Ingliston Academy Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC353673 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

INGLISTON ACADEMY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

Mr P F Fraser

REGISTERED OFFICE:

16 Royal Terrace

Glasgow

G3 7NY

REGISTERED NUMBER:

SC353673 (Scotland)

ACCOUNTANTS:

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

BANKERS:

Handelsbanken

Suite A

3rd Floor

133 Finnieston Street

Glasgow

G3 8HB

FIXED ASSETS

Tangible assets

4

2,318,512

2,411,103

CURRENT ASSETS

Stocks

46,500

35,968

Debtors

5

226,119

277,102

Cash at bank

20,553

10,610

293,172

323,680

CREDITORS

Amounts falling due within one year

6

326,882

384,069

NET CURRENT LIABILITIES

(33,710

)

(60,389

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,284,802

2,350,714

CREDITORS

Amounts falling due after more than one year

7

700,396

700,396

PROVISIONS FOR LIABILITIES

8

463,702

479,186

CAPITAL AND RESERVES

Called up share capital

1,990,002

1,990,002

Retained earnings

9

(869,298

)

(818,870

)

SHAREHOLDERS' FUNDS

1,120,704

1,171,132

2,284,802

2,350,714

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 Income Statement has not been delivered.

The financial statements were approved by the director on 8 September 2017 and were signed by:

Mr P F Fraser - Director

1.	STATUTORY INFORMATION

Ingliston Academy 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 each asset over its estimated useful life.

Livestock

-

15% on cost

Improvements to property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% 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 Income Statement, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Livestock

property

machinery

£

£

£

COST

At 1 January 2016

29,383

2,656,099

199,284

Additions

1,150

-

-

Disposals

-

-

(60,000

)

At 31 December 2016

30,533

2,656,099

139,284

DEPRECIATION

At 1 January 2016

12,175

335,923

137,283

Charge for year

4,580

53,122

9,173

Eliminated on disposal

-

-

(34,688

)

At 31 December 2016

16,755

389,045

111,768

NET BOOK VALUE

At 31 December 2016

13,778

2,267,054

27,516

At 31 December 2015

17,208

2,320,176

62,001

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2016

26,545

8,028

2,919,339

Additions

3,060

-

4,210

Disposals

-

-

(60,000

)

At 31 December 2016

29,605

8,028

2,863,549

DEPRECIATION

At 1 January 2016

18,615

4,240

508,236

Charge for year

2,748

1,866

71,489

Eliminated on disposal

-

-

(34,688

)

At 31 December 2016

21,363

6,106

545,037

NET BOOK VALUE

At 31 December 2016

8,242

1,922

2,318,512

At 31 December 2015

7,930

3,788

2,411,103

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

53,377

38,324

Other debtors

3,407

15,941

Amounts due by associated companies

169,335

222,837

226,119

277,102

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

8,979

30,252

Tax

3

-

Social security and other taxes

(3,702

)

3,505

VAT

3,077

2,131

Other creditors

52,441

52,941

Amounts due to associated companies

265,084

292,040

Accrued expenses

1,000

3,200

326,882

384,069

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Director's loan

700,396

700,396

8.	PROVISIONS FOR LIABILITIES

31.12.16

31.12.15

£

£

Deferred tax

463,702

479,186

Deferred

tax

£

Balance at 1 January 2016

479,186

Provided during year

(15,484

)

Balance at 31 December 2016

463,702

9.

RESERVES

Retained

earnings

£

At 1 January 2016

(818,870

)

Deficit for the year

(50,428

)

At 31 December 2016

(869,298

)

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2016 and

31 December 2015:

31.12.16

31.12.15

£

£

Mr P F Fraser

Balance outstanding at start of year

(700,396

)

(700,396

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(700,396

)

(700,396

)

The director's loan account is a long term liability and is considered in effect loan capital which is not due and

repayable in the foreseeable future.

The company has adopted the amendment issued in May 2017 by the FRC - Amendment to FRS 102: Directors'

loans - optional relief for small entities. The amendment was effective immediately with retrospective application

available.

11.	RELATED PARTY DISCLOSURES

The director's loan includes an amount due to the director and controlling shareholder, Mr P Fraser, at 31

December 2016 of £700,396 (31 December 2015 - £700,396). This amount is interest free and has no fixed

repayment date.

Amounts due by associated companies includes an amount of £169,335 due by Ingliston Country Club Limited, a

company under common control (31 December 2015 - £222,837).

Amounts due to associated companies includes an amount of £38,012 due to Ingliston Country Club Hotel

Limited, a company under common control (31 December 2015 - £38,012).

Amounts due to associated companies includes an amount of £186,413 due to Ingliston Equestrian Centre

Limited, a company under common control (31 December 2015 - £216.144).

Amounts due to associated companies includes an amount of £40,659 due to Ingliston Lodges Limited, a

company under common control (31 December 2015 - £37,884).

Included in other creditors is £36,500 due to Fraser Family Limited Partnership, a limited partnership which is

controlled by Mr P Fraser, the director (31 December 2015 - £37,000)

12.	ULTIMATE CONTROLLING PARTY

13.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102 (1A). The last financial statements

under previous UK GAAP were for the year ended 31 December 2015 and the date of transition to FRS 102

(1A) was 1 January 2016.

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

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

financial statements of Ingliston Academy Limited for the year ended 31 December 2016 which comprise the Income

Statement, 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Ingliston Academy Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ingliston Academy Limited and state those matters that we have agreed to state to the director of Ingliston Academy Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Ingliston Academy Limited 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 Ingliston Academy Limited. You consider that Ingliston Academy Limited 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 Ingliston Academy Limited. 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.

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

8 September 2017