The Shetland Freezer And Food Centre Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC056816 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 January 2018

for

The Shetland Freezer And Food Centre

Ltd.

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs E J Jamieson

J R Jamieson

SECRETARY:

Mrs E J Jamieson

REGISTERED OFFICE:

Auriga

Park Road

Sandwick

Shetland

ZE2 9HP

REGISTERED NUMBER:

SC056816 (Scotland)

ACCOUNTANTS:

Victor T Fraser & Co Limited

Chartered Accountants

3-4 Market Place

Wick

Caithness

KW1 4LP

BANKERS:

Clydesdale Bank plc

106 Commercial Street

Lerwick

Shetland

SOLICITORS:

Dowle Smith & Rutherford

113a Commercial Street

Lerwick

Shetland

ZE1 0DL

FIXED ASSETS

Intangible assets

4

2,250

3,000

Tangible assets

5

56,214

65,214

58,464

68,214

CURRENT ASSETS

Stocks

62,683

68,843

Debtors

503,128

472,328

Cash at bank and in hand

149,789

161,748

715,600

702,919

CREDITORS

Amounts falling due within one year

246,840

255,649

NET CURRENT ASSETS

468,760

447,270

TOTAL ASSETS LESS CURRENT LIABILITIES

527,224

515,484

CREDITORS

Amounts falling due after more than one year

(5,824

)

(8,494

)

PROVISIONS FOR LIABILITIES

(10,068

)

(12,344

)

NET ASSETS

511,332

494,646

CAPITAL AND RESERVES

Called up share capital

8,000

8,000

Capital redemption reserve

4,000

4,000

Retained earnings

499,332

482,646

SHAREHOLDERS' FUNDS

511,332

494,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 October 2018 and were signed on its behalf by:

Mrs E J Jamieson - Director

1.	STATUTORY INFORMATION

The Shetland Freezer And Food Centre Ltd. 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

4% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

33% on reducing balance

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 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2017 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2017

and 31 January 2018

15,000

AMORTISATION

At 1 February 2017

12,000

Amortisation for year

750

At 31 January 2018

12,750

NET BOOK VALUE

At 31 January 2018

2,250

At 31 January 2017

3,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2017

365,467

Additions

2,911

At 31 January 2018

368,378

DEPRECIATION

At 1 February 2017

300,253

Charge for year

11,911

At 31 January 2018

312,164

NET BOOK VALUE

At 31 January 2018

56,214

At 31 January 2017

65,214

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

Totals

£

COST

At 1 February 2017

and 31 January 2018

12,942

DEPRECIATION

At 1 February 2017

1,079

Charge for year

2,966

At 31 January 2018

4,045

NET BOOK VALUE

At 31 January 2018

8,897

At 31 January 2017

11,863

6.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

8,736

11,406

There are cross guarantees in respect of bank overdrafts and loans between the company and Shetland Freezer Holdings

Limited.

The Clydesdale Bank plc holds a floating charge over the assets of the company.

7.	RELATED PARTY DISCLOSURES

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Shetland Freezer Holdings Limited.