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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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FOR |
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DAVID RATTRAY VIOLINS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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FOR |
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DAVID RATTRAY VIOLINS LIMITED |
DAVID RATTRAY VIOLINS LIMITED (REGISTERED NUMBER: 07587536) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 November 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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DAVID RATTRAY VIOLINS LIMITED |
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COMPANY INFORMATION |
for the year ended 30 November 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Viewforth House |
189 Nicol Street |
Kirkcaldy |
Fife |
KY1 1PF |
DAVID RATTRAY VIOLINS LIMITED (REGISTERED NUMBER: 07587536) |
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BALANCE SHEET |
30 November 2018 |
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2018 | 2017 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 7 | 327,744 | 348,012 |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps 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 Sections 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. |
DAVID RATTRAY VIOLINS LIMITED (REGISTERED NUMBER: 07587536) |
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BALANCE SHEET - continued |
30 November 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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DAVID RATTRAY VIOLINS LIMITED (REGISTERED NUMBER: 07587536) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 November 2018 |
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1. | STATUTORY INFORMATION |
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David Rattray Violins Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable in relation to the sale and |
restoration services of antique stringed instruments, excluding discounts and value added tax. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of |
operating as intended. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes |
all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and |
condition. Cost is calculated using the first-in, first-out basis. Provision is made for damaged, obsolete and |
slow-moving stock where appropriate. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
DAVID RATTRAY VIOLINS LIMITED (REGISTERED NUMBER: 07587536) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees |
are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating |
unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable |
amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount |
where the impairment loss is a revaluation decrease. |
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3. | EMPLOYEES |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 December 2017 |
and 30 November 2018 |
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DEPRECIATION |
At 1 December 2017 |
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Charge for year |
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At 30 November 2018 |
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NET BOOK VALUE |
At 30 November 2018 |
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At 30 November 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
as restated |
£ | £ |
Trade debtors |
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Other debtors |
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DAVID RATTRAY VIOLINS LIMITED (REGISTERED NUMBER: 07587536) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2018 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
as restated |
£ | £ |
Taxation and social security |
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Other creditors |
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7. | RESERVES |
Retained |
earnings |
£ |
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At 1 December 2017 | 378,631 |
Prior year adjustment | ( |
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Profit for the year |
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Dividends | ( |
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At 30 November 2018 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 November 2018 and |
30 November 2017: |
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2018 | 2017 |
as restated |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Included in 'Other debtors' is an amount of £1,947 (2017 - £nil) due to the company from the director. Interest |
is charged at 2.5% per annum on overdrawn balances in excess of £10,000 and there are no fixed terms of |
repayment. |