Matisse Spirits Company Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC268162 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Matisse Spirits Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

C Sen-Ho

SECRETARY:

J Crilly

REGISTERED OFFICE:

Westpoint

4 Redheughs Rigg

Edinburgh

EH12 9DQ

REGISTERED NUMBER:

SC268162 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Tangible assets

3

696

413

CURRENT ASSETS

Stocks

12,806

21,438

Debtors

4

976,964

1,019,711

Cash at bank and in hand

567,577

651,743

1,557,347

1,692,892

CREDITORS

Amounts falling due within one year

5

(770,920

)

(921,014

)

NET CURRENT ASSETS

786,427

771,878

TOTAL ASSETS LESS CURRENT LIABILITIES

787,123

772,291

PROVISIONS FOR LIABILITIES

6

(139

)

(83

)

NET ASSETS

786,984

772,208

CAPITAL AND RESERVES

Called up share capital

7

250,000

250,000

Retained earnings

536,984

522,208

SHAREHOLDERS' FUNDS

786,984

772,208

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 3 July 2017 and were signed by:

C Sen-Ho - Director

1.	STATUTORY INFORMATION

Matisse Spirits Company 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 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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Stocks

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

moving items.

Taxation

Taxation for the year 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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2016

25,421

1,422

8,181

35,024

Additions

-

-

614

614

At 31 December 2016

25,421

1,422

8,795

35,638

DEPRECIATION

At 1 January 2016

25,308

1,422

7,881

34,611

Charge for year

113

-

218

331

At 31 December 2016

25,421

1,422

8,099

34,942

NET BOOK VALUE

At 31 December 2016

-

-

696

696

At 31 December 2015

113

-

300

413

4.

DEBTORS

31.12.16

31.12.15

£

£

Amounts falling due within one year:

Trade debtors

967,729

1,012,649

Other debtors

6,957

4,824

974,686

1,017,473

Amounts falling due after more than one year:

Other debtors

2,278

2,238

Aggregate amounts

976,964

1,019,711

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

759,145

910,176

Taxation and social security

5,526

5,718

Other creditors

6,249

5,120

770,920

921,014

6.	PROVISIONS FOR LIABILITIES

31.12.16

31.12.15

£

£

Deferred tax

139

83

Deferred

tax

£

Balance at 1 January 2016

83

Provided during year

56

Balance at 31 December 2016

139

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

250,000

Ordinary

£1

250,000

250,000

8.	RELATED PARTY DISCLOSURES

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

Related Party

Transaction Type

Transactions in the year ended

Balance receivable from / (payable) to related party as at 31.12.16

Balance receivable from / (payable) to related party as at 31.12.15

£

£

£

Glenwill Limited

Sales

1,439,889 (2015: 2,103,374)

638,106

1,012,623

Holy Grail International Group Limited

Sales

329,623 (2015: nil)

329,623

-

Matisse Spirits Company Limited and Glenwill Limited are wholly owned by Holy Grail International Group

Limited.

9.	ULTIMATE CONTROLLING PARTY

The ultimate parent company and controlling interest is Holy Grail International Group Limited incorporated in

Samoa.

10.	FIRST YEAR ADOPTION

Transitional relief

These are the first financial statements that comply with FRS 102 (Section 1A). The company transitioned to

FRS 102 (Section 1A) on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.