Ferguson St Vincent (Glasgow) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC367794 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Ferguson St Vincent (Glasgow) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J L Ferguson

A J Ferguson

REGISTERED OFFICE:

103 St. Vincent Street

Glasgow

G2 5EA

REGISTERED NUMBER:

SC367794 (Scotland)

ACCOUNTANTS:

Styles & Associates Limited

Berkeley House

Amery Street

Alton

Hampshire

GU34 1HN

FIXED ASSETS

Intangible assets

4

3,370

4,521

Tangible assets

5

-

-

3,370

4,521

CURRENT ASSETS

Stocks

2,275

3,648

Debtors

6

20,044

20,264

Cash in hand

7,889

11,637

30,208

35,549

CREDITORS

Amounts falling due within one year

7

179,485

183,650

NET CURRENT LIABILITIES

(149,277

)

(148,101

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(145,907

)

(143,580

)

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

11

(145,909

)

(143,582

)

SHAREHOLDERS' FUNDS

(145,907

)

(143,580

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 5 November 2018 and were signed on its behalf by:

A J Ferguson - Director

J L Ferguson - Director

1.	STATUTORY INFORMATION

Ferguson St Vincent (Glasgow) 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.

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 represents net invoiced sales of goods and services, excluding value added tax.

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.

Franchise Costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Going concern

The company meets its day to day working capital requirements through a bank overdraft and Essensuals Group

Limited, the franchisor, who provide ongoing support for the company in the form of extended supplier credits.

The directors consider that it is appropriate to prepare the financial statements on a going concern basis as they

expect the company to be able to continue to trade within the facilities made available.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2017 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Franchise

Costs

£

COST

At 1 April 2017

and 31 March 2018

5,759

AMORTISATION

At 1 April 2017

1,238

Amortisation for year

1,151

At 31 March 2018

2,389

NET BOOK VALUE

At 31 March 2018

3,370

At 31 March 2017

4,521

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2017

and 31 March 2018

4,499

DEPRECIATION

At 1 April 2017

and 31 March 2018

4,499

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

-

(34

)

Other debtors

20,044

20,298

20,044

20,264

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

7,131

14,715

Trade creditors

143,906

132,480

Taxation and social security

7,427

19,025

Other creditors

21,021

17,430

179,485

183,650

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.18

31.3.17

£

£

Within one year

27,500

27,500

Between one and five years

110,000

110,000

In more than five years

64,075

91,575

201,575

229,075

9.	SECURED DEBTS

The director's have a personal guarantee in place in respect of the bank overdraft.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Retained

earnings

£

At 1 April 2017

(143,582

)

Deficit for the year

(2,327

)

At 31 March 2018

(145,909

)

12.	ULTIMATE CONTROLLING PARTY

The controlling party is A J Ferguson & J L Ferguson.