Company Registration No. SC128500 (Scotland)
EDINBURGH TEA & COFFEE COMPANY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
EDINBURGH TEA & COFFEE COMPANY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
EDINBURGH TEA & COFFEE COMPANY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
6,249
-
Tangible assets
2
72,968
64,883
79,217
64,883
Current assets
Stocks
204,148
189,438
Debtors
293,454
257,481
Cash at bank and in hand
630
35,911
498,232
482,830
Creditors: amounts falling due within one year
3
(90,365)
(85,071)
Net current assets
407,867
397,759
Total assets less current liabilities
487,084
462,642
Creditors: amounts falling due after more than one year
4
(8,648)
(11,203)
Provisions for liabilities
(7,267)
(5,039)
471,169
446,400
Capital and reserves
Called up share capital
5
30,000
30,000
Profit and loss account
441,169
416,400
Shareholders' funds
471,169
446,400
EDINBURGH TEA & COFFEE COMPANY LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 7 December 2016
A Inglis
Director
Company Registration No. SC128500
EDINBURGH TEA & COFFEE COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The company made a profit this year and at the balance sheet date it had net current assets. It meets its day to day working capital requirements from a bank overdraft facility and these accounts have been prepared on a going concern basis which assumes that this facility will continue to be available to the company for the foreseeable future. If it were to be withdrawn then the assets and liabilities would have to be restated to market value. The directors consider that the accounts should be prepared on a going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings leasehold
2% straight line
Plant and machinery
10% straight line
Fixtures, fittings & equipment
33% straight line
Motor vehicles
25% straight line less £7k residual value
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
EDINBURGH TEA & COFFEE COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015
-
185,058
185,058
Additions
6,521
25,780
32,301
At 31 March 2016
6,521
210,838
217,359
Depreciation
At 1 April 2015
-
120,175
120,175
Charge for the year
272
17,695
17,967
At 31 March 2016
272
137,870
138,142
Net book value
At 31 March 2016
6,249
72,968
79,217
At 31 March 2015
-
64,883
64,883
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £18,590 (2015 - £2,923).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £8,648 (2015 - £11,203).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
30,000 Ordinary of £1 each
30,000
30,000