Ravel (Scotland) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC330704 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017

FOR

RAVEL (SCOTLAND) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Colaluca

SECRETARY:

Mrs L Colaluca

REGISTERED OFFICE:

C/O Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

REGISTERED NUMBER:

SC330704 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Intangible assets

4

22,650

173,090

Tangible assets

5

442,929

205,597

Investments

6

200

100

465,779

378,787

CURRENT ASSETS

Stocks

2,000

3,700

Debtors

7

95,158

150,384

Cash at bank and in hand

32,383

26,270

129,541

180,354

CREDITORS

Amounts falling due within one year

8

369,918

129,011

NET CURRENT (LIABILITIES)/ASSETS

(240,377

)

51,343

TOTAL ASSETS LESS CURRENT LIABILITIES

225,402

430,130

CREDITORS

Amounts falling due after more than one year

9

(182,792

)

(460,079

)

PROVISIONS FOR LIABILITIES

11

(41,082

)

(3,257

)

NET ASSETS/(LIABILITIES)

1,528

(33,206

)

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

1,428

(33,306

)

SHAREHOLDERS' FUNDS

1,528

(33,206

)

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 21 May 2018 and were signed by:

R Colaluca - Director

1.	STATUTORY INFORMATION

Ravel (Scotland) 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.

The impact of first year adoption of FRS 102 is given in the final note to the financial statements.

Consolidation

In the opinion of the directors, the Company and its subsidiary undertakings comprise a small group. The Company has

therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group

accounts.

Turnover

The turnover shown in the Income Statement represents the value of all goods sold during the year, at selling price

exclusive of Value Added Tax. Income is recognised at the point of sale to the customer.

Goodwill

Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition (being the cash paid and

the fair value of other consideration given) over the fair value of the separable net assets acquired. The fair value of the

acquired assets and liabilities are assessed in the year of acquisition and the subsequent year, which may impact on the

goodwill recognised. Goodwill is capitalised and written off on a straight line basis over its useful economic life of 10 years.

The impact of the first year adoptions of FRS 102 is detailed in notes 6 and 16 to the financial statements.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated

useful economic life of that asset as follows:

Goodwill - over 10 years

Tangible fixed assets

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

Freehold property

-

5% straight line

Improvements to property

-

10% reducing balance

Fixtures and fittings

-

25% reducing balance

Motor vehicle

-

25% reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

Stocks

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

items. Cost is calculated using the first-in first-out method and includes 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 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

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 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 the Income Statement in the period to which they relate.

Fixed asset investments

Investments are stated at cost less provision for any diminution of value, if such reduction is deemed to be of a permanent

nature.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2016 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2016

653,500

Disposals

(427,000

)

At 31 August 2017

226,500

AMORTISATION

At 1 September 2016

480,410

Charge for year

31,545

Reversal of impairments

(308,105

)

At 31 August 2017

203,850

NET BOOK VALUE

At 31 August 2017

22,650

At 31 August 2016

173,090

Under the Company's previous accounting policy, goodwill arising on acquisitions had been amortised over a period of 20

years until the end of the prior financial year. Under the Company's new accounting policy goodwill is now amortised over

10 years. Details of this adjustment are included in note 16 to the financial statements.

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

Motor

property

property

fittings

vehicle

Totals

£

£

£

£

£

COST

At 1 September 2016

298,580

-

62,461

7,297

368,338

Additions

-

105,855

232,924

-

338,779

Disposals

(120,235

)

-

(30,220

)

-

(150,455

)

At 31 August 2017

178,345

105,855

265,165

7,297

556,662

DEPRECIATION

At 1 September 2016

109,271

-

47,174

6,296

162,741

Charge for year

11,423

3,087

7,142

250

21,902

Eliminated on disposal

(50,100

)

-

(20,810

)

-

(70,910

)

At 31 August 2017

70,594

3,087

33,506

6,546

113,733

NET BOOK VALUE

At 31 August 2017

107,751

102,768

231,659

751

442,929

At 31 August 2016

189,309

-

15,287

1,001

205,597

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 September 2016

100

Additions

100

At 31 August 2017

200

NET BOOK VALUE

At 31 August 2017

200

At 31 August 2016

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by associates

61,584

127,821

Other debtors

33,574

22,563

95,158

150,384

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

346,477

56,713

Trade creditors

20,939

1,604

Taxation and social security

369

21,073

Other creditors

2,133

49,621

369,918

129,011

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

182,792

460,079

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

95,788

285,174

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

529,269

516,792

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

41,082

3,257

Deferred

tax

£

Balance at 1 September 2016

3,257

Charge to Income Statement during year

37,825

Balance at 31 August 2017

41,082

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

13.	ULTIMATE CONTROLLING PARTY

The Company was under the control of the holders of issued share capital during the current and prior year. No

shareholder had overall control of the Company.

14.	FIRST YEAR ADOPTION

These financial statements are the first of the Company to be 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" (FRS 102). The accounting policies applied under the Company's previous accounting framework (UK GAAP) are

different to those under FRS 102 and the financial statements have been adjusted to reflect the change in policy as follows.

The Company has elected under paragraph 35.10 of FRS 102 to restate business combinations that were acquired before

the transition date, 1 September 2015, to comply with FRS 102. As a result, the Company has retrospectively applied

section 19 of FRS 102 to the goodwill recognised in its balance sheet and reduced its useful life from 20 years to 10 years.

At 1 September 2015, the Company's intangible assets carrying value was reduced by £80,219 to £325,929 as a result of

additional amortisation from the reduction in its useful life and a review of its carrying value. At 31 August 2016 the

Company's intangible assets were reduced by £91,544 to £173,090 as a result of this additional charge.

The impact on equity and profit is as follows:

Reconciliation of equity

2015

2016

£

£

Capital and reserves (as previously stated)

139,216

58,338

Additional accumulated goodwill amortisation

(80,219

)

(91,544

)

58,997

(33,206

)

Reconciliation of loss for the year

2016

£

Loss after tax for the year (as previously stated)

(56,878

)

Additional amortisation charge of goodwill for the year

(22,619

)

Revised loss after tax for the year

79,497