Collinsons Restaurant Limited Filleted accounts for Companies House (small and micro)

COLLINSONS RESTAURANT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC337922

Collinsons Restaurant Limited

Filleted Unaudited Financial Statements

31 March 2018

Collinsons Restaurant Limited

Officers and Professional Advisers

Director	Mr S. Collinson

Registered office	122 Brown Street
	Broughty Ferry
	Dundee
	Scotland
	DD5 1EN

Accountants	Dand Carnegie LLP
	Chartered Accountants
	Spalding House
	90-92 Queen Street
	Broughty Ferry
	Dundee DD5 1AJ

Bankers	HSBC Bank plc
	25-29 Murraygate
	Dundee
	Scotland
	DD1 2EE

Collinsons Restaurant Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		61,885	76,282

Current assets

Stocks		5,291	4,207
Debtors	6	3,379	929
Cash at bank and in hand		50,219	65,875
		--------	--------
		58,889	71,011

Creditors: amounts falling due within one year	7	44,544		94,149
		--------		--------
Net current assets/(liabilities)			14,345	( 23,138)
			--------	--------
Total assets less current liabilities			76,230	53,144
			--------	--------
Net assets			76,230	53,144
			--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	76,130	53,044
	--------	--------
Shareholders funds	76,230	53,144
	--------	--------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Collinsons Restaurant Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 3 October 2018 , and are signed on behalf of the board by:

Mr S. Collinson
Director

Company registration number: SC337922

Collinsons Restaurant Limited

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 122 Brown Street, Broughty Ferry, Dundee, DD5 1EN, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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:

Leasehold improvements	-	10% straight line
Fixtures & fittings	-	25% reducing balance
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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2017: 9 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2017 and 31 March 2018	104,251	34,051	21,818	160,120
	---------	--------	--------	---------
Depreciation
At 1 April 2017	43,854	24,584	15,400	83,838
Charge for the year	10,425	2,367	1,605	14,397
	---------	--------	--------	---------
At 31 March 2018	54,279	26,951	17,005	98,235
	---------	--------	--------	---------
Carrying amount
At 31 March 2018	49,972	7,100	4,813	61,885
	---------	--------	--------	---------
At 31 March 2017	60,397	9,467	6,418	76,282
	---------	--------	--------	---------

6. Debtors

	2018	2017
	£	£
Other debtors	3,379	929
	-------	----

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	4,116
Trade creditors	6,776	8,618
Corporation tax	16,279	16,730
Social security and other taxes	16,946	16,977
Other creditors	4,543	47,708
	--------	--------
	44,544	94,149
	--------	--------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	19,800	19,350
Later than 1 year and not later than 5 years	59,400	79,200
	--------	--------
	79,200	98,550
	--------	--------

9. Director's advances, credits and guarantees

There are no directors' advances, credits and guarantees such as are required to be disclosed.

10. Related party transactions

The company was under the control of Mr S Collinson throughout the year. Mr S Collinson is the sole director and shareholder of the company. No transactions with related parties were undertaken such as are required to be disclosed.