Wee Gems Corstorphine Limited - Period Ending 2020-03-31
Wee Gems Corstorphine Limited - Period Ending 2020-03-31
Registration number:
Wee Gems Corstorphine Limited
for the Year Ended 31 March 2020
Wee Gems Corstorphine Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Wee Gems Corstorphine Limited
Company Information
Directors |
Mr J B Murdoch Mr M Mortazavi |
Registered office |
|
Wee Gems Corstorphine Limited
(Registration number: SC473868)
Balance Sheet as at 31 March 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Profit and loss account |
110,639 |
101,329 |
|
Shareholders' funds |
110,640 |
101,330 |
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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. |
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.
Wee Gems Corstorphine Limited
(Registration number: SC473868)
Balance Sheet as at 31 March 2020
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
Wee Gems Corstorphine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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 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. There were no material departures from that standard.
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.
The presentation currency of the financial statements is the Pound Sterling (£).
Revenue recognition
Turnover comprises the fair value of the consideration derived from childcare services. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Wee Gems Corstorphine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet 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.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
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:
Asset class |
Depreciation method and rate |
Tenant improvements |
20% Straight line |
Furniture, fittings and equipment |
15% Straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Wee Gems Corstorphine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Fully amortised in the year |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Wee Gems Corstorphine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Wee Gems Corstorphine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Tangible assets |
Tenant improvements |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 April 2019 |
|
|
- |
|
Additions |
|
|
|
|
Disposals |
- |
( |
- |
( |
At 31 March 2020 |
|
|
|
|
Depreciation |
||||
At 1 April 2019 |
|
|
- |
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
At 31 March 2020 |
|
|
|
|
Carrying amount |
||||
At 31 March 2020 |
|
|
|
|
At 31 March 2019 |
|
|
- |
|
Stocks |
2020 |
2019 |
|
Other inventories |
|
|
Debtors |
Note |
2020 |
2019 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Other debtors |
|
|
|
|
|
Wee Gems Corstorphine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
|||
Loans and borrowings |
|
- |
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
- |
|
Other creditors |
|
|
|
|
|
There is a floating charge over the assets and undertakings of the company held by Clydesdale Bank PLC.
Wee Gems Corstorphine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
|
Due after one year |
|||
Loans and borrowings |
|
- |
Loans and borrowings |
2020 |
2019 |
|
Non-current loans and borrowings |
||
Hire purchase contracts |
|
- |
2020 |
2019 |
|
Current loans and borrowings |
||
Hire purchase contracts |
|
- |
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Related party transactions |
Summary of transactions with parent
(Parent Company)
During the year, the company advanced loans to Wee Gems Holdings Ltd totalling £46,771. At the balance sheet date, the amount due from Wee Gems Holdings Limited was £105,000 (2019 - £58,229). This loan is unsecured, interest free and has no fixed repayment terms.
Summary of transactions with other related parties
Wee Gems Corstorphine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
(A company in which M Mortazavi & J B Murdoch are also directors)
During the year, there was no movement in the loan balance. At the balance sheet date, the amount due from Wee Gems Livingston Limited was £380 (2019 - £380). This loan is unsecured, interest free and has no fixed repayment terms.
Wee Gems Limited
(Fellow subsidiary)
During the year, the company received loans totalling £4,080 from Wee Gems Limited. At the balance sheet date, the amount due from Wee Gems Limited was £0 (2019 - £4,080). This loan is unsecured, interest free and has no fixed repayment terms.
Wee Gems Armadale Ltd
(Fellow subsidiary)
During the year, the company received loans from Wee Gems Armadale Ltd totalling £25,519. At the balance sheet date, the amount due from Wee Gems Armadale Ltd was £0 (2019 - £25,519). This loan is unsecured, interest free and has no fixed repayment terms.
Parent and ultimate parent undertaking |
The company is controlled by Wee Gems Holdings Limited. The ultimate controlling party is