Abbey Antiques Ltd - Accounts to registrar

REGISTERED NUMBER: SC239900 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2016

FOR

ABBEY ANTIQUES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

6

DIRECTORS:

S Campbell

P R Campbell

SECRETARY:

P R Campbell

REGISTERED OFFICE:

4 Friar Street

Stirling

Central

FK8 1HA

REGISTERED NUMBER:

SC239900 (Scotland)

ACCOUNTANTS:

James Bain & Co Ltd

16 Melville Terrace

Stirling

FK8 2NE

FIXED ASSETS

Intangible assets

3

20,000

Tangible assets

4

204

240

20,204

20,240

CURRENT ASSETS

Stocks

34,270

29,712

Cash at bank

8,438

1,966

42,708

31,678

CREDITORS

Amounts falling due within one year

5

28,136

33,985

NET CURRENT ASSETS/(LIABILITIES)

14,572

(2,307

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

34,776

17,933

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

34,775

17,932

SHAREHOLDERS' FUNDS

34,776

17,933

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2016 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 Stuart Campbell, Director the Board of Directors on 19th June 2017 and were signed on
its behalf by:

S Campbell - Director

1.	STATUTORY INFORMATION

Abbey Antiques 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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.

Plant and machinery etc

-

15% 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 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.

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2016

and 31st December 2016

20,000

NET BOOK VALUE

At 31st December 2016

20,000

At 31st December 2015

20,000

4.	TANGIBLE FIXED ASSETS

Plant and

Fixtures

machinery

& Fittings

Totals

£

COST

At 1st January 2016

and 31st December 2016

976

764

1,740

DEPRECIATION

At 1st January 2016

845

655

1,500

Charge for year

20

16

36

At 31st December 2016

865

671

1,536

NET BOOK VALUE

At 31st December 2016

111

93

204

At 31st December 2015

131

109

240

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/16

31/12/15

£

Trade creditors

1

-

Taxation and social security

8,623

8,688

Other creditors

19,512

25,297

28,136

33,985

The following reproduces the text of the report prepared for the directors and members in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance

Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the

Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st December 2016 set out on pages to and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

James Bain & Co Ltd

16 Melville Terrace

Stirling

FK8 2NE

19th June 2017