Wee Gems Corstorphine Ltd - Period Ending 2017-03-31
Wee Gems Corstorphine Ltd - Period Ending 2017-03-31
Registration number:
Wee Gems Corstorphine Ltd
for the Year Ended 31 March 2017
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX
Wee Gems Corstorphine Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Wee Gems Corstorphine Ltd
Company Information
Directors |
Mr M Mortazavi Mr J B Murdoch |
Registered office |
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Accountants |
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Page 1 |
Wee Gems Corstorphine Ltd
(Registration number: SC473868)
Balance Sheet as at 31 March 2017
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2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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:
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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. |
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.
Page 2 |
Wee Gems Corstorphine Ltd
(Registration number: SC473868)
Balance Sheet as at 31 March 2017
Approved and authorised by the
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Mr M Mortazavi
Director
Page 3 |
Wee Gems Corstorphine Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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 Corstorphine 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 |
Tenant Improvements |
20% Straight line |
Office Equipment |
15% Straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Fully amortised in the year |
Page 5 |
Wee Gems Corstorphine Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
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
Staff numbers |
The average number of persons employed by the company (including the director(s)) during the year was 17 (2016 - 18).
Page 6 |
Wee Gems Corstorphine Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Amortisation |
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At 1 April 2016 |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Page 7 |
Wee Gems Corstorphine Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Included within the net book value of land and buildings above is £34,202 (2016 - £42,295) in respect of freehold land and buildings.
Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
- |
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Creditors |
Page 8 |
Wee Gems Corstorphine Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Loans and borrowings |
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2016 |
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Current loans and borrowings |
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Bank overdrafts |
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Dividends |
2017 |
2016 |
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£ |
£ |
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Interim dividend of £ |
£16,771 |
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Related party transactions |
Summary of transactions with key management
Wee Gems Limited (Fellow Subsidiary) - During the year costs were recharged to the value of £550 (2016 - £429) There are no repayment terms and no interest payable on the balance. At the balance sheet date the amount due to Wee Gems limited £1,923 (2016 - £429).
Wee Gems Armadale Limited (Fellow Subsidiary)- During the year costs were recharged to the value of £19,022 (2016 - £nil) There are no repayment terms and no interest payable on the balance. At the balance sheet date the amount due to Wee Gems Armadale Limited £19,022 (2016 - £nil).
Page 9 |
Wee Gems Corstorphine Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Parent and ultimate parent undertaking |
The company is controlled by Wee Gems Holdings Limited. The company is wholly-owned by subsidiary of Wee Gems Holdings Limited. The ultimate controlling party is
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