Label Tec Scotland Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC292141 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Label Tec Scotland Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr John Phillips

Mr Paul Dunne

Mrs Caroline Dunne

Mrs Wilma Jane Phillips

SECRETARY:

Mr Paul Dunne

REGISTERED OFFICE:

Unit 4, Block 4

Chapelhall Industrial Estate

Airdrie

Lanarkshire

ML6 8QH

REGISTERED NUMBER:

SC292141 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Intangible assets

4

220,000

247,500

Tangible assets

5

363,712

454,092

583,712

701,592

CURRENT ASSETS

Stock

25,250

23,500

Debtors

6

332,314

448,448

Cash at bank and in hand

520,935

359,877

878,499

831,825

CREDITORS

Amounts falling due within one year

7

280,506

291,077

NET CURRENT ASSETS

597,993

540,748

TOTAL ASSETS LESS CURRENT LIABILITIES

1,181,705

1,242,340

PROVISIONS FOR LIABILITIES

8

53,929

67,188

NET ASSETS

1,127,776

1,175,152

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

1,127,676

1,175,052

SHAREHOLDERS' FUNDS

1,127,776

1,175,152

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

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

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 Board of Directors on 7 December 2018 and were signed on its behalf by:

Mr John Phillips - Director

1.	STATUTORY INFORMATION

Label Tec Scotland 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.

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 2005, 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.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Stocks

Stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable

or payable within one year, are recorded at transaction price. Any losses arising from impairment are

recognised in the profit and loss account in administrative expenses.

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.

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 28 (2017 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

550,000

AMORTISATION

At 1 April 2017

302,500

Charge for year

27,500

At 31 March 2018

330,000

NET BOOK VALUE

At 31 March 2018

220,000

At 31 March 2017

247,500

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2017

1,387,338

31,118

1,418,456

Additions

12,505

4,521

17,026

At 31 March 2018

1,399,843

35,639

1,435,482

DEPRECIATION

At 1 April 2017

946,484

17,880

964,364

Charge for year

104,742

2,664

107,406

At 31 March 2018

1,051,226

20,544

1,071,770

NET BOOK VALUE

At 31 March 2018

348,617

15,095

363,712

At 31 March 2017

440,854

13,238

454,092

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

321,435

421,828

Other debtors

10,879

26,620

332,314

448,448

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

114,958

109,741

Taxation and social security

161,055

177,805

Other creditors

4,493

3,531

280,506

291,077

8.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

53,929

67,188

Deferred

tax

£

Balance at 1 April 2017

67,188

Provided during year

(13,259

)

Balance at 31 March 2018

53,929

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in debtors are the following amounts in respect of overdrawn directors' loan accounts -

£

J Phillips

5165

W Phillips

5164

These were the maximum amounts overdrawn in the year.

These overdrawn loan accounts were repaid after the year end.

11.	ULTIMATE CONTROLLING PARTY