Isle of Skye Sea Salt Company Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: SC400451 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 May 2016

for

Isle of Skye Sea Salt Company Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Accountants' Report

5

DIRECTORS:

C Watts

Ms N Muir

REGISTERED OFFICE:

1 Camuslustre

Waternish

Isle of Skye

REGISTERED NUMBER:

SC400451 (Scotland)

ACCOUNTANTS:

Campbell Stewart MacLennan & Co

Chartered Accountants

8 Wentworth Street

Portree

Highland

IV51 9EJ

FIXED ASSETS

Tangible assets

2

41,511

31,594

CURRENT ASSETS

Stocks

3,104

-

Debtors

3,055

1,264

Cash at bank and in hand

443

5,137

6,602

6,401

CREDITORS

Amounts falling due within one year

20,847

20,386

NET CURRENT LIABILITIES

(14,245

)

(13,985

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

27,266

17,609

CREDITORS

Amounts falling due after more than one
year

(68,167

)

(54,833

)

ACCRUALS AND DEFERRED INCOME

(18,483

)

(12,579

)

NET LIABILITIES

(59,384

)

(49,803

)

CAPITAL AND RESERVES

Called up share capital

3

12,000

Profit and loss account

(71,384

)

(61,803

)

SHAREHOLDERS' FUNDS

(59,384

)

(49,803

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 4 January 2017 and were signed on its behalf by:

C Watts - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

4% on cost

Plant and machinery etc

-

25% on straight line and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Deferred grants

Grants for Capital expenditure are deferred upon receipt and released to the Profit & Loss Account over the

estimated useful life of the assets concerned.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

51,847

Additions

13,144

At 31 May 2016

64,991

DEPRECIATION

At 1 June 2015

20,253

Charge for year

3,227

At 31 May 2016

23,480

NET BOOK VALUE

At 31 May 2016

41,511

At 31 May 2015

31,594

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.16

31.5.15

value:

£

100

Ordinary

£1

100

11,900

Redeemable

£1

11,900

12,000

4.	GOING CONCERN

At 31 May 2016, the company had net current liabilities of £14,245 (2015 - £13,985) of which £10,000 (2015 -

£10,000) was due to Directors C Watts and N Muir and £5,480 (2015 - £4,403) comprised of overdrawn bank

balances. The company is therefore reliant on the continued support of the Directors and bank to continue it

operations for the foreseeable future. The Directors do not intend to withdraw their financial support during the

next twelve months and also have no reason to believe that bank support will be withdrawn in the foreseeable

future.

In these circumstances the Directors consider it appropriate to prepare the financial statements on a going

concern basis.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to four)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Isle of Skye Sea Salt Company Ltd for the year ended 31 May 2016 which comprise the Profit

and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Isle of Skye Sea Salt Company Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Isle of Skye Sea Salt Company Ltd and state those matters that we have agreed to state to the Board of Directors of Isle of Skye Sea Salt Company Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Isle of Skye Sea Salt Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Isle of Skye Sea Salt Company Ltd. You consider that Isle of Skye Sea Salt Company Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Isle of Skye Sea Salt Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Campbell Stewart MacLennan & Co

Chartered Accountants

8 Wentworth Street

Portree

Highland

IV51 9EJ

11 January 2017