55,434

44,048

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 29 March 2018 and were signed on its behalf by:

Mr D Y Stewart - Director

1.	STATUTORY INFORMATION

Yoolow Potatoes 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.

These financial statements for the year ended 30 June 2017 are the first set of financial statements that comply with FRS 102.

The date of transition is 1 July 2015.

The transition to FRS 102 has resulted in a small number of changes in accounting policies to those used previously, this has

not impacted on opening equity or profit for the comparative period.

Turnover

Turnover represents net invoiced sales of goods and services net of value added tax and trade discounts.

Tangible fixed assets

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

Improvements to property

-

15% on reducing balance

Plant and machinery

-

25% reducing balance

Computer equipment

-

33% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period.

The effect of any change is accounted for prospectively.

Stocks

Stock is 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 July 2016

3,500

501,888

1,089

506,477

Additions

36,774

88,669

-

125,443

At 30 June 2017

40,274

590,557

1,089

631,920

DEPRECIATION

At 1 July 2016

2,851

240,425

1,089

244,365

Charge for year

1,079

37,233

-

38,312

At 30 June 2017

3,930

277,658

1,089

282,677

NET BOOK VALUE

At 30 June 2017

36,344

312,899

-

349,243

At 30 June 2016

649

261,463

-

262,112

In the year to 30 June 2009, potato boxes which are included in plant and machinery were revalued to £140,000 from a net

book value of £50,000, cost of £100,000. Going forward these assets will not be depreciated.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

3,337

7,831

Other debtors

63,453

26,647

66,790

34,478

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

169,885

174,946

Hire purchase contracts

63,893

90,862

Trade creditors

119,167

52,402

Taxation and social security

12,600

18,263

Other creditors

116,898

31,983

482,443

368,456

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

257,049

274,441

Hire purchase contracts

64,332

-

321,381

274,441

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

222,266

274,441

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

169,885

174,946

Bank loans

257,049

274,441

426,934

449,387

The loans and overdraft facility are secured by:-

a) Guarantee by Firm of D & M Stewart for £200,000 and relative interest;

b) Guarantee by the directors Mr D Y Stewart and Mrs A M Stewart for £333,000;

c) Guarantee by the directors Mr D Y Stewart and Mrs A M Stewart for £49,000;

d) First Standard Security over Holiday Chalets at Huntingtower Lodges, Huntingtower, by Perth;

e) First Standard Security over 1 Deer Park, Pitcairnfield, Almondbank, Perth; and

f) Bond & Floating Charge by Yoolow Potatoes Limited over its whole property and undertaking;

9.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 July 2016

4,046

40,000

44,046

Profit for the year

11,386

11,386

At 30 June 2017

15,432

40,000

55,432

10.	ULTIMATE CONTROLLING PARTY

11.	FIRST YEAR ADOPTION

The Company has transitioned to FRS 102 from previously being prepared under the historical cost convention and in

accordance with the Financial Reporting Standards for Smaller Entities (effective January 2015) as at 1 July 2015.

Reconciliation of equity

No transitional adjustments were required

Reconciliation of profit or loss for the year

No transitional adjustments were required

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 Statement of

Financial Position. 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.

As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 30 June 2017 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Acumen Accountants and Advisors Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeenshire

AB12 4XX

Date: .............................................