The Achiltibuie Garden Ltd Company Accounts

The Achiltibuie Garden Ltd Company Accounts

THE ACHILTIBUIE GARDEN LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC339195
The Achiltibuie Garden Ltd
Unaudited Financial Statements
For the year ended
31 March 2018
The Achiltibuie Garden Ltd
Financial Statements
Year ended 31 March 2018
Contents
Page
Directors' report
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Detailed income statement
11
Notes to the detailed income statement
12
The Achiltibuie Garden Ltd
Directors' Report
Year ended 31 March 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2018 .
Directors
The directors who served the company during the year were as follows:
Mrs A M Graham
Mrs J A Edwards
Mr A Graham
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 August 2018 and signed on behalf of the board by:
Mrs A M Graham
Director
Registered office:
103 Achiltibuie
Ullapool
Ross-shire
IV26 2YG
The Achiltibuie Garden Ltd
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of The Achiltibuie Garden Ltd
Year ended 31 March 2018
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
MACDOWALL & CO Chartered Certified Accountants
Tulloch Street Dingwall IV15 9JY
17 August 2018
The Achiltibuie Garden Ltd
Statement of Income and Retained Earnings
Year ended 31 March 2018
2018
2017
(restated)
Note
£
£
Turnover
21,057
20,138
Cost of sales
6,448
5,683
--------
--------
Gross profit
14,609
14,455
Administrative expenses
15,219
16,685
--------
--------
Operating loss
( 610)
( 2,230)
Other interest receivable and similar income
1
2
--------
--------
Loss before taxation
5
( 609)
( 2,228)
Tax on loss
–
–
----
-------
Loss for the financial year and total comprehensive income
( 609)
( 2,228)
----
-------
Retained losses at the start of the year
( 148,521)
( 146,293)
---------
---------
Retained losses at the end of the year
( 149,130)
( 148,521)
---------
---------
All the activities of the company are from continuing operations.
The Achiltibuie Garden Ltd
Statement of Financial Position
31 March 2018
2018
2017
(restated)
Note
£
£
£
Fixed assets
Tangible assets
6
10,391
10,643
Current assets
Stocks
7,966
8,374
Debtors
7
982
178
Cash at bank and in hand
4,063
4,866
--------
--------
13,011
13,418
Creditors: amounts falling due within one year
8
834
884
--------
--------
Net current assets
12,177
12,534
--------
--------
Total assets less current liabilities
22,568
23,177
Creditors: amounts falling due after more than one year
9
171,598
171,598
---------
---------
Net liabilities
( 149,030)
( 148,421)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 149,130)
( 148,521)
---------
---------
Members deficit
( 149,030)
( 148,421)
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Achiltibuie Garden Ltd
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 17 August 2018 , and are signed on behalf of the board by:
Mrs A M Graham
Director
Company registration number: SC339195
The Achiltibuie Garden Ltd
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 103 Achiltibuie, Ullapool, Ross-shire, IV26 2YG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Greenhouses
-
15% reducing balance
Equipment
-
20% reducing balance
Office equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Profit before taxation
Loss before taxation is stated after charging:
2018
2017
(restated)
£
£
Depreciation of tangible assets
2,502
2,400
-------
-------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2017 (as restated)
20,974
22,804
7,883
51,661
Additions
–
–
2,250
2,250
--------
--------
--------
--------
At 31 March 2018
20,974
22,804
10,133
53,911
--------
--------
--------
--------
Depreciation
At 1 April 2017
15,751
18,881
6,386
41,018
Charge for the year
783
781
938
2,502
--------
--------
--------
--------
At 31 March 2018
16,534
19,662
7,324
43,520
--------
--------
--------
--------
Carrying amount
At 31 March 2018
4,440
3,142
2,809
10,391
--------
--------
--------
--------
At 31 March 2017
5,223
3,923
1,497
10,643
--------
--------
--------
--------
7. Debtors
2018
2017
(restated)
£
£
Trade debtors
982
178
----
----
8. Creditors: amounts falling due within one year
2018
2017
(restated)
£
£
Trade creditors
160
382
Social security and other taxes
174
2
Other creditors
500
500
----
----
834
884
----
----
9. Creditors: amounts falling due after more than one year
2018
2017
(restated)
£
£
Other creditors
171,598
171,598
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2018
2017
£
£
Mrs A M Graham
( 1,532)
( 1,532)
Mrs J A Edwards
( 1,533)
( 1,533)
Mr A Graham
( 12,000)
( 12,000)
--------
--------
( 15,065)
( 15,065)
--------
--------
11. Related party transactions
The company was under the control of Mrs Graham, Mrs Edwards and Mr Graham throughout this year and the previous period. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
The Achiltibuie Garden Ltd
Management Information
Year ended 31 March 2018
The following pages do not form part of the financial statements.
The Achiltibuie Garden Ltd
Detailed Income Statement
Year ended 31 March 2018
2018
2017
(restated)
£
£
Turnover
21,057
20,138
Cost of sales
Opening stock
8,374
7,085
Purchases
6,040
6,972
--------
--------
14,414
14,057
Closing stock
7,966
8,374
--------
--------
6,448
5,683
--------
--------
Gross profit
14,609
14,455
Overheads
Administrative expenses
15,219
16,685
--------
--------
Operating loss
( 610)
( 2,230)
Other interest receivable and similar income
1
2
----
-------
Loss before taxation
(609)
(2,228)
----
-------
The Achiltibuie Garden Ltd
Notes to the Detailed Income Statement
Year ended 31 March 2018
2018
2017
(restated)
£
£
Administrative expenses
Directors salaries
7,359
8,000
Wages and salaries
633
394
Rent
360
360
Light and heat
17
40
Insurance
950
917
Repairs and maintenance
568
843
Travel and subsistence
177
–
Telephone
941
1,075
Subscriptions
85
40
Printing postage and stationery
113
490
Sundry expenses
156
34
Advertising
–
160
Legal and professional fees
–
538
Accountancy fees
525
564
Depreciation
2,502
2,400
Bad debts written off
–
1
Bank charges
833
829
--------
--------
15,219
16,685
--------
--------
Other interest receivable and similar income
Interest on cash and cash equivalents
1
2
----
----