Top Scot Promotions Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC182637 (Scotland)

Financial Statements for the Year Ended 31 August 2017

for

Top Scot Promotions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M D Johnston

J A Johnston

J N Johnston

SECRETARY:

Mrs M D Johnston

REGISTERED OFFICE:

C/O IDS and CO

38 Beansburn

KILMARNOCK

Ayrshire

KA3 1RL

REGISTERED NUMBER:

SC182637 (Scotland)

ACCOUNTANTS:

IDS and Co

Chartered Accountants

38 Beansburn

Kilmarnock

Ayrshire

KA3 1RL

FIXED ASSETS

Tangible assets

4

176,860

208,920

CURRENT ASSETS

Debtors

5

202,648

174,603

Cash at bank

28,066

2,701

230,714

177,304

CREDITORS

Amounts falling due within one year

6

759,505

61,761

NET CURRENT (LIABILITIES)/ASSETS

(528,791

)

115,543

TOTAL ASSETS LESS CURRENT LIABILITIES

(351,931

)

324,463

CREDITORS

Amounts falling due after more than one year

7

-

628,947

NET LIABILITIES

(351,931

)

(304,484

)

CAPITAL AND RESERVES

Called up share capital

3,000

3,000

Retained earnings

(354,931

)

(307,484

)

(351,931

)

(304,484

)

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 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 31 May 2018 and were signed on its behalf by:

J N Johnston - Director

1.	STATUTORY INFORMATION

Top Scot Promotions 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

Going concern

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.

During the period the company made a loss of £47,447 (2016 - £163,138) and has a balance sheet deficit at the

period end of £351,931 (2016 - 304,484). However the going concern basis of preparation is appropriate as the

directors, Mr & Mrs Johnston, continue to support the business and have significant directors' loan balances

advanced to the company of £752,336 at the period end.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 August 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date

of transition to FRS 102 Section 1A is 1 March 2015.

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

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

Plant and machinery etc

-

25% on cost and 10% on cost

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2016

and 31 August 2017

306,343

DEPRECIATION

At 1 September 2016

97,423

Charge for year

32,060

At 31 August 2017

129,483

NET BOOK VALUE

At 31 August 2017

176,860

At 31 August 2016

208,920

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

1,935

1,155

Amts owed by associated coy

200,713

173,448

202,648

174,603

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade creditors

2,254

37,094

Social security and other taxes

-

6

VAT

-

17,471

Net salaries

3,087

2,987

Directors' current accounts

752,336

-

Accrued expenses

1,828

4,203

759,505

61,761

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.17

31.8.16

£

£

Directors' loan accounts

-

628,947

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period Mrs MD Johnston introduced capital of £NIL (2016 - £15,000) and the total due at 31

August 2017 was £306,000 (2016 - £306,000).

Mr JN Johnston also introduced capital of £123,429 (2016 - £40,000 ) during the period and had drawings of

£40 (2016 - NIL). The total due to him at 31 August 2017 was £446,336 (2016 - £322,947).

These loans are interest free and there are no repayment terms.

9.	RELATED PARTY DISCLOSURES

Top Scot NEPA

An entity regsitered in Greece and under the control of the directors.

As at 31 August 2017 the amount owed to Top Scot Promotions Limited was £200,713 (2016 - £173,448)

10.	FIRST YEAR ADOPTION

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

September 2015.

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