SCS Giftware Ltd

SCS GIFTWARE LIMITED - Company Information

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Registered number: 06700620

SCS Giftware Ltd

Abbreviated accounts

For The Year Ended 31 May 2016

SCS Giftware Ltd

Company No. 06700620

Abbreviated Balance Sheet 31 May 2016

Abbreviated Balance Sheet

		2016		2015
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	2		4,073		5,431

			4,073		5,431
CURRENT ASSETS
Stocks		61,687		87,217
Debtors		82,609		33,315
Cash at bank and in hand		6,590		15,105

		150,886		135,637
Creditors: Amounts Falling Due Within One Year		(150,817 )		(137,467 )

NET CURRENT ASSETS (LIABILITIES)			69		(1,830 )

TOTAL ASSETS LESS CURRENT LIABILITIES			4,142		3,601

NET ASSETS			4,142		3,601

CAPITAL AND RESERVES
Called up share capital	3		200		200
Profit and Loss Account			3,942		3,401

SHAREHOLDERS' FUNDS			4,142		3,601

SCS Giftware Ltd

Company No. 06700620

Abbreviated Balance Sheet (continued) 31 May 2016

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

Director's responsibilities

The member has 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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

On behalf of the board

Mr Vladislav Vassiliev

21/02/2017

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SCS Giftware Ltd

Notes to the Abbreviated Accounts

For The Year Ended 31 May 2016

Notes to the Abbreviated Accounts

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2. Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised in the period in which goods are delivered or services are provided.

1.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings

25% reducing balance

1.4. Stocks and Work in Progress

Stocks is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all directly attributable costs.

2. Tangible Assets


	Total
Cost	£
As at 1 June 2015	24,000

As at 31 May 2016	24,000

Depreciation
As at 1 June 2015	18,569
Provided during the period	1,358

As at 31 May 2016	19,927

Net Book Value
As at 31 May 2016	4,073

As at 1 June 2015	5,431

3. Share Capital

	Value	Number	2016	2015
Allotted, called up and fully paid	£		£	£
Ordinary shares	1	150	150	150

Ordinary B shares	1	50	50	50




		200	200	200

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SCS Giftware Ltd

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 May 2016

4. Transactions With and Loans to Directors

Included within Debtors are the following loans to directors:

	As at 1 June 2015	Amounts advanced	Amounts repaid	As at 31 May 2016
	£	£	£	£
Mr Vladislav Vassiliev	13,546	-	13,546	-

The above loan is unsecured and repayable on demand.

5. Ultimate Controlling Party

The company's ultimate controlling party is V Vassiliev by virtue of his ownership of 100% of the issued share capital in the company.

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