Blooms (UK) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC111140 (Scotland)

Unaudited Financial Statements for the Year Ended 31 October 2017

for

BLOOMS (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Ms A M Reynolds

SECRETARY:

Ms A M Reynolds

REGISTERED OFFICE:

80 West Nile Street

Glasgow

G1 2QH

REGISTERED NUMBER:

SC111140 (Scotland)

ACCOUNTANTS:

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

FIXED ASSETS

Tangible assets

4

11,528

11,789

CURRENT ASSETS

Stocks

7,660

7,660

Debtors

5

55,261

66,790

Cash at bank and in hand

6,989

7,118

69,910

81,568

CREDITORS

Amounts falling due within one year

6

44,045

75,533

NET CURRENT ASSETS

25,865

6,035

TOTAL ASSETS LESS CURRENT LIABILITIES

37,393

17,824

CREDITORS

Amounts falling due after more than one year

7

2,235

5,954

NET ASSETS

35,158

11,870

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Retained earnings

10

25,158

1,870

SHAREHOLDERS' FUNDS

35,158

11,870

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

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

The director acknowledges her 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 7 June 2018 and were signed by:

Ms A M Reynolds - Director

1.	STATUTORY INFORMATION

Blooms (UK) 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.

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

These financial statements for the year ended 31 October 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 November 2015.

In the transition to FRS 102 from the Financial Reporting Standard for Smaller Entities (effective January 2015) the

company has made no measurement and recognition adjustments.

Significant judgements and estimates

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting

estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors

are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the

preparation of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes.

Turnover includes revenue earned from the sale of goods.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has

transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost

includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be

capable of operating in the manner intended by management.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows:

Plant & Machinery - 25% reducing balance

Fixtures & Fittings - 25% reducing balance

Motor vehicles - 25% reducing balance

Computer equipment - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate,

or if there is an indication of a significant change since the last reporting date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the

recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.

Any impairment loss is recognised immediately as an expense within profit or loss.

Stocks

Stocks are 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 Profit and Loss account, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

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.

Basic financial instruments

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other

creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition

they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade

debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business

terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt

instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or

loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the

asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective

interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current

effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets

carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the

balance sheet date.

Provisions

A provision is recognised when company has a legal or constructive obligation as a result of a past event and it is probable

that an outflow of economic benefits will be required to settle the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2016

12,892

90,370

13,891

11,663

128,816

Additions

-

3,583

-

-

3,583

At 31 October 2017

12,892

93,953

13,891

11,663

132,399

DEPRECIATION

At 1 November 2016

12,806

89,442

3,473

11,306

117,027

Charge for year

22

1,128

2,604

90

3,844

At 31 October 2017

12,828

90,570

6,077

11,396

120,871

NET BOOK VALUE

At 31 October 2017

64

3,383

7,814

267

11,528

At 31 October 2016

86

928

10,418

357

11,789

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Motor

vehicles

£

COST

At 1 November 2016

and 31 October 2017

13,891

DEPRECIATION

At 1 November 2016

3,473

Charge for year

2,604

At 31 October 2017

6,077

NET BOOK VALUE

At 31 October 2017

7,814

At 31 October 2016

10,418

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

12,743

10,306

CVA account

-

17,207

S455 tax recoverable

9,945

9,945

Directors' current accounts

32,573

28,832

Prepayments

-

500

55,261

66,790

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans and overdrafts

1,206

2,679

Hire purchase contracts and finance leases

3,719

5,555

Trade creditors

19,695

20,375

Tax

2,814

297

Social security and other taxes

538

644

VAT

11,144

8,347

Other creditors

2,184

319

CVA creditors

-

34,777

Accrued expenses

2,745

2,540

44,045

75,533

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.17

31.10.16

£

£

Hire purchase contracts and finance leases

2,235

5,954

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.17

31.10.16

£

£

Bank overdrafts

1,206

2,679

Hire purchase contracts and finance leases

5,954

11,509

7,160

14,188

The bank overdraft is secured by a bond and floating charge over the assets of the company. The hire purchase balance is

secured over the financed asset.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.17

31.10.16

value:

£

£

10,000

Ordinary shares

£1

10,000

10,000

10.

RESERVES

Retained

earnings

£

At 1 November 2016

1,870

Profit for the year

28,288

Dividends

(5,000

)

At 31 October 2017

25,158

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2017 and 31 October 2016:

31.10.17

31.10.16

£

£

Ms A M Reynolds

Balance outstanding at start of year

28,831

29,446

Amounts advanced

12,617

11,885

Amounts repaid

(8,875

)

(12,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

32,573

28,831

12.	RELATED PARTY DISCLOSURES

During the year, dividends of £5,000 were proposed and payable to the director.

Directors remuneration in the year amounted to £17,650.