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No description of principal activity
2016-04-01
Sage Accounts Production Advanced 2017 Update 3 - FRS
1,360,002
1,360,002
1,360,002
xbrli:pure
xbrli:shares
iso4217:GBP
SC340567
2016-04-01
2017-03-31
SC340567
2017-03-31
SC340567
2016-03-31
SC340567
bus:Director1
2016-04-01
2017-03-31
SC340567
core:WithinOneYear
2017-03-31
SC340567
core:WithinOneYear
2016-03-31
SC340567
core:ShareCapital
2017-03-31
SC340567
core:ShareCapital
2016-03-31
SC340567
core:RetainedEarningsAccumulatedLosses
2017-03-31
SC340567
core:RetainedEarningsAccumulatedLosses
2016-03-31
SC340567
core:CostValuation
core:Non-currentFinancialInstruments
2017-03-31
SC340567
core:Non-currentFinancialInstruments
2017-03-31
SC340567
core:Non-currentFinancialInstruments
2016-03-31
SC340567
bus:Director1
2016-03-31
SC340567
bus:Director1
2015-03-31
SC340567
bus:Director1
2016-03-31
SC340567
bus:FRS102
2016-04-01
2017-03-31
SC340567
bus:AuditExempt-NoAccountantsReport
2016-04-01
2017-03-31
SC340567
bus:FullAccounts
2016-04-01
2017-03-31
SC340567
bus:SmallCompaniesRegimeForAccounts
2016-04-01
2017-03-31
SC340567
bus:PrivateLimitedCompanyLtd
2016-04-01
2017-03-31
COMPANY REGISTRATION NUMBER:
SC340567
Filleted Unaudited Financial Statements
|
|
Year Ended 31 March 2017
Statement of Financial Position
|
1
|
|
|
Notes to the Financial Statements
|
2
|
|
|
Statement of Financial Position
|
|
31 March 2017
Fixed Assets
Investments
|
4
|
|
1,360,002
|
1,360,002
|
|
|
|
|
|
Current Assets
Debtors
|
5
|
200
|
|
200
|
Cash at bank and in hand
|
32,687
|
|
75
|
|
--------
|
|
----
|
|
32,887
|
|
275
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
1,169,598
|
|
1,006,469
|
|
------------
|
|
------------
|
Net Current Liabilities
|
|
1,136,711
|
1,006,194
|
|
|
------------
|
------------
|
Total Assets Less Current Liabilities
|
|
223,291
|
353,808
|
|
|
---------
|
---------
|
Net Assets
|
|
223,291
|
353,808
|
|
|
---------
|
---------
|
|
|
|
|
|
Capital and Reserves
Called up share capital
|
|
1
|
1
|
Profit and loss account
|
|
223,290
|
353,807
|
|
|
---------
|
---------
|
Shareholders Funds
|
|
223,291
|
353,808
|
|
|
---------
|
---------
|
|
|
|
|
These 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 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 income statement has not been delivered.
For the year ending 31 March 2017 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 financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
14 December 2017
, and are signed on behalf of the board by:
Company registration number:
SC340567
Notes to the Financial Statements
|
|
Year Ended 31 March 2017
1.
General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Suite 4 Kingfisher House, Barlow Park, Dundee, DD5 3UB, Scotland.
2.
Statement of Compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in Associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in Joint Ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Investments
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 April 2016 and 31 March 2017
|
1,360,002
|
|
------------
|
Impairment
|
|
At 1 April 2016 and 31 March 2017
|
–
|
|
------------
|
|
|
Carrying amount
|
|
At 31 March 2017
|
1,360,002
|
|
------------
|
At 31 March 2016
|
1,360,002
|
|
------------
|
|
|
5.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Other debtors
|
200
|
200
|
|
----
|
----
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
1,168,548
|
1,005,014
|
Other creditors
|
1,050
|
1,455
|
|
------------
|
------------
|
|
1,169,598
|
1,006,469
|
|
------------
|
------------
|
|
|
|
7.
Director's Advances, Credits and Guarantees
During the year the director entered into the following advances and credits with the company:
|
2017
|
|
|
Balance brought forward
|
Advances/ (credits) to the director
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
Mr R Morrison
|
(
405)
|
405
|
–
|
|
|
----
|
----
|
----
|
|
|
|
|
|
|
2016
|
|
|
Balance brought forward
|
Advances/ (credits) to the director
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
Mr R Morrison
|
(
405)
|
–
|
(
405)
|
|
|
----
|
----
|
----
|
|
|
|
|
|
8.
Related Party Transactions
The company was under the control of the director throughout the current and previous year. During the year, the company received funds from its subsidiary company, Tyko Brands Limited and made repayment of such advances. At the year end, the amount due to Tyko Brands Limited was £438,260 (2016 - £275,725), and this is disclosed within Creditors: Amounts falling due within one year. During previous years, the company received advances from Tyko Hong Kong and Breo Asia Pacific. Both companies are owned by
Mr R Morrison
and incorporated overseas. Following further advances and repayments, at the year end, the company was due £505,486 (2016 - £505,486) to Tyko Hong Kong Limited and £224,801 (2016 - £224,801) to Breo Asia Pacific. At the year end, following repayments, the company was due to receive £932,108 (2016 - £946,034) from Slowmo Investments Limited, a company in which Mr R Morrison
is also a director and shareholder. The full amount of this loan has been provided for previously. During the year, Mr R Morrison
received dividends of £145,527 (2016 - £201,000). All loans have no set repayment terms or interest accruing, however are repayable on demand to the related party.
9.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.