COMPANY REGISTRATION NUMBER:
SC215394
Filleted Unaudited Abridged Financial Statements
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|
Abridged Statement of Financial Position
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|
31 March 2020
Fixed assets
Tangible assets
|
4
|
|
289
|
339
|
|
|
|
|
|
Current assets
Debtors
|
–
|
|
152
|
Cash at bank and in hand
|
2,646
|
|
741
|
|
-------
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|
----
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2,646
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|
893
|
|
|
|
|
Creditors: amounts falling due within one year
|
43,700
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|
40,651
|
|
--------
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|
--------
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Net current liabilities
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|
41,054
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39,758
|
|
|
--------
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--------
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Total assets less current liabilities
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(
40,765)
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(
39,419)
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|
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--------
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--------
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Net liabilities
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|
(
40,765)
|
(
39,419)
|
|
|
--------
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--------
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|
|
|
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Capital and reserves
Called up share capital
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|
1,000
|
1,000
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Profit and loss account
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|
(
41,765)
|
(
40,419)
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|
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--------
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--------
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Shareholders deficit
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|
(
40,765)
|
(
39,419)
|
|
|
--------
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--------
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|
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These abridged 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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 March 2020 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 abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued)
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31 March 2020
These abridged financial statements were approved by the
board of directors
and authorised for issue on
14 December 2020
, and are signed on behalf of the board by:
Mrs K S Mackenzie
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Director
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Company registration number:
SC215394
Notes to the Abridged Financial Statements
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Year ended 31 March 2020
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Blackwood West, Strathcarron, Ross-shire, IV54 8YN.
2.
Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. . As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
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:
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Fixtures & fittings
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-
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15% reducing balance
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Equipment
|
-
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15% reducing balance
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|
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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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4.
Tangible assets
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£
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Cost
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At 1 April 2019 and 31 March 2020
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3,622
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|
-------
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Depreciation
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At 1 April 2019
|
3,283
|
Charge for the year
|
50
|
|
-------
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At 31 March 2020
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3,333
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|
-------
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Carrying amount
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At 31 March 2020
|
289
|
|
-------
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At 31 March 2019
|
339
|
|
-------
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5.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
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2020
|
|
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Balance brought forward
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Advances/ (credits) to the director
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Amounts repaid
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Balance outstanding
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£
|
£
|
£
|
£
|
|
Mrs K S Mackenzie
|
(
37,040)
|
(
23,622)
|
19,400
|
(
41,262)
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--------
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--------
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--------
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--------
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2019
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|
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Balance brought forward
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Advances/ (credits) to the director
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Amounts repaid
|
Balance outstanding
|
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|
£
|
£
|
£
|
£
|
|
Mrs K S Mackenzie
|
(
37,383)
|
(
34,056)
|
34,400
|
(37,039)
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--------
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--------
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--------
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6.
Related party transactions
The company was under the control of Kristine Mackenzie throughout the current and previous year. Mrs Mackenzie is the managing director and majority shareholder.