Company Registration No. 06809815 (England and Wales)
SLATESCAPE LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
SLATESCAPE LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
SLATESCAPE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SLATESCAPE LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Slatescape Limited for the year ended 30 November 2016 set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Slatescape Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Slatescape Limited and state those matters that we have agreed to state to the Board of Directors of Slatescape Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Slatescape Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Slatescape Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Slatescape Limited. You consider that Slatescape Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Slatescape Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore and Smalley LLP
Chartered Accountants
Richard House
9 Winckley Square
Preston
PR1 3HP
18 April 2017
SLATESCAPE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2016
30 November 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
10,771
11,246
Investments
2
1
1
10,772
11,247
Current assets
Stocks
293,758
245,649
Debtors
1,033,769
960,542
Cash at bank and in hand
65,612
180,604
1,393,139
1,386,795
Creditors: amounts falling due within one year
3
(1,382,102)
(1,390,204)
Net current assets/(liabilities)
11,037
(3,409)
Total assets less current liabilities
21,809
7,838
Creditors: amounts falling due after more than one year
4
-
(1,701)
Provisions for liabilities
(1,430)
(1,648)
20,379
4,489
Capital and reserves
Called up share capital
5
100
100
Profit and loss account
20,279
4,389
Shareholders' funds
20,379
4,489
SLATESCAPE LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2016
30 November 2016
- 3 -
For the financial year ended 30 November 2016 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 18 April 2017
Mr S R Nelson
Director
Company Registration No. 06809815
SLATESCAPE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The directors have concluded that it is appropriate to prepare the financial statements on a going concern basis as the company has adequate cash resources to indicate that it will continue to trade within its existing bank facilities.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Property upgrades
2% on cost
Plant and machinery
25% on reducing balance
Computer equipment
33% on cost
Fixtures and fittings
25% on reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.8
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.9
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
SLATESCAPE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2016
1
Accounting policies
(Continued)
- 5 -
1.10
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
1.11
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 December 2015
28,666
1
28,667
Additions
2,078
-
2,078
At 30 November 2016
30,744
1
30,745
Depreciation
At 1 December 2015
17,420
-
17,420
Charge for the year
2,553
-
2,553
At 30 November 2016
19,973
-
19,973
Net book value
At 30 November 2016
10,771
1
10,772
At 30 November 2015
11,246
1
11,247
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Camborne Slate Limited
England
Ordinary
100.00
SLATESCAPE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2016
2
Fixed assets
(Continued)
- 6 -
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Camborne Slate Limited
Dormant company
1
-
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £555,754 (2015 - £609,131).
Hire purchase contracts are secured over the assets to which they relate. Bank debtor financing totalling £554,053 (2015: £606,863) has been secured by the company.
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £1,701).
Hire purchase contracts are secured over the assets to which they relate.
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100
6
Directors' benefits: Advances, credits and guarantees
Mr L M Hill's director's loan account with the company was overdrawn at 1 Decembery 2015 and remained overdrawn throughout the year. The overdrawn balance at 30 November 2016 was £9,666 (2015: £2,742). During this period personal expenditure totalling £6,924 was met on behalf of Mr L M Hill. During the period the maximum overdrawn balance on the loan was £9,666.
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