Aberdeenshire Larder Limited Company Accounts

COMPANY REGISTRATION NUMBER: SC365801

Aberdeenshire Larder Limited

Filleted Unaudited Financial Statements

30 April 2017

Aberdeenshire Larder Limited

Financial Statements

Year ended 30 April 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Aberdeenshire Larder Limited

Statement of Financial Position

30 April 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	5	88,431	–
Investments	6	–	521,039
		--------	---------
		88,431	521,039

Current assets

Stocks		233,535	–
Debtors	7	385,656	–
Cash at bank and in hand		159,487	–
		---------	----
		778,678	–

Creditors: amounts falling due within one year	8	( 551,346)	( 226,825)
		---------	---------
Net current assets/(liabilities)		227,332	( 226,825)
		---------	---------
Total assets less current liabilities		315,763	294,214

Provisions

Taxation including deferred tax	( 4,842)	–
	---------	---------
Net assets	310,921	294,214
	---------	---------

Aberdeenshire Larder Limited

Statement of Financial Position (continued)

30 April 2017

	2017	2016
Note	£	£

Capital and reserves

Called up share capital	3	3
Profit and loss account	310,918	294,211
	---------	---------
Members funds	310,921	294,214
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2017 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 financial statements were approved by the board of directors and authorised for issue on 29 January 2018 , and are signed on behalf of the board by:

Mrs C Bain

Director

Company registration number: SC365801

Aberdeenshire Larder Limited

Notes to the Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 3, Broomiesburn Road, Ellon, Aberdeenshire, AB41 9RD, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and applicable legislation as set out in the Companies Act 2006.

3. Accounting policies

Basis of preparation

Going concern

The directors are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. As a result,the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Judgements and key sources of estimation uncertainty

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Tenants improvements	-	4 - 20 years straight line
Plant and machinery	-	3 - 10 years straight line
Fixtures and fittings	-	3 - 5 years straight line
Motor vehicles	-	4 - 5 years straight line
Office equipment	-	3 - 5 years straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

The company had an interest in a partnership that is a catering butcher and game supplier. The company's share of profit is included in the profit and loss account.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured 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 the stock to its present location and condition.

Hire purchase contracts

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 39 (2016: Nil).

5. Tangible assets

	Tenants improvements	Plant and machinery	Fixtures and fittings	Motor vehicles	Office equipment	Total
	£	£	£	£	£	£
Cost
Additions	55,100	18,657	2,022	27,880	5,405	109,064
	--------	--------	-------	--------	-------	---------
At 30 Apr 2017	55,100	18,657	2,022	27,880	5,405	109,064
	--------	--------	-------	--------	-------	---------
Depreciation
Charge for the year	5,941	4,793	783	5,702	3,414	20,633
	--------	--------	-------	--------	-------	---------
At 30 Apr 2017	5,941	4,793	783	5,702	3,414	20,633
	--------	--------	-------	--------	-------	---------
Carrying amount
At 30 Apr 2017	49,159	13,864	1,239	22,178	1,991	88,431
	--------	--------	-------	--------	-------	---------
At 30 Apr 2016	–	–	–	–	–	–
	--------	--------	-------	--------	-------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 May 2016	521,039
Additions	1,000
Disposals	( 522,039)
	---------
At 30 April 2017	–
	---------
Impairment
At 1 May 2016 and 30 April 2017	–
	---------

Carrying amount
At 30 April 2017	–
	---------
At 30 April 2016	521,039
	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	362,438	–
Other debtors	23,218	–
	---------	----
	385,656	–
	---------	----

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	280,485	–
Corporation tax	10,338	7,828
Social security and other taxes	11,480	–
Other creditors	249,043	218,997
	---------	---------
	551,346	226,825
	---------	---------

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.