Wee Gems Corstorphine Ltd - Period Ending 2016-03-31

Registration number: SC473868

Wee Gems Corstorphine Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Wee Gems Corstorphine Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Wee Gems Corstorphine Ltd
(Registration number: SC473868)
Abbreviated Balance Sheet at 31 March 2016

		Note			31 March 2016 £			31 March 2015 £
Fixed assets
Tangible fixed assets					6,923			-
Current assets
Debtors					79,619			1
Creditors: Amounts falling due within one year					(56,120)			-
Net current assets					23,499			1
Net assets					30,422			1
Capital and reserves
Called up share capital		4			1			1
Profit and loss account					30,421			-
Shareholders' funds					30,422			1

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 13 October 2016

.........................................
Mr Mahyar Mortazavi
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
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Wee Gems Corstorphine Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Tenant Improvement	20% Straight Line
Office equipment	15% Straight line

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
Additions		7,122			7,122
At 31 March 2016		7,122			7,122
Depreciation
Charge for the year		199			199
At 31 March 2016		199			199
Net book value
At 31 March 2016		6,923			6,923

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Wee Gems Corstorphine Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		31 March 2016 £			31 March 2015 £
Amounts falling due within one year		11,048			-

4	Share capital

Allotted, called up and fully paid shares

	31 March 2016						31 March 2015
		No.			£			No.			£
Ordinary Shares of £1 each		1			1			1			1

5	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

Wee Gems Limited (A Fellow Subsidiary) During the year cost were recharged to the value of £1,800 (2015, £nil). There are no repayment terms and no interest payable. At the balance sheet date the amount due to Wee Gems Limited was £1,801 (2015 - £nil).

Wee Gems Livingston Ltd (Mr JB Murdoch & Mr M Mortazavi are both directors in the company.) During the year cost were recharged to the value of £190 (2015, £nil). There are no repayment terms and no interest payable. At the balance sheet date the amount due to Wee Gems Livingston Ltd was £190 (2015 - £nil).

Wee Gems Holdings Limited (Parent Company ) During the year the company was charged £7,650 (2015, £5,750) in management charges and £6,968 (2015, £4,227) for staff costs recharges to Wee Gems Corstorphine Ltd. There are no repayment terms and no interest is due on the balance. At the balance sheet date the amount due from Wee Gems Holdings Limited was £47,271 (2015 - £300).

Croileagan Nurseries Ltd (Fellow Subsidiary) During the year cost were recharged to the value of £26,477 (2015, £nil). There are no repayment terms and no interest payable. At the balance sheet date the amount due from/(to) Croileagan Nurseries Ltd was £26,477 (2015 - £nil).

6

Control

The company is controlled by Wee Gems Holdings Limited The company is a wholly-owned subsidiary of Wee Gems Holdings Limited. The ultimate controlling party is Mr M Mortazavi.

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