Loch Lomond Trading Company Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC160362 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 September 2018

for

LOCH LOMOND TRADING COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Ms R Ferguson

SECRETARY:

REGISTERED OFFICE:

Coach House Coffee Shop

Church Road

Luss

Loch Lomond, Argyll

G83 8NN

REGISTERED NUMBER:

SC160362 (Scotland)

ACCOUNTANTS:

WDM Associates

Oakfield House

378 Brandon Street

Motherwell

ML1 1XA

FIXED ASSETS

Intangible assets

4

235

Tangible assets

5

265,877

264,991

266,112

265,226

CURRENT ASSETS

Stocks

6

20,698

20,999

Debtors

7

38,322

55,856

Cash at bank and in hand

9,810

6,057

68,830

82,912

CREDITORS

Amounts falling due within one year

8

90,111

120,693

NET CURRENT LIABILITIES

(21,281

)

(37,781

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

244,831

227,445

CREDITORS

Amounts falling due after more than one
year

9

(59,097

)

(47,501

)

PROVISIONS FOR LIABILITIES

11

(4,661

)

(3,860

)

ACCRUALS AND DEFERRED INCOME

(8,475

)

(8,775

)

NET ASSETS

172,598

167,309

CAPITAL AND RESERVES

Called up share capital

12

25,000

Retained earnings

13

147,598

142,309

SHAREHOLDERS' FUNDS

172,598

167,309

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 21 February 2019 and were signed by:

Ms R Ferguson - Director

1.	STATUTORY INFORMATION

Loch Lomond Trading Company 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.

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.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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

-

2% on cost

Fixtures and fittings

-

at variable rates on reducing balance

Computer equipment

-

50% on cost and 33% 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.

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 23 (2017 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 October 2017

and 30 September 2018

235

NET BOOK VALUE

At 30 September 2018

235

At 30 September 2017

235

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

COST

At 1 October 2017

367,967

112,195

10,127

490,289

Additions

5,460

6,279

879

12,618

At 30 September 2018

373,427

118,474

11,006

502,907

DEPRECIATION

At 1 October 2017

119,457

97,255

8,586

225,298

Charge for year

7,413

3,709

610

11,732

At 30 September 2018

126,870

100,964

9,196

237,030

NET BOOK VALUE

At 30 September 2018

246,557

17,510

1,810

265,877

At 30 September 2017

248,510

14,940

1,541

264,991

6.

STOCKS

2018

2017

£

Stocks

20,698

20,999

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Trade debtors

504

-

Other debtors

1,302

1,350

Directors' current accounts

31,718

50,000

Prepayments

4,798

4,506

38,322

55,856

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Bank loans and overdrafts (see note 10)

6,670

26,967

Other loans (see note 10)

5,116

Trade creditors

22,295

21,721

Tax

22,034

32,053

Social security and other taxes

2,350

1,654

VAT

22,664

23,961

Other creditors

3,026

1,413

Accrued expenses

5,656

7,508

Deferred government grants

300

90,111

120,693

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

Bank loans (see note 10)

19,213

7,617

Other loans (see note 10)

39,884

59,097

47,501

10.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

10,823

Bank loans

6,670

16,144

Dumbarton Enterprise Loan

5,116

11,786

32,083

Amounts falling due between two and five years:

Bank loans - 2-5 years

19,213

7,617

Dumbarton Enterprise Loan

39,884

59,097

47,501

11.	PROVISIONS FOR LIABILITIES

2018

2017

£

Deferred tax

Accelerated capital allowances

4,661

3,860

Deferred

tax

£

Balance at 1 October 2017

3,860

Charge to Income Statement during year

801

Balance at 30 September 2018

4,661

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

25,000

Ordinary

1

25,000

13.

RESERVES

Retained

earnings

£

At 1 October 2017

142,309

Profit for the year

89,289

Dividends

(84,000

)

At 30 September 2018

147,598