Wee Gems Holdings Ltd - Period Ending 2017-03-31

Registration number: SC451899

Wee Gems Holdings Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Wee Gems Holdings Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Wee Gems Holdings Ltd

Company Information

Directors

Mr M Mortazavi Mr J B Murdoch

Registered office

Argyll House Quarrywood Court Livingston West Lothian EH54 6AX

Accountants

Glen Drummond Ltd Chartered Accountants Argyll House Quarrywood Court Livingston West Lothian EH54 6AX

Page 1

Wee Gems Holdings Ltd

(Registration number: SC451899)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	-	233
Other financial assets		330,291	330,290
		330,291	330,523
Current assets
Debtors	5	124,983	52,000
Cash at bank and in hand		-	1,752
		124,983	53,752
Creditors: Amounts falling due within one year	6	(55,559)	(134,096)
Net current assets/(liabilities)		69,424	(80,344)
Total assets less current liabilities		399,715	250,179
Creditors: Amounts falling due after more than one year	6	(258,676)	(126,119)
Net assets		141,039	124,060
Capital and reserves
Called up share capital		200	200
Profit and loss account		140,839	123,860
Total equity		141,039	124,060

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

•

The directors acknowledge their responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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 notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Wee Gems Holdings Ltd

(Registration number: SC451899)
Balance Sheet as at 31 March 2017

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 October 2017 and signed on its behalf by:
 

.........................................

Mr M Mortazavi

Director

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Wee Gems Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the Board on 10 October 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 4

Wee Gems Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £300 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	33% straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Page 5

Wee Gems Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

3	Staff numbers

The average number of persons employed by the company (including the director(s)) during the year was 4 (2016 - 4).

Page 6

Wee Gems Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2016	1,140	1,140
At 31 March 2017	1,140	1,140
Depreciation
At 1 April 2016	908	908
Charge for the year	232	232
At 31 March 2017	1,140	1,140
Carrying amount
At 31 March 2017	-	-
At 31 March 2016	233	233

5

Debtors

	Note	2017 £	2016 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	123,427	-
Other debtors		1,556	52,000
		124,983	52,000

6

Creditors

Page 7

Wee Gems Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	7	51,493	29,601
Trade creditors		2,592	4,322
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	-	99,644
Taxation and social security		935	518
Other creditors		539	11
		55,559	134,096
Due after one year
Loans and borrowings	7	258,676	126,119

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	258,676	126,119

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	33,674	29,601
Bank overdrafts	17,819	-
	51,493	29,601

Bank borrowings

Page 8

Wee Gems Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

Bank loan is denominated in £ with a nominal interest rate of 4.25%, and the final instalment is due on 31 March 2022. The carrying amount at year end is £292,350 (2016 - £155,720). Security has been provided in the form of guarantees and floating charges from each of the following companies: Wee Gems Corstorphine Limited, Wee Gems Livingston Limited, Wee Gems Limited, Wee Gems Holdings Limited, Wee Gems Armadale Limited, Croileagan Nurseries Limited and Wee Gems Limited. These have been provided to cover all monies owing to the bank by Wee Gems Holdings Limited. A gurantee from Mrs S Murdoch for £110,000 (plus interest and expenses) supported by a standard security over the property at 2 Carmondean Centre Road South, Livingston, West Lothian, EH54 8PT. A personal guarantee from Mr M Mortazavi for £25,000 (plus interest and expenses) owing to the bank by Wee Gems Holdings Limited.

8	Related party transactions

Summary of transactions with subsidiaries

Wee Gems Armadale Ltd (Subsidiary)

During the year the company was charged £92 (2016 - £2,373) for staff costs recharges to Wee Gems Armadale Ltd. At the balance sheet date the amount due from Wee Gems Armadale Ltd was £176,627 (2016 - £2,373). There are no repayment terms and no interest is due on the balance.

Wee Gems Corstorphine Ltd (Subsidiary)

During the year the company was charged £3,500 (2016 - £3,750) in management charges and £10,565 (2016 - £6,968) for staff costs recharges to Wee Gems Corstorphine Ltd. There were dividends of £16,771 received in the year from above company. At the balance sheet date the amount due to Wee Gems Corstorphine Ltd was £28,200 (2016 - £47,271). There are no repayment terms and no interest is due on the balance.


 

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