Registration number:
Year Ended
Snaigow Rural Activities Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Snaigow Rural Activities Limited
Company Information
Directors |
The Honourable James Henry Morys Bruce Charles Vincent Ellingworth John David Gordon |
Registered office |
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Page 1 |
Snaigow Rural Activities Limited
(Registration number: SC515304)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
50 |
50 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Page 2 |
Snaigow Rural Activities Limited
(Registration number: SC515304)
Balance Sheet as at 31 March 2019
For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.
Approved and authorised by the
.........................................
John David Gordon
Director
Page 3 |
Snaigow Rural Activities Limited
Notes to the Financial Statements
Year Ended 31 March 2019
General information |
The company is a private company limited by share capital incorporated in Scotland.
The address of its registered office is:
The principal place of business is:
Burnside Farm
Stanley
Perthshire
PH1 4QB
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Going concern
The financial statements have been prepared on a going concern basis, as the company is reliant on a loan from the Eighth Earl Cadogan's Settlement dated 6th December 1961, a trust of which the directors are also Trustees. The Trustees have confirmed that they will provide support to the company for at least 12 months following the approval of the accounts, unless alternative financing is available.
Revenue recognition
Turnover comprises consideration received or receivable for the company's sales of products, admission charges and other fees. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises turnover when it can be reliably measured and it is probable that future economic benefits will flow to the company.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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Snaigow Rural Activities Limited
Notes to the Financial Statements
Year Ended 31 March 2019
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Park equipment |
20% reducing balance |
Other property, plant and equipment |
15% reducing balance |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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Snaigow Rural Activities Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company during the year was
Page 6 |
Snaigow Rural Activities Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Park equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
- |
- |
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Disposals |
- |
- |
( |
( |
( |
At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
( |
At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Page 7 |
Snaigow Rural Activities Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2018 |
50 |
50 |
At 31 March 2019 |
50 |
50 |
Carrying amount |
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At 31 March 2019 |
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50 |
At 31 March 2018 |
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50 |
Stocks |
2019 |
2018 |
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Other inventories |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Page 8 |
Snaigow Rural Activities Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Creditors |
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Related party transactions |
Summary of transactions with entities with joint control or significant interest
At the balance sheet date the amount due to the trust was £309,000 (2018 - £309,000). The loan is unsecured, interest free and repayable on demand.
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