Company Registration No. SC522003 (Scotland)
Thistle Artificial Grass Limited
Unaudited accounts
for the year ended 31 August 2017
Thistle Artificial Grass Limited
Unaudited accounts
Contents
Thistle Artificial Grass Limited
Company Information
for the year ended 31 August 2017
Directors
Ian James Bruce
Edward Nicol Robson
Philip George Strachan
Company Number
SC522003 (Scotland)
Registered Office
Thistle House Woodside Road
Bridge of Don
Aberdeen
AB23 8EF
Thistle Artificial Grass Limited
Statement of financial position
as at
31 August 2017
Tangible assets
7,736
4,500
Inventories
23,221
13,172
Cash at bank and in hand
70,774
74,713
Creditors: amounts falling due within one year
(108,694)
(87,303)
Net current assets
27,010
4,562
Total assets less current liabilities
34,746
9,062
Provisions for liabilities
Deferred tax
(1,469)
(900)
Called up share capital
3,000
3,000
Profit and loss account
30,277
5,162
Shareholders' funds
33,277
8,162
For the year ending 31 August 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 14 February 2018.
Philip George Strachan
Director
Company Registration No. SC522003
Thistle Artificial Grass Limited
Notes to the Accounts
for the year ended 31 August 2017
Thistle Artificial Grass Limited is a private company, limited by shares, registered in Scotland, registration number SC522003. The registered office is Thistle House Woodside Road, Bridge of Don, Aberdeen, AB23 8EF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 August 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 8 December 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Fixtures & fittings
25% straight line
Stocks and work-in-progress 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 expenditure and an appropriate proportion of fixed and variable overheads.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Thistle Artificial Grass Limited
Notes to the Accounts
for the year ended 31 August 2017
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 September 2016
6,000
-
6,000
Additions
5,638
133
5,771
At 31 August 2017
11,638
133
11,771
At 1 September 2016
1,500
-
1,500
Charge for the year
2,535
-
2,535
At 31 August 2017
4,035
-
4,035
At 31 August 2017
7,603
133
7,736
At 31 August 2016
4,500
-
4,500
Raw materials
9,520
13,172
Work in progress
13,701
-
Trade debtors
41,709
3,980
7
Creditors: amounts falling due within one year
2017
2016
Trade creditors
28,720
12,485
Taxes and social security
31,229
21,293
Other creditors
21,745
26,525
Loans from directors
27,000
27,000
8
Share capital
2017
2016
Allotted, called up and fully paid:
3,000 Ordinary shares of £1 each
3,000
3,000
Thistle Artificial Grass Limited
Notes to the Accounts
for the year ended 31 August 2017
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Shareholder loan
9,000
-
-
9,000
The directors have provided the company with interest free loans. There are no formal repayment terms. In addition to the above noted loan the company is due a loan of £18,000 to Thistle Windows & Conservatories Limited on the same terms. Thistle Windows & Conservatories Limited operates under the control of Mr Bruce and Mr Robson.
10
Average number of employees
During the year the average number of employees was 6 (2016: 3).