Saltouns Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC229816 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 October 2019

for

Saltouns Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W J H Walters

C Robertson

M Wilcken

REGISTERED OFFICE:

61a Queen Street

Edinburgh

EH2 4NA

REGISTERED NUMBER:

SC229816 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Intangible assets

4

28,702

20,150

Tangible assets

5

50

1,686

28,752

21,836

CURRENT ASSETS

Debtors

6

6,049

7,485

Cash at bank

57,592

54,632

63,641

62,117

CREDITORS

Amounts falling due within one year

7

74,562

64,374

NET CURRENT LIABILITIES

(10,921

)

(2,257

)

TOTAL ASSETS LESS CURRENT LIABILITIES

17,831

19,579

PROVISIONS FOR LIABILITIES

9

10

287

NET ASSETS

17,821

19,292

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

17,721

19,192

SHAREHOLDERS' FUNDS

17,821

19,292

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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 applicable to companies subject to the small companies regime.

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 Board of Directors on 3 March 2020 and were signed on its behalf by:

W J H Walters - Director

1.	STATUTORY INFORMATION

Saltouns 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are

considered to have been transferred to the buyer. Turnover from the supply of services represents the value of

services provided under contracts to the extent that there is a right to consideration and is recorded at the fair

value of the consideration received or receivable. Where a contract has only been partially completed at the

balance sheet date turnover represents the fair value of the service provided to date based on the stage of

completion of the contract activity at the balance sheet date. Where payments are received from customers in

advance of services provided, the amounts are recorded as deferred income and included as part of creditors due

within one year.

Goodwill

Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off

the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is

only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

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

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is

provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost,

less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment - 33% per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset,

after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at

the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured

at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past

event, it is probable that the company will be required to settle that obligation and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

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 2 (2018 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2018

22,389

Additions

11,990

At 31 October 2019

34,379

AMORTISATION

At 1 November 2018

2,239

Amortisation for year

3,438

At 31 October 2019

5,677

NET BOOK VALUE

At 31 October 2019

28,702

At 31 October 2018

20,150

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 November 2018

and 31 October 2019

5,781

DEPRECIATION

At 1 November 2018

4,095

Charge for year

1,636

At 31 October 2019

5,731

NET BOOK VALUE

At 31 October 2019

50

At 31 October 2018

1,686

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

-

1,412

Other debtors

6,049

6,073

6,049

7,485

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade creditors

10,952

8,497

Taxation and social security

15,900

10,581

Other creditors

47,710

45,296

74,562

64,374

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.10.19

31.10.18

£

£

Within one year

7,563

7,563

Between one and five years

6,933

6,303

14,496

13,866

9.	PROVISIONS FOR LIABILITIES

31.10.19

31.10.18

£

£

Deferred tax

10

287

Deferred

tax

£

Balance at 1 November 2018

287

Provided during year

(277

)

Balance at 31 October 2019

10

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2019 and

31 October 2018:

31.10.19

31.10.18

£

£

W J H Walters

Balance outstanding at start of year

15

(148

)

Amounts advanced

-

163

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

15

15

11.	RELATED PARTY DISCLOSURES

Transactions with related parties during the year and balances outstanding at the year end were as follows:

Related Party

Type of Transaction

Movement in the year

Balance receivable from or (payable to) related party as at 31.10.19

Balance receivable from or (payable to) related party as at 31.10.18

(1) The Flat Company Limited

Inter-company loan

(£2,182)

(£9,000)

(£6,818)

(2) Haus Werk Limited

Commission

£8,977

Nil

Nil

(3) The Flat Company (Investments) Limited

Commission

£973

Nil

Nil

(1) The Flat Company Limited is a shareholder of Saltouns Limited. Three directors and shareholders of the

Flat Company Limited are also directors and shareholders of Saltouns Ltd.

(2) Two of the directors and shareholders, are also directors and shareholders of Haus Werk Limited. One

director and shareholder of Saltouns Limited is also a shareholder of Haus Werk Limited.

(3) One of the directors and shareholders of Saltouns Limited is also a director and shareholder of The Flat

Company Investments Limited. Two of the directors and shareholders are also shareholders of The Flat

Company (Investments) Limited.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is W J H Walters.