REGISTERED NUMBER: SC239511 (Scotland)

Financial Statements for the Year Ended 31 March 2017

for

Aberdeen Tile Distributors Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E H A Meston

M J Souter

SECRETARY:

Ledingham Chalmers

REGISTERED OFFICE:

Johnstone House

52-54 Rose Street

Aberdeen

AB10 1HA

REGISTERED NUMBER:

SC239511 (Scotland)

ACCOUNTANTS:

Tawse & Partners

Chartered Accountants

18 North Silver Street

Aberdeen

AB10 1JU

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

337,671

361,228

337,671

361,228

CURRENT ASSETS

Stocks

185,277

231,848

Debtors

7

102,653

170,034

Cash in hand

100

100

288,030

401,982

CREDITORS

Amounts falling due within one year

8

333,762

505,138

NET CURRENT LIABILITIES

(45,732

)

(103,156

)

TOTAL ASSETS LESS CURRENT LIABILITIES

291,939

258,072

CREDITORS

Amounts falling due after more than one year

9

(79,200

)

(1,677

)

PROVISIONS FOR LIABILITIES

(6,260

)

(8,068

)

NET ASSETS

206,479

248,327

CAPITAL AND RESERVES

Called up share capital

11

174,600

174,600

Retained earnings

12

31,879

73,727

SHAREHOLDERS' FUNDS

206,479

248,327

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

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

The directors acknowledge their 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 Board of Directors on 1 December 2017 and were signed on its behalf by:

E H A Meston - Director

1.	STATUTORY INFORMATION

Aberdeen Tile Distributors Limited 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.

The trading address of Aberdeen Tile Distributors Limited is 56 Virginia Street, Aberdeen, AB11 5AY.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest £.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Accounting policies

The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and also have been consistently applied within the same

accounts.

Turnover

Turnover represents the amount derived from the provision of goods and services falling within the company's

activities after deduction of trade discounts and value added tax.

Goodwill

Goodwill is the excess of the amount paid on acquisition of the business and the fair value of the net assets. It is

being written off in equal annual instalments overs its estimated useful life of 10 years.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold

-

Straight line over 49 years

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of

purchases, costs of conversion and other costs incurred in bring stock to its present location and condition.

Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

Foreign currency translation

Transactions during the year are recorded using rates of exchange prevailing at the date they occur. Assets and

liabilities denominated in foreign currencies are translated into sterling at the year end rates of exchange.

Exchange gains or losses are reflected in the profit and loss account.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

Leases

Tangible fixed assets acquired under finance leases and hire purchase contracts are capitalised at the estimated

fair value at the date of inception of each loss or contract. The total finance charges are allocated over the period

of the lease in such a way as to give a reasonably constant charge on the outstanding liability.

Rentals paid under operating leases are charged to income as incurred.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2016 - 14 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

1,303,536

AMORTISATION

At 1 April 2016

and 31 March 2017

1,303,536

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Freehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2016

412,678

236,140

33,474

78,680

760,972

Disposals

-

-

-

(15,400

)

(15,400

)

At 31 March 2017

412,678

236,140

33,474

63,280

745,572

DEPRECIATION

At 1 April 2016

109,022

215,336

27,543

47,843

399,744

Charge for year

8,665

5,202

1,483

7,543

22,893

Eliminated on disposal

-

-

-

(14,736

)

(14,736

)

At 31 March 2017

117,687

220,538

29,026

40,650

407,901

NET BOOK VALUE

At 31 March 2017

294,991

15,602

4,448

22,630

337,671

At 31 March 2016

303,656

20,804

5,931

30,837

361,228

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2016

and 31 March 2017

34,180

DEPRECIATION

At 1 April 2016

13,886

Charge for year

5,073

At 31 March 2017

18,959

NET BOOK VALUE

At 31 March 2017

15,221

At 31 March 2016

20,294

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

97,238

164,591

Amounts recoverable on contract

4,000

4,200

Other debtors

1,415

1,243

102,653

170,034

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

157,716

191,176

Hire purchase contracts

1,677

10,060

Trade creditors

68,224

136,173

Taxation and social security

48,059

90,091

Other creditors

58,086

77,638

333,762

505,138

Bank overdraft

The bank holds a First Ranking Standard Security over 56 Virginia Street, Aberdeen AB11 5AY. They also hold

a Bond & Floating Charge over the whole of the assets.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans

79,200

-

Hire purchase contracts

-

1,677

79,200

1,677

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank overdrafts

137,916

191,176

Bank loans

99,000

-

Hire purchase contracts

1,677

11,737

238,593

202,913

The bank holds a First Ranking Standard Security over 56 Virginia Street, Aberdeen AB11 5AY. They also hold

a Bond & Floating Charge over the whole of the assets.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

500

'A' Ordinary Shares

£1

500

500

500

'B' Ordinary Shares

£1

500

500

173,600

5.75% Redeemable Preference

Shares

£1

173,600

173,600

174,600

174,600

The 5.75% Redeemable Shares are redeemable at the option of the company.

12.

RESERVES

Retained

earnings

£

At 1 April 2016

73,727

Profit for the year

22,152

Dividends

(64,000

)

At 31 March 2017

31,879

13.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from

those of the company in an independently administered fund. The pension cost charge represents contributions

payable by the company to the fund and amounted to £31,622 (2016 - £27,455). Pension contributions of £1,878

were accrued at 31 March 2017 (2016 -£2,161).

14.	FIRST YEAR ADOPTION

These financial statements for the year ended 31 March 2017 are the first year financial statements that comply

with FRS102 Section 1A small entities. The date of transition is 1 April 2015 and the end of the comparative

year is the 31 March 2016.

The transition to FRS102 Section 1A small entities has resulted in a small number of changes in accounting

policies to those used previously.

The accounting policies that have changed are as follows:

Deferred tax,

Transitional relief

On transition to FRS 102, the company has taken advantage of the following transitional relief:

•

not to apply the requirements of Section 19 Business Combinations and Goodwill.