REGISTERED NUMBER: SC358792 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2017

for

Abercromby Vending Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs T Graham

SECRETARY:

Mrs T Graham

REGISTERED OFFICE:

505 Great Western Road

GLASGOW

G12 8HN

REGISTERED NUMBER:

SC358792 (Scotland)

ACCOUNTANTS:

The Kelvin Partnership Ltd

Chartered Accountants

The Cooper Building

505 Great Western Road

Glasgow

G12 8HN

FIXED ASSETS

Intangible assets

4

88,000

60,000

Tangible assets

5

954,007

896,790

1,042,007

956,790

CURRENT ASSETS

Stocks

242,500

182,400

Debtors

6

41,763

34,841

Cash at bank and in hand

396,954

524,570

681,217

741,811

CREDITORS

Amounts falling due within one year

7

468,972

503,529

NET CURRENT ASSETS

212,245

238,282

TOTAL ASSETS LESS CURRENT LIABILITIES

1,254,252

1,195,072

CREDITORS

Amounts falling due after more than one year

8

(292,900

)

(486,943

)

PROVISIONS FOR LIABILITIES

(98,729

)

(105,358

)

NET ASSETS

862,623

602,771

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

852,623

592,771

SHAREHOLDERS' FUNDS

862,623

602,771

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 22 February 2018 and were signed by:

Mrs T Graham - Director

1.	STATUTORY INFORMATION

Abercromby Vending Ltd. is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is the amount receivable for the provision of goods and services falling within the company's ordinary

activities, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in 2009 and 2017, is being

amortised evenly over their estimated useful lives of ten years and five years respectively.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

4% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2016 - 36 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2016

200,000

Additions

60,000

At 31 May 2017

260,000

AMORTISATION

At 1 June 2016

140,000

Charge for year

32,000

At 31 May 2017

172,000

NET BOOK VALUE

At 31 May 2017

88,000

At 31 May 2016

60,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 June 2016

364,877

768,081

25,180

180,567

1,338,705

Additions

-

168,909

-

31,215

200,124

Disposals

-

-

-

(5,000

)

(5,000

)

At 31 May 2017

364,877

936,990

25,180

206,782

1,533,829

DEPRECIATION

At 1 June 2016

41,092

296,299

13,444

91,080

441,915

Charge for year

14,595

96,313

1,761

29,438

142,107

Eliminated on disposal

-

-

-

(4,200

)

(4,200

)

At 31 May 2017

55,687

392,612

15,205

116,318

579,822

NET BOOK VALUE

At 31 May 2017

309,190

544,378

9,975

90,464

954,007

At 31 May 2016

323,785

471,782

11,736

89,487

896,790

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

33,242

33,638

Other debtors

8,521

1,203

41,763

34,841

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Other loans (see note 9)

183,833

215,834

Trade creditors

158,984

143,228

Tax

59,826

70,503

Social security and other taxes

11,375

10,041

Pension

1,748

-

VAT

45,112

54,645

Other creditors

354

4,948

Accrued expenses

7,740

4,330

468,972

503,529

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Directors loan

171,265

360,020

Deferred government grants

121,635

126,923

292,900

486,943

9.

LOANS

The Clydesdale Bank PLC holds a floating charge over the assets of the company.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs T Graham.

11.	FIRST YEAR ADOPTION

These financial statements for the year ended 31 May 2017 are the first financial statements

that comply with FRS 102 Section 1A small entities. The date of transition is 1 June 2015.

There has been no impact on opening equity and profit for the comparative period.