Nicolson Hughes Sails Limited
|
Registered Number
:
SC
312910
|
For the year ended 31 December 2017
Scotland
Unaudited Financial Statements
Nicolson Hughes Sails Limited
Statement of Financial Position
2016
2017
Property
,
plant and equipment
|
81,450
81,933
2
81,450
81,933
13,134
13,252
3
Trade and other receivables
|
12,674
9,833
4
16,125
Cash and cash equivalents
|
24,138
47,223
41,933
Trade and other payables
:
amounts falling due within one
|
year
|
(35,356)
(41,024)
5
6,577
6,199
Net current assets
Total assets less current liabilities
|
87,649
88,510
Trade and other payables
:
amounts falling due after more
|
than one year
|
(91,905)
(86,130)
6
1,519
Net assets/liabilities
(3,395)
100
100
1,419
(3,495)
1,519
(3,395)
Shareholders' funds
For the year ended 31 December 2017 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
|
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006
|
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section
|
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
.
|
In accordance with Section
444
of the Companies Act
2006
,
the Income Statement has not been delivered
.
|
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.
|
These financial statements were approved and authorised for issue by the Board on 11 April 2018 and were signed by:
|
The notes form part of these financial statements
|
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For the year ended 31 December 2017
Nicolson Hughes Sails Limited
Notes to the Financial Statements
Statutory Information
Nicolson Hughes Sails Limited is a private limited company
,
limited by shares
,
domiciled in Scotland
,
registration
|
number SC
312910
.
|
Silverhills
Rosneath
G84 0RW
The presentation currency is £ sterling
.
|
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section
1
A 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 costs convention as
|
modified by the revaluation of certain assets
.
|
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of 4 years.
|
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:Motor vehicles, and fixtures and ffittings - 25% per annum on a reducing balance basis.
|
No depreciation is provided on the company
''
s freehold properties since in the opinion of the directors the expected
|
useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation
|
would be immaterial
.
The directors undertake an annual impairment review of these properties
.
|
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
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For the year ended 31 December 2017
Nicolson Hughes Sails Limited
Notes to the Financial Statements Continued
2
.
Property
,
plant and equipment
|
Motor vehicles
99,917
16,251
3,666
80,000
80,000
3,666
16,251
99,917
Provision for depreciation and impairment
|
17,984
14,525
3,459
-
Charge for year
483
431
52
-
18,467
14,956
3,511
-
80,000
155
1,295
81,450
80,000
207
1,726
81,933
2016
2017
13,252
13,134
4
.
Trade and other receivables
|
2016
2017
9,833
12,674
5
.
Trade and other payables
:
amounts falling due within one year
|
2016
2017
2,969
2,744
13,940
12,459
Taxation and social security
|
8,482
5,703
15,633
14,450
41,024
35,356
3 of 4
For the year ended 31 December 2017
Nicolson Hughes Sails Limited
Notes to the Financial Statements Continued
6
.
Trade and other payables
:
amounts falling due after more than one year
|
2016
2017
Bank loans and overdraft
(
secured
)
|
86,130
91,905
4 of 4