Suilven Edinburgh Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC336229 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Suilven Edinburgh Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M L Ismail

A Ismail

SECRETARY:

A H & Co Ltd

REGISTERED OFFICE:

6 Logie Mill

Beaverbank Business Park

Edinburgh

Lothian

EH7 4HG

REGISTERED NUMBER:

SC336229 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Tangible assets

4

511

883

CURRENT ASSETS

Debtors

5

357,030

505,011

Cash at bank and in hand

17,918

4,310

374,948

509,321

CREDITORS

Amounts falling due within one year

6

493,519

558,890

NET CURRENT LIABILITIES

(118,571

)

(49,569

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(118,060

)

(48,686

)

PROVISIONS FOR LIABILITIES

7

87

-

NET LIABILITIES

(118,147

)

(48,686

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

8

(118,247

)

(48,786

)

SHAREHOLDERS' FUNDS

(118,147

)

(48,686

)

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 directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 30 October 2017 and were signed on its behalf by:

M L Ismail - Director

1.	STATUTORY INFORMATION

Suilven Edinburgh 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

The accounts have been prepared on the going concern basis, the acceptability of which is dependent on the

continuing support of the directors.

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

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is

provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each

asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery - 25% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset,

after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at

the end of its useful life.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured

at their settlement value.

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.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2015 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2016

and 31 December 2016

1,647

DEPRECIATION

At 1 January 2016

764

Charge for year

372

At 31 December 2016

1,136

NET BOOK VALUE

At 31 December 2016

511

At 31 December 2015

883

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

-

120,000

Other debtors

357,030

385,011

357,030

505,011

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Other creditors

493,519

558,890

7.	PROVISIONS FOR LIABILITIES

31.12.16

£

Deferred tax

87

Deferred

tax

£

Balance at 1 January 2016

(3,784

)

Provided during year

3,871

Balance at 31 December 2016

87

8.

RESERVES

Retained

earnings

£

At 1 January 2016

(48,786

)

Deficit for the year

(69,461

)

At 31 December 2016

(118,247

)

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company owed the directors £490,352 at the 31st December 2016 (2015: £555,351).

10.	RELATED PARTY DISCLOSURES

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

Related Party

Type of Transaction

Amount 31.12.16

Amount 31.12.15

Balance receivable/ (payable by related party as at 31.12.16

)

Balance receivable/ (payable by related party as at 31.12.15

)

£

£

£

£

Immobiliare

Massarosa SRL

Loan

(24,197)

5,695

357,030

381,227

11.	CONTROLLING INTEREST

There is no ultimate controlling party.

12.	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 2014.

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