Company Registration No. SC324148 (Scotland)
GARMORE OPPORTUNITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
GARMORE OPPORTUNITIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GARMORE OPPORTUNITIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
2
119,759
117,878
Creditors: amounts falling due within one year
3
(73,770)
(73,010)
Net current assets
45,989
44,868
Creditors: amounts falling due after more than one year
4
(54,853)
(52,962)
Provisions for liabilities
1,187
1,041
Net liabilities
(7,677)
(7,053)
Capital and reserves
Called up share capital
5
200
200
Profit and loss reserves
(7,877)
(7,253)
Total equity
(7,677)
(7,053)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 September 2019
Mr I MacKinnon
Director
Company Registration No. SC324148
GARMORE OPPORTUNITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Garmore Opportunities Limited is a private company limited by shares incorporated in Scotland. The registered office is 1 Hermitage Drive, Edinburgh, EH10 6DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied. There were no material departures from this standard.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including bank loans and loans from directors that are classified as debt, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
GARMORE OPPORTUNITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Taxation
The tax expense represents deferred tax.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
As at 31 December 2018 the company liabilities exceed it's assets by £7,677 of which £6,970 was due to the director Mr I MacKinnon. The director has confirmed that he will not seek repayment of this loan to the detriment of third party creditors. It is therefore considered appropriate that the accounts have been prepared as a going concern.
2
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
28,140
28,140
2018
2017
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
91,619
89,738
Total debtors
119,759
117,878
3
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans
65,000
65,000
Trade creditors
1,200
600
Other creditors
7,570
7,410
73,770
73,010
GARMORE OPPORTUNITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
4
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
54,853
52,962
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary Shares of £1 each
200
200