Indigo (Scotland) Limited - Period Ending 2019-03-31

Indigo (Scotland) Limited - Period Ending 2019-03-31


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Registration number: SC193859

Indigo (Scotland) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Ross McConnellChartered Accountant 3 High Street Kinross KY13 8AW

 

Indigo (Scotland) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

Indigo (Scotland) Limited

Company Information

Director

Mr R Dunlop

Registered office

23 Burnbank Meadows
Kinross
KY13 8GE

Accountants

Ross McConnell
Chartered Accountant
3 High Street
Kinross
KY13 8AW

 

Indigo (Scotland) Limited

(Registration number: SC193859)
Balance Sheet as at 31 March 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

3

630,751

630,827

Current assets

 

Debtors

4

245

245

Cash at bank and in hand

 

28,782

15,027

 

29,027

15,272

Creditors: Amounts falling due within one year

5

(25,419)

(25,386)

Net current assets/(liabilities)

 

3,608

(10,114)

Total assets less current liabilities

 

634,359

620,713

Creditors: Amounts falling due after more than one year

5

(538,276)

(538,276)

Net assets

 

96,083

82,437

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

96,081

82,435

Total equity

 

96,083

82,437

 

Indigo (Scotland) Limited

(Registration number: SC193859)
Balance Sheet as at 31 March 2019

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 17 November 2019
 

.........................................

Mr R Dunlop

Director

 

Indigo (Scotland) Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
23 Burnbank Meadows
Kinross
KY13 8GE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Indigo (Scotland) Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Asset class

Depreciation method and rate

Fixtures & fittings

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Indigo (Scotland) Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2018

629,640

12,586

642,226

Additions

-

654

654

At 31 March 2019

629,640

13,240

642,880

Depreciation

At 1 April 2018

-

11,399

11,399

Charge for the year

-

730

730

At 31 March 2019

-

12,129

12,129

Carrying amount

At 31 March 2019

629,640

1,111

630,751

At 31 March 2018

629,640

1,187

630,827

4

Debtors

2019
£

2018
£

Prepayments

245

245

245

245

5

Creditors

Creditors: amounts falling due within one year

2019
£

2018
£

Due within one year

Corporation tax

3,219

3,186

Director's current account

12,344

12,344

Accruals and deferred income

940

940

Other creditors

8,916

8,916

25,419

25,386

Other creditors represents an interest free unsecured loan, repayable on demand.

 

Indigo (Scotland) Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Creditors: amounts falling due after more than one year

Note

2019
£

2018
£

Due after one year

 

Loans and borrowings

6

538,276

538,276

The bank loans are secured over the land and buildings, and are payable after five years.

Interest is payable at 2%.

6

Loans and borrowings

2019
£

2018
£

Non-current loans and borrowings

Bank borrowings

538,276

538,276